Sanderson Farms may reach profitability in 6 months, says CEO
After posting a larger-than-expected loss in its third quarter, Sanderson Farms CEO Joe Sanderson Jr. said that the company may return to profit in six months, thanks to industry-wide cuts in production.
“Chicken prices will rise as a result of reduced production in our industry,” helping the company’s profitability, Sanderson said in a telephone interview, reports Bloomberg. The Laurel, Mississippi-based company plans to cut production by 4 percent starting at the end of this year and into 2012, he said on a conference call with analysts.