Sanderson Farms Q3 Profit, Revenue Drop - Quick Facts

(RTTNews) - Poultry processor Sanderson Farms, Inc. (SAFM) Tuesday said its third-quarter net income dropped to $50.9 million or $2.27 per share from $76.1 million or $3.30 per share for the third quarter of fiscal 2014.

On average, seven analysts polled by Thomson Reuters expected earnings of $2.90 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales fell to $739.9 million from $768.4 million in the previous year. Analysts expected revenues of $750.9 million.

The company is engaged in the production, processing, marketing and distribution of fresh and frozen chicken and other prepared chicken items.

Joe Sanderson, Jr., chairman and CEO, said, "Sanderson Farms' financial results for the third quarter of fiscal 2015 reflect continued good demand for fresh chicken at retail grocery stores, which demand was reflected in a Georgia dock whole bird price that remained near record levels during the quarter."

However, market prices for most products produced at the company's big bird deboning plants were significantly lower during the quarter compared to last year's third fiscal quarter.