Sanderson Farms, Inc. Reports Results for Fourth Quarter and Fiscal 2019

Sanderson Farms, Inc. today reported results for the fourth quarter and fiscal year ended October 31, 2019.

Net sales for the fourth quarter of fiscal 2019 were $906.5 million compared with $798.1 million for the same period a year ago. For the quarter, the Company reported a net loss of $22.9 million, or $1.05 per share, compared with a net loss of $ 43.2 million, or $1.95 per share, for the fourth quarter of fiscal 2018.

Net sales for fiscal 2019 were $3.440 billion compared with $3.236 billion for fiscal 2018. Net income for the fiscal year totaled $53.3 million, or $2.41 per share, compared with...

Industry Prepares for Hurricane Dorian 

Hurricane Dorian has devastated the Bahamas, and is now regaining strength as the storm is coming up the U.S. Atlantic coast. The storm may make landfall later today in South Carolina. Record storm surge potentially reaching a height of 8 feet and wind gusts of up to 58 mph are expected to reach South Carolina, according to the U.S. National Hurricane Center. The USDA sent out a reminder that assistance is available in the wake of disasters, and has partnered with FEMA to help those in need recover. The USDA advised to protect livestock, plan for an evacuation in case necessary, but if it is not feasible to relocate livestock, provide shelter with adequate food and water until it is safe to return.

Smithfield Foods shared that the company is fully prepared for the potential impact of Hurricane Dorian, specifically the Carolinas and Virginia. Smithfield has multiple operations, both facilities and farms, and more than...

Sanderson Farms Reports Results for Third Quarter of Fiscal 2019

Sanderson Farms, Inc., today reported results for the third fiscal quarter and nine months ended July 31, 2019.

Net sales for the third quarter of fiscal 2019 were $945.2 million compared with $852.4 million for the same period a year ago. For the quarter, the Company reported net income of $53.4 million, or $2.41 per share, compared with net income of $11.5 million, or $0.50 per share, for the third quarter of fiscal 2018.

Net sales for the first nine months of fiscal 2019 were $2,533.8 million compared with $2,437.9 million for the first nine months of fiscal 2018. Net income for the first nine months of fiscal 2019 totaled $76.2 million, or $3.44 per share, compared with net income of $104.6 million, or $4.58 per share, for the first nine months of fiscal 2018. Net income for the first nine months of fiscal 2018 reflects a one-time non-cash benefit of $37.5 million, or...

Sanderson Farms Names Sonia Pérez to Board of Directors

Sanderson Farms, Inc. (NASDAQ: SAFM) today announced that Sonia Pérez was elected to the Company’s Board of Directors, effective July 18, 2019. She will serve as a Class C director until the annual meeting of shareholders in 2020 and will, if re-elected at that meeting, serve for a term expiring in 2022.

Pérez currently serves as President of AT&T Southeast States, where she is responsible for developing the overall strategic direction of AT&T’s corporate activities throughout her region. She leads AT&T’s workforce, oversees operations including its technology deployment and infrastructure investment, and directs teams responsible for implementing public policy, legislative, regulatory and philanthropic initiatives. Prior to this position, she was named the first...

Sanderson Farms Comments on Legal Proceedings

Sanderson Farms, Inc. (NASDAQ: SAFM) today issued the following statement regarding certain ongoing legal proceedings:

“The United States Department of Justice filed a motion on Friday, June 21, 2019, in In re Broiler Chicken Antitrust Litigation stating that it is conducting a criminal investigation regarding the broiler industry. The Company has not been subpoenaed in connection with the Department of Justice investigation. The Company continues to believe the civil plaintiffs’ claims as to Sanderson Farms are wholly without merit, and we are committed to defending the case vigorously.”

Sanderson Farms, Inc. is engaged in the production, processing, marketing and distribution of fresh, frozen and minimally prepared chicken. Its shares trade on the NASDAQ Global Select Market under the symbol SAFM...

Sanderson Farms Inc Reports Results for Second Quarter of Fiscal 2019

Sanderson Farms, Inc. (NASDAQ: SAFM) today reported results for its second fiscal quarter and six months ended April 30, 2019.

Net sales for the second quarter of fiscal 2019 were $845.2 million compared with $813.5 million for the same period a year ago. For the quarter, net income was $40.6 million, or $1.83 per share, compared with net income of $41.9 million, or $1.84 per share, for the second quarter of fiscal 2018.

Net sales for the first six months of fiscal 2019 were $1,588.6 million compared with $1,585.4 million for the same period of fiscal 2018. Net income for the first half of the fiscal year totaled $22.8 million, or $1.03 per share, compared with net income of $93.2 million, or $4.08 per share, for the first six months of fiscal 2018...

Tyson says Hog Disease Impact to Linger for Years

Global meat prices are poised to rise after China culled tens of millions of hogs to contain a fast-spreading swine disease, the chief executive of Tyson Foods Inc. said.

The top U.S. meat processing company already is paying higher prices for U.S. hogs and other meat as Chinese buyers crank up purchases, Tyson executives said Monday. In the months ahead, Tyson anticipates higher meat costs for consumers, as well as stronger profits in its own pork, beef and chicken-processing operations.

Noel White, CEO of the Arkansas-based company, said the potential impact of the past year's African swine fever outbreaks was unprecedented, and could lower global meat supplies by 5% at a time when protein consumption is on the rise world-wide...

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 ...