Sanderson Farms has reported results for the first quarter of 2002, ended 31 January 2002, with net sales up 8% to US$164.5m, compared with US$152.1m for the same period a year ago.
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For the Q1, the company reported net income of US$5.3m, or US$0.39 per diluted share, compared with net income of US$384,000, or US$0.03 per diluted share, year on year.
Joe F. Sanderson, Jr, president and CEO commented; “Sanderson Farms’ financial and operating performance for the Q1 marked a solid start for fiscal 2002.
“These results reflect a continuation of the improved operating performance we experienced in 2001, and slightly higher market prices compared to the Q1 of fiscal 2001. Market prices for our poultry products softened seasonally compared with the fourth quarter of fiscal 2001, although we did enjoy slight price improvement in certain poultry products when compared to the same period a year ago.”
According to Sanderson, market prices for poultry products, as measured by a simple average of the Georgia dock price for whole chickens, increased approximately 3.3% in the Company’s Q1 compared with the same period in 2001. Due to continued strong export demand, market prices for bulk leg quarters during the Q1 increased 19.2%. Boneless breast meat during the quarter averaged US$1.21 per pound, or 3.9% higher than the same period a year ago. Wing prices averaged US$0.83 per pound, or 3.8% above last year’s Q1.
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By GlobalData“Our marketing execution in our target markets over the last fiscal year has allowed us to achieve a favorable product mix, which was an advantage to us compared to last year’s first quarter,” Sanderson continued.
“This achievement reflects the benefits of our strategic marketing shift over the past two years to increase the average live weight of chickens and focus our production and processing on the more profitable chill pack and big bird deboning markets. This strategic shift was completed during the quarter when we finalized the conversion of our Hazlehurst Processing Plant from a small bird plant to a big bird plant. During the week of 21 January, we shut down the Hazlehurst plant to install the equipment necessary to complete its conversion.
With this conversion complete, we believe we are well positioned to produce an even more favorable product mix, and further enhance our sales efforts in fiscal 2002.”
