12-8 news: Sanderson Farms reports Q4, fiscal year turnaround
Net sales for fiscal 2009 were $1.789 billion compared with $1.724 billion for fiscal 2008. Net income for the year totaled $82.3 million, or $3.99 per share, compared with a net loss of $43.1 million, or $2.13 per share, for last year.
"Fiscal 2009 was a successful year for Sanderson Farms with a solid performance in our fourth quarter,” said Joe Sanderson, Jr., chairman and CEO of Sanderson Farms. "Sales for the year were a record $1.789 billion, up 3.8 percent over fiscal 2008, reflecting the growth in our Waco facility, offset by our production cuts earlier in the year. While the overall chicken market improved during our fourth fiscal quarter compared with the same period a year ago, market conditions were less favorable than the third quarter of this fiscal year. However, we continued to benefit from lower grain prices, with improved profitability over the prior year.”