Sanderson Farms Q1 Profit Surges

(RTTNews) - Sanderson Farms Inc. (SAFM) Thursday reported a surge in first quarter net income to $23.17 million from $10.68 million in the previous year. On a per share basis, earnings climbed to $1.02 from $0.47 a year ago. Other expenses for the quarter were reduced to $235 thousand from $428 thousand last year.

On average, 10 analysts polled by Thomson Reuters expected the company to earn $1.18 per share. Analysts estimates usually exclude special items.

Net sales for the quarter increased to $688.35 million from $605.166 million in the previous year. Wall Street was looking for revenue of $689.75 million.

Joe Sanderson, Jr., chairman and chief executive officer of Sanderson Farms said, "Our results for the first quarter reflect improved market prices for dark meat products sold from our big bird deboning plants compared with last year's first quarter."