Sanderson Farms shows improved numbers in Q1 results
Sanderson Farms Inc. reported results for the first fiscal quarter ended January 31, 2012. Net sales for the first quarter of fiscal 2012 were $517.8 million compared with $427.7 million for the same period a year ago. For the quarter, the company had a net loss of $8.0 million, or $0.36 per share, compared with a net loss of $33.6 million, or $1.52 per share, for the first quarter of fiscal 2011.
“Our results for the first quarter of fiscal 2012 reflect improved, but still challenging, conditions for our industry,” said Joe F. Sanderson, Jr., chairman and CEO of Sanderson Farms Inc. “We experienced higher poultry market prices than the same period a year ago. While retail demand for chicken has remained steady, we continue to see weak food service demand, and we believe food service demand will remain under pressure until the national employment environment improves. Weak food service demand and ample supplies continue to weigh on market prices for boneless breast meat produced at our food service plants. While grain prices have retreated from the highs they set last fall, we also experienced higher feed costs during the first quarter, and this continues to affect our profitability.”