Milling & Baking News Corporate Profiles - October 2011 - (Page 46)

Meat and Poultry estimate for the fourth quarter was lowered to 9.2 billion lbs, down 25 million lbs from the previous estimate. The reduction in fourth-quarter production stems chiefly from the impact of continued lower chick placement. However, unlike in third-quarter 2011, live bird weight at slaughter is expected to be much closer to that of the previous year. The new production estimate for 2012 is 37.5 billion lbs, only a slight increase from the previous year. This downward revision in the 2012 production estimate was due to expected continued high grain prices, along with only minor improvements in the domestic economy. The continued oversupply of chicken meat combined with high feed costs has had a negative effect on chicken processors. For the third quarter of fiscal 2011 ended July 31, Sanderson Farms, Inc., a Laurel, Miss.-based chicken processor, recorded a loss of $55.7 million during the quarter on sales of $511 million. During the same period of the previous year the company had a net income of $36.1 million, equal to $1.55 per share Leading refrigerated bacon unit sales by brand rand Oscar Mayer yer Hormel Black Label bel b Bar-S ar-S Farmland Gwaltney ney Smithfield eld ld Louis Rich yer Oscar Mayer Hormel ght Wright 103,833,500 33,804,550 3 804 33,8 4,550 24,403,450 24,4 23,991,320 21,5 21,507,040 20,972,500 20,9 9 19 19,907,830 14,216,720 12,2 2 12,296,550 Private label Source: SymphonyIRI 150,968,000 on the common stock. Sales for the period were $489.1 million. “Sanderson Farms’ financial results for the third quarter of fiscal 2011 reflect difficult market conditions,” said Joe F. Sanderson Jr., chairman and chief executive officer. “Market prices for poultry products were significantly lower than last year’s third quarter. While retail grocery store demand has remained steady, food service demand remains sluggish, and will likely remain that way until the employment market gains traction and consumers regain their confidence and return to restaurants. We also incurred significantly higher costs for corn and soybean meal, our primary feed ingredients, compared with the same period a year ago.” Overall market prices for poultry products were lower in the third quarter of fiscal 2011 compared with prices in the third quarter of fiscal 2010, said Mr. Sanderson. As measured by a simple average of the Georgia dock price for whole chickens, prices were relatively flat, showing a 0.3% decline compared with the third quarter of fiscal 2010. Boneless breast meat prices weakened counter seasonally during the quarter, and averaged 22% lower than the prior-year period and 13% lower for the first nine months of the year compared with the prior year. Jumbo wing prices averaged 78c per lb for the third quarter of fiscal 2011, down 28% from the average of $1.07 per lb for the third quarter of fiscal 2010. The average quoted market price for bulk leg quarters increased approximately 24% for the quarter. Compounding the problem, for the nine months ended July 31, 2011, Sanderson Farms’ cash prices for corn increased 70% LEADING REFRIGERATED bacon vendors Dollar sales $532,101,600 $223,279,500 $104,644,700 $99,648,960 $83,826,400 $83,567,550 $76,675,320 $74,609,500 $50,309,860 $567,841,400 $2,439,000,000 LEADING REFRIGERATED % change from year ago 3.9% 11.8% 21.8% 24.1% 20.0% 21.9% 13.9% 14.6% 17.2% 11.9% 11.2% bacon brands Dollar sales $467,214,100 $142,117,600 $100,157,100 $92,849,660 $80,002,120 $72,312,300 $71,592,760 $62,953,410 $62,929,820 $567,841,400 $2,439,000,000 1 2 3 4 5 6 7 8 9 Kraft Foods Inc. Hormel Foods Wright Brand Foods, Inc. Farmland Foods, Inc. Smithfield Packaging Co. Gwaltney of Smithfield Ltd. Tyson Foods, Inc. Bar-S Foods Plumrose USA Private label Total 1 2 3 4 5 6 7 8 9 Oscar Mayer Hormel Black Label Wright Farmland Smithfield Bar-S Gwaltney Hormel Louis Rich Private label Total % change from year ago 2.9% 11.9% 22.6% 25.6% 18.3% 15.8% 23.3% 10.0% 11.5% 11.9% 11.2% Data for 52 weeks ended Aug. 7, 2011 Total U.S. - Supermarkets, Drugstores and Mass Merchandisers excluding Wal-Mart Source: SymphonyIRI 46 \ October 2011 Milling & Baking News • Food Business News • Baking & Snack • Meat & Poultry Corporate Profiles

Table of Contents for the Digital Edition of Milling & Baking News Corporate Profiles - October 2011

Milling & Baking News Corporate Profiles - October 2011
Contents
Editorial - Headwinds yes, but improvement looms
Grain-based foods
Frozen meals
Soup
Beverages
Beef, chicken and pork
Dairy
Confectionery
Food service
Company Overview - Grupo Bimbo S.A.B. de C.V.
Company Overview - Campbell Soup Co.
Company Overview - The Coca-Cola Co.
Company Overview - ConAgra Foods, Inc.
Company Overview - Groupe Danone S.A.
Company Overview - Dean Foods Co.
Company Overview - Diamond Foods, Inc.
Company Overview - Dunkin’ Brands Group Inc.
Company Overview - Flowers Foods, Inc.
Company Overview - General Mills, Inc.
Company Overview - Hain Celestial Group Inc.
Company Overview - The H.J. Heinz Co.
Company Overview - The Hershey Co.
Company Overview - The Kellogg Co.
Company Overview - Kraft Foods Inc.
Company Overview - Krispy Kreme Doughnuts Inc.
Company Overview - Mars, Inc.
Company Overview - Nestle S.A.
Company Overview - Panera Bread Co.
Company Overview - PepsiCo, Inc.
Company Overview - Ralcorp Holdings, Inc.
Company Overview - Sara Lee Corp.
Company Overview - Smithfield Foods, Inc.
Company Overview - J.M. Smucker Co.
Company Overview - Snyder’s-Lance, Inc.
Company Overview - Tyson Foods, Inc.
Company Overview - Unilever P.L.C.
Ad Index

Milling & Baking News Corporate Profiles - October 2011

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