Finance Sanderson Farms: Results for QIII
Net sales for the third quarter of fiscal 2018 were $852.4 mill. compared with $931.9 mill. for the same period a year ago. For the quarter, the Company reported net income of $11.5 mill.
Net sales for the first nine months of fiscal 2018 were $2,437.9 mill. compared with $2,422.3 mill. for the first nine months of fiscal 2017. Net income for the first nine months of fiscal 2018 totaled $104.6 mill., or $4.58 per share, compared with net income of $206.9 mill., or $9.10 per share, for the first nine months of last year.
According to Sanderson, compared with the third fiscal quarter of 2017, market prices for chickens sold to retail grocery store customers remained relatively flat at levels reflecting a good supply and demand balance. Compared with the third fiscal quarter of 2017, jumbo boneless breast meat prices were lower by approximately 26.6%, the average market price for bulk leg quarters decreased approximately 12.0%, and jumbo wing prices were lower by 35.4%. The Company’s average feed cost per pound of poultry products processed increased 1.5 cents per pound, or 5.8%, compared with the third quarter of fiscal 2017.
Prices paid for corn and soybean meal, the Company’s primary feed ingredients, increased 4.3% and 15.5%, respectively, compared with the third quarter of fiscal 2017.