Sanderson Farms Inc. reported results for the third fiscal quarter and nine months ended July 31, 2019. Net sales for the third quarter of fiscal 2019 were $945.2 million compared with $852.4 million for the same period a year ago. For the quarter, the company reported net income of $53.4 million, or $2.41 per share, compared with net income of $11.5 million, or $0.50 per share, for the third quarter of fiscal 2018.
Net sales for the first nine months of fiscal 2019 were $2,533.8 million compared with $2,437.9 million for the first nine months of fiscal 2018. Net income for the first nine months of fiscal 2019 totaled $76.2 million, or $3.44 per share, compared with net income of $104.6 million, or $4.58 per share, for the first nine months of fiscal 2018. Net income for the first nine months of fiscal 2018 reflects a one-time non-cash benefit of $37.5 million, or $1.64 per share, as a result of an adjustment to the company’s deferred income tax liability to reflect a lower tax rate resulting from the federal tax reform legislation passed during the first fiscal quarter of 2018.