Sanderson Farms News
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Sanderson Farms - a poultry provider that is a major partner with Winn Dixie - posted lower-than expected third quarter sales and volume, according to Investor's Business Daily.
' shares dropped after fiscal third-quarter earnings and revenue fell short of expectations, despite higher poultry prices and lower feed costs.
Bank of Montreal net was flat despite revenue jumped. DSW net rose 2%. Daktronics netclimbed on 20% increase of revenue.
The poultry producer reported a 4% rise in revenue over the previous year to $768.4 million, short of analysts' $787.7 million estimates.
Net sales for the first nine months of fiscal 2014 were million for the first nine months of fiscal 2013.
Sanderson Farms said it accrued $15.5 million for its bonus award program and $11 million for a contribution to its employee stock ownership plan during the quarter, which affected results.
Sanderson Farms issued its quarterly earnings data on Tuesday. The company reported $3.30 earnings per share for the quarter, missing the analysts' consensus estimate of $3.82 by $0.52, Stock Ratings Network reports.
The firm set a "buy" rating on the stock. Sanderson Farms traded up 0.89% on Tuesday, hitting $95.09.
Sanderson Farms is back in the news this week as company officials consider a site for a new poultry processing plant in Cumberland County.
This spring, a Cargill pork plant in Ottumwa, Iowa, accidently released 20,000 gallons of untreated wastewater into the Des Moines River until a backup pump began operating.
Sanderson Farms is looking at building a plant in Cedar Creek Business Center, a county-owned, 480-acre industrial park off Cedar Creek Road east of Interstate 95. Proponents note that the plant would bring 1,000 jobs to the area.
Updated: Fri Aug 29, 2014 06:49 am
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