May 26, 2010

 

High chicken demand boosts Sanderson's profits
 

 

High demand for chicken boosted profits for US firm Sanderson Farms in the first-half of its fiscal year earning US$50.9 million.

 

Profit in the prior year was at US$19.5 million. Net sales climbed 11.2% to US$907.2 million.

 

"We are pleased with the performance of Sanderson Farms during the second fiscal quarter of 2010," said Joe Sanderson, chairman and CEO. "Demand for chicken at retail grocery stores remains strong and the ongoing issues we and our industry face in export markets have not yet significantly disrupted the markets."

 

The company said it remains "cautiously optimistic" as it heads into the summer months, for what is typically a period of better chicken demand.

 

In the second quarter, the company earned US$35.1 million, an increase on the US$26.2 million earned in 2009. Net sales rose to US$487.1 million from US$426.8million a year earlier.

 

Sanderson said market prices for poultry products were mixed during the second quarter of fiscal 2010 as compared on-year.

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