August 29, 2007

Sanderson Farms announces 10-fold increase in Q3 profits

Sanderson Farms Inc. said Tuesday (Aug 28) its fiscal third-quarter profit soared nearly ten-fold.

The US poultry company reported earnings for the period ended July 31 rose to US$30.7 million compared to just US$3.3 million last year, thanks to higher poultry prices as the market recovered from bird flu fears.

This allowed the company to more than offset the higher feed grain costs, Chairman and Chief Executive Joe F. Sanderson Jr. said in a statement.

Quarterly revenue climbed to US$394.8 million, up 41 percent from US$281 million a year ago.