USA, Laurel, Mississippi. Sanderson Farms' net sales for the third quarter of fiscal 2016 were $728.0 mill. compared with $739.9 mill. for the same period a year ago. For the quarter, the Company reported net income of $54.7 mill., or $2.42 per share, compared with net income of $50.9 mill., or $2.27 per share, for the third quarter of fiscal 2015.
Net sales for the first nine months of fiscal 2016 were $2,025.2 mill. compared with $2,123.9 mill. for the first nine months of fiscal 2015. Net income for the first nine months of fiscal 2016 totaled $113.0 mill., or $5.01 per share, compared with net income of $188.6 mill., or $8.28 per share, for the first nine months of last year.
"Sanderson Farms' financial results for the third quarter of fiscal 2016 reflect a continued favorable balance of the supply and demand for fresh chicken sold to retail grocery store customers," said Joe F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, Inc.
According to Sanderson, compared with the third fiscal quarter of 2015, the average Georgia Dock price for whole chickens was approximately 3.6% lower, boneless breast meat prices were lower by approximately 12.7%, the average market price for bulk leg quarters increased approximately 29.6%, and jumbo wing prices were lower by 3.6%. The Company's average feed cost per pound of poultry products processed decreased 1.76 cents per pound, or 6.5%, compared with the third quarter of fiscal 2015, and prices paid for corn and soybean meal, the Company's primary feed ingredients, increased 2.5% and decreased 6.9%, respectively, compared with the third quarter of fiscal 2015.
Sanderson Farms, Inc. is engaged in the production, processing, marketing and distribution of fresh and frozen chicken and other prepared chicken items. Its shares trade on the NASDAQ Global Select Market under the symbol SAFM.