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 ...

Sanderson Farms, Inc. Reports Results for Fourth Quarter and Fiscal 2018

Sanderson Farms, Inc. (NASDAQ: SAFM) today reported results for the fourth quarter and fiscal year ended October 31, 2018.

Net sales for the fourth quarter of fiscal 2018 were $798.1 million compared with $919.9 million for the same period a year ago. For the quarter, the Company reported a net loss of $43.2 million, or $1.95 per share, compared with net income of $72.9 million, or $3.20 per share, for the fourth quarter of fiscal 2017.

Net sales for fiscal 2018 were $3.236 billion compared with $3.342 billion for fiscal 2017. Net income for the fiscal year totaled $61.4 million, or $2.70 per share, compared with ...

Sanderson Farms, Inc. Announces Change in Antibiotic Use Program

Sanderson Farms, Inc. (NASDAQ: SAFM) announced that it will discontinue by March 1, 2019, using antibiotics considered medically important for humans for disease prevention in its live poultry operations.

The change follows the completion of an independent study the Company commissioned earlier this year on its antibiotics program for its live operations. As part of its ongoing animal welfare and antibiotic stewardship efforts, the Company commissioned an advisory board of scientific experts in poultry production, livestock management, and antibiotic use in veterinary and human medicine to study and report on the Company’s use of antibiotics in its live poultry production operations...

Sanderson Farms, Inc. Provides Update on Hurricane Florence Damage

Sanderson Farms, Inc. today reported that the Company continues its assessment of damage to its North Carolina assets caused by Hurricane Florence. The Company is pleased to report that it has still received no report of serious injuries or loss of life among its employees and growers.

As earlier reported, the Company experienced no significant damage to either of its North Carolina processing facilities, feed mill or two hatcheries. The Company’s facilities located in the affected area maintained generator power until permanent electrical service was restored. The Company resumed operations at its feed mill located in Kinston, North Carolina, this morning. However, many roadways in North Carolina remain impassable, serious flooding continues, and local streams and rivers are expected to crest later this week. The Company will resume operations at its Kinston, North Carolina, processing plant on Tuesday, and at its ...

Sanderson Farms, Inc. Provides Update on North Carolina Operations

LAUREL, Miss.- Sanderson Farms, Inc. on Saturday provided an update on the status of the Company’s facilities in North Carolina following landfall of Hurricane Florence and the related severe weather and flooding in the region.

Joe F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, Inc., said, “We are pleased to report we have not received any news of injury or loss of life among our employees and growers in the North Carolina area affected by this devastating storm. We will continue to assess the situation related to our processing plant, hatchery and feed mill in Kinston, North Carolina, and our processing plant and hatchery located in St. Pauls and Lumberton, North Carolina. An initial assessment ...

Sanderson Farms, Inc. Reports Results for Third Quarter of Fiscal 2018

Sanderson Farms, Inc. on Thursday reported results for the third fiscal quarter and nine months ended July 31, 2018.

Net sales for the third quarter of fiscal 2018 were $852.4 million compared with $931.9 million for the same period a year ago. For the quarter, the Company reported net income of $11.5 million, or $0.50 per share, compared with net income of $115.8 million, or $5.09 per share, for the third quarter of fiscal 2017.

Net sales for the first nine months of fiscal 2018 were $2,437.9 million compared with $2,422.3 million for the first nine months of fiscal 2017. Net income for the first nine months of fiscal 2018 totaled $104.6 million, or $4.58 per share, compared with net income of $206.9 million, or $9.10 per share, ...

Sanderson Farms, Inc. Names David Barksdale to Board of Directors

LAUREL, Miss.- Sanderson Farms, Inc. on Tuesday announced that David Barksdale was elected to the Company’s Board of Directors, effective August 7, 2018. He will serve as a Class A director until the annual meeting of shareholders in 2019 and will, if re-elected at that meeting, serve for a term expiring in 2020.

Barksdale, age 42, currently serves as Managing Member of Alluvian Capital, LLC, a privately held company in New Orleans, Louisiana, with diversified investments in the telecommunications and software industries. He was Co-Chairman from 2014 to 2018, and Chief Executive Officer from 2009 to 2014, of Spread Networks, LLC, a provider of wholesale telecommunications services to enterprise customers, which was acquired by Zayo Group Holdings, Inc. in March 2018. He serves on the board of Servato Corp., based in New Orleans and a leading provider of active battery management solutions to telecom, power, transportation...