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Sanderson Farms Beats Q3 Estimates

Sanderson Farms Inc. (NASDAQ: SAFM) reported sharp jump in fiscal third quarter earnings. The poultry producer’s bottom line was bolstered by higher prices of chicken products. In the latest period, overall poultry prices increased 12% while prices of boneless chicken breasts soared 32% from the year-earlier quarter. The earnings stood at $67.9 million or $2.95 a share compared to a profit of $28.7 million or $1.25 a share, in the same quarter of last year. Sales jumped 18% to $739 million. Both earnings and revenue best Street’s expectations. Analysts expected earnings of $2.62 a share on revenue of $722 million.

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