Sanderson Farms Inc. shares moved lower premarket Thursday, after the company posted weaker-than-expected profit for its fiscal fourth quarter, hurt by weak poultry prices, hurricane disruptions and higher-than-expected chicken production. The company said it had net income of $72.9 million, or $3.20 a share, in the quarter, down from $76.0 million, or $3.36 a share, in the year-earlier period. Sales rose to $919.9 million from $790.8 million. The FactSet consensus was for EPS of $3.49 and sales of $911 million. “Market conditions weakened during our fourth fiscal quarter of 2017, as market prices declined seasonally after Labor Day. The seasonal decrease in demand was exacerbated by hurricane disruptions and higher than expected chicken production caused by higher than expected live weights. Despite this weakness, we performed well during the quarter,” Chief Executive Joe Sanderson said in a statement. Shares have gained 78% in 2017, outperforming the S&P 500 , which has gained 19%.
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