Sanderson Farms, Inc. Reports Results for First Quarter of Fiscal 2019
Sanderson Farms, Inc. (NASDAQ: SAFM) today reported results for the first quarter of fiscal 2019.
Net sales for the first quarter of fiscal 2019 were $743.4 million compared with $771.9 million for the same period a year ago. The Company reported a net loss of $17.8 million, or $0.82 per share, for the quarter compared with net income of $51.2 million, or $2.24 per share, for the first quarter of fiscal 2018.
Net income for last year’s first fiscal quarter reflected a one-time non-cash tax benefit of $37.5 million from an adjustment to the Company’s deferred income tax liability, which resulted from a lower tax rate under the December 2017 federal tax legislation.
“Our results for the first quarter reflect continued challenging market conditions with significantly lower market prices for boneless breast meat produced at our big bird deboning plants compared with last year’s first quarter,” said Joe F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, Inc. “However, average prices for tray pack products sold to retail grocery store customers were higher both sequentially and ...
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