Sanderson Farms Q2 Net Income Rises

(RTTNews) - Sanderson Farms, Inc. (SAFM) reported second-quarter net income of $321.2 million, or $14.39 per share, compared to $96.9 million, or $4.34 per share, prior year. The company said the increase in net income is primarily attributable to significantly higher average selling prices, partially offset by higher average costs of goods sold. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $7.62, for the quarter. Analysts' estimates typically exclude special items.

Net sales were $1.54 billion, an increase of 35.8% from prior year. Net sales of poultry products were $1.46 billion, up 34.7%. Analysts on average had estimated $1.39 billion in revenue.