Poultry producer Sanderson Farms, Inc. (
) on Tuesday said its fourth quarter profit more than doubled from
last year, easily beating analyst expectations and sending its
shares soaring in premarket trading.
The Laurel, MS-based company reported fiscal fourth quarter net
income of $47.8 million, or $2.08 per share, compared with $19.8
million, or 95 cents per share, in the year-ago period.
Revenue rose 13% from last year to $529.1 million.
On average, Wall Street analysts expected a much lower profit of
$1.72 per share, on smaller revenue of $521.1 million.
For the full year, the company said net income was $134.8
million, or $6.07 per share, up from $82.3 million, or $3.94 per
share, in the period year.
Sanderson Farms shares jumped $2.87, or +6.7%, in premarket
The Bottom Line
Shares of Sanderson Farms (
) have a 1.60% dividend yield, based on last night's closing stock
price of $42.48. The stock has technical support in the $39-$40
price area. If the shares can firm up, we see overhead resistance
around the $45-$46 price levels.
Sanderson Farms, Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.3 out of 5 stars.
Be sure to visit our complete recommended list of the
Best Dividend Stocks
, as well as a detailed explanation of
our ratings system here
Created by Dividend.com