The company posted a net income of $24.1 million or $1.18 per share, compared to $10.5 million or $0.52 per share last year. The result includes recognition of $3.6 million or $0.11 per share for Hurricane Katrina related insurance recoveries.
On average, three analysts polled by First Call/Thomson Financial expected the company to earn $1.35 per share.
Net sales for the quarter increased to $426.9 million from $291.7 million last year.
For the fiscal year, net income came in at $78.8 million or $3.88 per share compared to a net loss of $11.5 million or $0.57 per share last year.
Net sales for the period climbed to $1.475 billion from $1.048 billion in the previous year.
Commenting on, Joe Sanderson Jr. chairman and chief executive officer of the company said, "Looking ahead, we expect the grain markets to remain volatile with higher grain prices in fiscal 2008. However, overall poultry market conditions continue to be favorable and we believe that fundamental supply and demand economics will work to maintain industry profitability over the long term, while recognizing that short-term swings are inevitable. We remain confident in the strength of our operations and we will continue to move Sanderson Farms forward in fiscal 2008 regardless of market conditions."
SAFM is currently trading at $30.98, down $0.08 on a volume of 558K shares.
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