Sanderson Farms On the upswing
This represents a new annual dividend rate of $1.28 per share, or an annual increase of $0.32 per share. The Board has also declared a special cash dividend of $1.00 per share. Both the regular quarterly cash dividend and the special cash dividend are payable on 17 October 2017, to stockholders of record on 3 October 2017. Declaration of the regular quarterly cash dividend will remain subject to Board approval each quarter.
Commenting on the announcement, Joe F. Sanderson, Jr., chairman and chief executive officer of the company said, "We are proud to share our strong financial and operating performance with our shareholders through increased dividend payments. The Board's decision demonstrates confidence in our growth prospects and confirms our unwavering commitment to enhancing shareholder value. In addition, our strong balance sheet and financial strength have provided an opportunity to declare another special dividend this fiscal year. At the same time, we are well positioned to continue to respond to new market opportunities that will benefit Sanderson Farms and our shareholders."
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.