Sanderson Farms Inc. SAFM reported a rise in its earnings for the fiscal fourth quarter.
The Laurel, Mississippi-based company posted quarterly net income of $93.1 million, or $4.04 per share, up from $45.3 million, or $1.97 per share, in the year-ago quarter.
Its revenue climbed 4.6% to $760.9 million in the period. However, analysts were expecting earnings of $4.01 per share on revenue of $757.30 million.
"The fourth quarter of fiscal 2014 marked a strong finish to a successful year for Sanderson Farms,” said Joe F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, Inc.
Sanderson added, “We are pleased that our profitability during fiscal 2014 allowed us to fund our planned expansion in Palestine, Texas, further reduce outstanding debt, strengthen our balance sheet, reward our shareholders with a special dividend and increase our regular quarterly dividend rate.”
Sanderson Farms shares rose 1.06% to close at $87.41 yesterday.
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