Sanderson Farms, Inc. (SAFM) has reported an 177.53 percent jump in profit for the quarter ended Oct. 31, 2016. The company has earned $75.96 million, or $3.36 a share in the quarter, compared with $27.37 million, or $1.22 a share for the same period last year. Revenue during the quarter grew 16.37 percent to $790.81 million from $679.59 million in the previous year period. Gross margin for the quarter expanded 799 basis points over the previous year period to 20.32 percent. Total expenses were 85.37 percent of quarterly revenues, down from 93.59 percent for the same period last year. This has led to an improvement of 821 basis points in operating margin to 14.63 percent.
Operating income for the quarter was $115.66 million, compared with $43.59 million in the previous year period.
"The fourth quarter marked the end of another successful year for Sanderson Farms," said Joe F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, Inc. “Market conditions strengthened at the beginning of our fourth fiscal quarter of 2016, although market prices declined seasonally after Labor Day. We reported record annual sales despite a decline in overall poultry market prices compared with fiscal 2015, which decline was especially pronounced during the first half of the year. Grain prices were lower during the year when compared with fiscal 2015. For the year, we sold 3.731 billion pounds of dressed poultry, another record, compared with 3.418 billion pounds in fiscal 2015."
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