Sanderson Farms,a US-based frozen chicken producer,has reported that its net earnings for the third quarter ended 31 July 2012 totaled$28.72m,compared to a loss of$55.68m in the same period in 2011.
The company posted 22.24%increase in revenues to$624.9m,compared to$511.2m for the corresponding period in 2011.
Sanderson Farms chairman and CEO Joe Sanderson said that the company's third quarter indicate improved market conditions,compared to same period in 2011.
"Market prices for poultry products were higher than the third quarter of fiscal 2011,as the Georgia Dock whole bird price reached historic high prices during the quarter,"Sanderson said.
The price for wings continued to increase and demand for products in retail remained steady,while in food service demand remained slow,Sanderson added.
For the nine months period ended 31 July 2012,the company posted 22.5%increase in revenues to$1.74bn,compared to$1.42bn for the corresponding period in 2011.Net earnings for the period,totaled$44.5m,compared to a loss of$105.5m in 2011.
Further,the company plans to set up a new poultry complex in Nash County,North Carolina despite the challenging market conditions.
Sanderson Farms is involved in the production,processing,marketing and distribution of frozen chicken and other prepared food items.
