Sanderson Farms More Than Doubles Profits, Beats Estimates (SAFM)

Sanderson Farms, Inc. SAFM announced on Tuesday morning that it beat consensus Wall Street estimates. Sanderson Farms, Inc reported that its 4th quarter net income more than doubled to $47.8 million, or $2.08 per share, up from $19.8 million, or 95 cents per share, a year earlier. The company's revenue rose to $529.13 million, up from $469.02 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $1.72 per share, on revenue of $521.13 million. Chairman and chief executive officer Joe F. Sanderson, Jr. said, “The fourth quarter of fiscal 2010 marked a strong finish to a successful year for Sanderson Farms. We had record annual sales of $1.9 billion, a 7.6 percent increase over fiscal 2009. We also rewarded our shareholders with record net income of $134.8 million, or $6.07 per share. These results reflect the solid execution of our growth strategy and solid performance in our operations. For the year we processed 2.57 billion pounds of dressed poultry, another record, compared with 2.45 billion pounds in fiscal 2009.” Sanderson Farms, Inc. (SAFM) closed the previous trading day at $42.48 per share. Analysts covering the company's stock give it a consensus price target of $46.67 per share. Read more from Benzinga's Company news.