Sanderson Farms reports third quarter drop in earnings
Net income, sales both down
Sanderson Farms Inc. released its financial results for the third quarter, reporting a year-over-year drop in earnings.
Net sales for the third quarter came in at $489.1 million compared to last year's $504.8 million. Net income was reported at $36.1 million as opposed to $43.0 million during the same period last year. In spite of these numbers, the nine months report still shows increases in both net sales and net income over fiscal year 2009. "Overall, our operations continue to run well, resulting in solid operating margins for the third quarter," said Chairman and CEO Joe F. Sanderson. He said the third quarter's lower results can be attributed to favorable market conditions offset by the effects of the extreme heat on live operations.