Sanderson Farms net income more than doubles in Q1 2017
Net sales for the quarter are also up
Sanderson Farms reported a net income of $23.2 million for the first quarter of fiscal year 2017, more than doubling its net income of $10.7 million recorded during the first quarter of the previous year.
The company’s net sales for the quarter also increased. Sanderson Farms achieved net sales of $688.3 million for the first quarter, while its first quarter net sales during fiscal year 2016 were $605.2 million.
"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," said
"Leg quarter prices during last year's first fiscal quarter reflected avian influenza-related bans on
According to Sanderson, overall market prices for poultry products were higher during the first quarter compared with the same period last year. Compared with the first fiscal quarter of 2016, the average whole bird price used as the base of a portion of the company's retail tray pack pricing formulas was approximately 2.7 percent lower, boneless breast meat prices were approximately 4.6 percent lower, the average market price for bulk leg quarters increased by approximately 33.1 percent, and jumbo wing prices were higher by 14.3 percent. The company's average feed cost per pound of poultry products processed decreased
"Record corn and soybean crops harvested in