Sanderson Farms Misses Earnings When Poultry Price Remains High

Shares of Sanderson Farms moved lower on Tuesday after the company posted quarterly results which missed expectations. Profit came in at $3.30, missing estimates by 52 cents. Revenue rose 4% to $768 million. That's $20 million below expectations. The price of chickens increased though not enough to offset other rising costs. The price of Sanderson Farms' primary feed ingredient, soybean, jumped nearly 18% compared to a year ago. The company, however, said the rising price of chicken gives it a good position and will pay off. CEO Joe Sanderson, Jr. said "Market prices for poultry products were higher than the third quarter of fiscal 2013, as the Georgia Dock whole bird price remained historically high during the quarter."