Sanderson Farms Inc. said profit tumbled in its latest quarter, as the chicken company faced sharply lower market prices for its products.
Sanderson, based in Laurel, Miss., has about 7% of the overall U.S. poultry market, behind Tyson Foods Inc. and Pilgrim's Pride Corp., and is a supplier for customers including Sysco Corp., Kroger Co. and Arby's.
"Market prices for most products produced at our big bird-deboning plants were significantly lower" during the quarter, said Chief Executive Joe Sanderson. "Bulk leg quarter prices remain under pressure as a result of weak export demand," hampered by bird flu in the U.S., a strong dollar and lower oil revenue in countries with oil-based economies, he said.
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