Sanderson Farms’ stock extends slide, tumbles 6.1% premarket after Q2 results

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Sanderson Farms shares slide after earnings and revenue miss

Sanderson Farms Inc. shares slipped 1.4% in Thursday premarket trading after the chicken producer reported second-quarter earnings and sales that missed expectations. Net income for the quarter totaled $41.9 million, or $1.84 per share, down from $67.0 million, or $2.95 per share, last year. Revenue was $813.5 million, up from $802.0 million last year. The FactSet consensus was for EPS of $2.22 and sales of $834 million. Though demand was “favorable” and feed costs were lower, there was weak food service demand for boneless breast meat and jumbo wings, according to a statement from Chief Executive Joe Sanderson. As a result, average sales price per pound fell. Sanderson Farms shares are down nearly 23% for the year so far while the S&P 500 index is up 2.2% for the period.

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