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Sanderson Farms profits more than double, shares soar
by Alicia Karapetian,
Sanderson Farms Inc. on Tuesday said profits for the fourth fiscal quarter more than doubled, citing price increases that offset higher input costs. Shares jumped 10 percent in morning trading on the news.
The Laurel, Miss.-based processor posted net earnings of $24.1 million, or $1.18 per diluted share, for the three months ended Oct. 31, compared with profits of $10.5 million, or 52 cents per share, in the same period last year.
Sales jumped to $426.9 million, up from $291.7 million in the year-earlier period.
Analysts, on average, expected earnings of $1.33 per share, according to a Thomson Financial poll.
JP Morgan analyst Pablo Zuanic said in a note to clients that Sanderson Farms, "reported [earnings] in line with our estimate but towards the lower end of a very wide range of estimates."
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