2-26 News: Sanderson Farms reports first-quarter loss
"We do not expect demand to improve until the economy gains some traction and consumers resume spending and dining out again,” Sanderson continued. “We will continue to manage our operations as efficiently as possible through this cycle and we do not plan to return to full production until we see an improvement in market conditions. However, we do expect that our feed costs will be lower this year as grain prices are also being affected by the economy and reduced demand.”
Sanderson’s results were ahead of Wall Street expectations; analysts had expected a loss of 39 cents a share (as opposed to the actual loss of 33 cents a share) and revenues of $365 million, Reuters reports.