Sanderson Farms Q3 Profit Drops - Quick Facts

(RTTNews) - Sanderson Farms Inc. (SAFM) reported that its net income for the third fiscal quarter ended July 31, 2018 dropped to $11.5 million, or $0.50 per share, from $115.8 million, or $5.09 per share in the third quarter of fiscal 2017.

Net income for the third fiscal quarter reflected an accrual for probable liability for a contribution to the Company's Employee Stock Ownership Plan of $2.4 million before income tax, or $0.08 per share net of income tax, compared to $12.5 million before income tax, or $0.36 per share net of income tax, for the same period a year ago.

Net sales for the third quarter of fiscal 2018 were $852.4 million compared with $931.9 million for the same period a year ago.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.36 per share and revenues of $873.6 million for the third-quarter. Analysts' estimates typically exclude special items.