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Sanderson Farms profit beats consensus by 34.7% in fiscal Q2

Sanderson Farms Inc. said its normalized net income for the fiscal second quarter ended April 30 amounted to $2.06 per share, compared with the S&P Capital IQ consensus estimate of $1.53 per share.

EPS declined 32.3% year over year from $3.05.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $45.9 million, a decrease of 32.6% from $68.0 million in the year-earlier period.

The normalized profit margin fell to 6.6% from 9.5% in the year-earlier period.

Total revenue decreased on an annual basis to $692.1 million from $716.6 million, and total operating expenses increased year over year to $618.3 million from $607.1 million.

Reported net income decreased 32.9% from the prior-year period to $46.9 million, or $2.11 per share, from $69.9 million, or $3.13 per share.