Edited Transcript of SAFM earnings conference call or presentation 19-Dec-19 4:00pm GMT

 

Thomson Reuters StreetEvents

via Yahoo Finance - January 7, 2020

 

Q4 2019 Sanderson Farms Inc Earnings Call

 

LAUREL Jan 7, 2020 (Thomson StreetEvents) -- Edited Transcript of Sanderson Farms Inc earnings conference call or presentation Thursday, December 19, 2019 at 4:00:00pm GMT

 

TEXT version of Transcript

 

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Corporate Participants

 

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* D. Michael Cockrell

 

Sanderson Farms, Inc. - CFO, Chief Legal Officer, Treasurer & Director

 

* Joe F. Sanderson

 

Sanderson Farms, Inc. - Chairman & CEO

 

* Lampkin Butts

 

Sanderson Farms, Inc. - President, COO & Director

 

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Conference Call Participants

 

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* Adam L. Samuelson

 

Goldman Sachs Group Inc., Research Division - Equity Analyst

 

* Benjamin M. Theurer

 

Barclays Bank PLC, Research Division - Head of the Mexico Equity Research & Director

 

* Benjamin Mayhew;BMO Capital Markets Equity Research

 

* Benjamin Shelton Bienvenu

 

Stephens Inc., Research Division - MD

 

* Eric Jon Larson

 

The Buckingham Research Group Incorporated - Director of Equity Research

 

* Heather Lynn Jones

 

Heather Jones Research LLC - Founder

 

* Jonathan Patrick Feeney

 

Consumer Edge Research, LLC - Senior Analyst of Food & HPC, Director of research and Managing Partner

 

* Kenneth B. Goldman

 

JP Morgan Chase & Co, Research Division - Senior Analyst

 

* Michael Leith Piken

 

Cleveland Research Company - Equity Analyst

 

* Peter Thomas Galbo

 

BofA Merrill Lynch, Research Division - Associate

 

* Robert Bain Moskow

 

Crédit Suisse AG, Research Division - Research Analyst

 

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Presentation

 

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Operator [1]

 

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Good day, and welcome to the Sanderson Farms, Inc. Fourth Quarter 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, sir.

 

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Joe F. Sanderson, Sanderson Farms, Inc. - Chairman & CEO [2]

 

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Thank you. Good morning, and welcome to Sanderson Farms Fourth Quarter and Fiscal Year-End Conference Call. This morning, we reported a net loss of $22.9 million or $1.05 per share for our fourth fiscal quarter of 2019. During the fourth quarter of last year, we lost $43.2 million or $1.95 per share.

 

For the year ended October 31, 2019, we reported net income of $53.3 million or $2.41 per share. For fiscal 2018, we reported net income of $61.4 million or $2.70 per share. The results of the quarter and the fiscal year ended October 31, 2018, include an adjustment of $9.6 million, approximately $0.32 per share net of income taxes to record live inventories on hand at October 31, 2018, at the lower of cost or net realizable value as required by generally accepted accounting principles. Results for the quarter and fiscal year ended October 31, 2019, include a similar adjustment of $2.8 million or $0.10 per share net of income taxes. If you did not receive a copy of the release and accompanying financial summary, they are available on our website at www.sandersonfarms.com.

 

Before we continue, I will ask Mike to give the cautionary statement regarding forward-looking statements.

 

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D. Michael Cockrell, Sanderson Farms, Inc. - CFO, Chief Legal Officer, Treasurer & Director [3]

 

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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 about future earnings, expenditures, supply and demand factors, production levels, grain cost and supply, poultry prices, growth plans and economic conditions. The words, believes, expects, anticipates, estimates, model, should, plans and similar words are intended to identify forward-looking statements.

 

The actual performance of the company could differ materially from that indicated by the forward-looking statements because of various risks and uncertainties. These risks and uncertainties are described in our press release and in the annual report on Form 10-K for the year ended October 31, 2019, which was filed with the SEC this morning.

 

All forward-looking statements speak only as of today and are based on current expectations, beliefs and assumptions, which could change quickly based on many external factors affecting our business. We undertake no obligation to update or revise forward-looking statements.

 

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Joe F. Sanderson, Sanderson Farms, Inc. - Chairman & CEO [4] ...

 

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