Sanderson Farms, Inc. (SAFM) CEO Joe Sanderson on Q3 2019 Results - Earnings Call Transcript

Sanderson Farms, Inc. (SAFM) Q3 2019 Earnings Conference Call August 29, 2019 11:00 AM ET

Company Participants

Joe Sanderson - Chairman & Chief Executive Officer
Lampkin Butts - President & Chief Operating Officer
Mike Cockrell - Treasurer & Chief Financial Officer,

Conference Call Participants

Ben Bienvenu - Stephens Inc.
Benjamin Theurer - Barclays
Eric Larson - Buckingham Research Group
Heather Jones - Heather Jones Research
Michael Piken - Cleveland Research
Adam Samuelson - Goldman Sachs

Operator

Good day, and welcome to Sanderson Farms Incorporated Third Quarter Fiscal 2019 Conference Call. Today's call is being recorded. And at this time, for opening remarks and introductions, I would like to turn the call over to Mr. Joe Sanderson. Please go ahead.

Joe Sanderson

Thank you. Good morning and welcome to Sanderson Farms third quarter conference call. Lampkin Butts and Mike Cockrell are with me this morning. We reported net income for our third fiscal quarter of $53.4 million or $2.41 per share. This compares to net income of $11.5 million, or $0.50 per share, during last year's third quarter. Net income during the quarter reflects the accrual of probable liability for a contribution to our ESOP of $2.7 million before income tax, or $0.10 per share net of income tax.

I will begin this morning's call with a few general comments, before turning the call over to Lampkin and Mike. Before making any further comments, I will ask Mike to give the cautionary statement regarding forward-looking statements.

Mike Cockrell

Thank you, Joe, and good morning, everyone. This morning's call will contain forward-looking statements about the business, financial condition and prospects of the company. Examples of forward-looking statements include statements of our beliefs, about future grain and fresh chicken prices, consumer demand, production levels, the supply of fresh chicken products, our economic conditions, and our expansion plans. The actual performance of the company could differ materially