Sanderson Farms Financials

$3.3 B

Revenue FY, 2017

$3 B

Mkt cap, 16-Feb-2018
Gross profit (FY, 2017)641.5 M
Gross profit margin (FY, 2017), %19.2%
Net income (FY, 2017)279.7 M
EBIT (FY, 2017)425.2 M
Cash, 31-Oct-2017419.3 M

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

2.7 b2.8 b2.8 b2.8 b3.3 b

Revenue growth, %

3%1%0%

Cost of goods sold

2.4 b2.3 b2.3 b2.4 b2.7 b

Gross profit

305.9 m520.9 m491.1 m454 m641.5 m

Gross profit Margin, %

11%19%18%16%19%

General and administrative expense

216.3 m

Operating expense total

216.3 m

Depreciation and amortization

100.3 m

EBIT

205.7 m381.9 m336 m294.1 m425.2 m

EBIT margin, %

8%14%12%10%13%

Interest expense

6.1 m2.6 m2.1 m1.7 m1.9 m

Interest income

27 k60 k106 k244 k1.2 m

Pre tax profit

200.1 m379.5 m334.1 m292.7 m424.5 m

Income tax expense

69.5 m130.4 m118.1 m103.7 m144.8 m

Net Income

130.6 m249 m216 m189 m279.7 m

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Revenue

584.9 m660.7 m768.4 m667.4 m716.6 m739.9 m605.2 m692.1 m728 m688.3 m802 m931.9 m

Cost of goods sold

516.1 m552.3 m607 m526.2 m577.6 m612.8 m555.1 m578.3 m598.6 m606.4 m655.3 m692.6 m

Gross profit

68.8 m108.4 m161.4 m141.2 m139 m127.2 m50.1 m113.8 m129.4 m82 m146.8 m239.3 m

Gross profit Margin, %

12%16%21%21%19%17%8%16%18%12%18%26%

General and administrative expense

23.6 m29.9 m45.7 m38.1 m29.5 m47.3 m30.3 m40 m44.6 m46.1 m43.6 m62 m

Operating expense total

23.6 m29.9 m45.7 m38.1 m29.5 m47.3 m30.3 m40 m44.6 m46.1 m43.6 m62 m

EBIT

45.2 m78.5 m115.7 m103.1 m109.5 m79.8 m19.8 m73.8 m84.9 m35.9 m103.1 m177.3 m

EBIT margin, %

8%12%15%15%15%11%3%11%12%5%13%19%

Interest expense

911 k741 k439 k427 k686 k556 k431 k420 k428 k432 k428 k515 k

Interest income

12 k10 k15 k26 k13 k77 k195 k301 k327 k

Pre tax profit

44.3 m77.8 m115.3 m102.7 m108.9 m79.3 m19.4 m73.4 m84.5 m35.7 m103 m177.1 m

Income tax expense

15.4 m26.8 m39.2 m36.2 m37.6 m28.4 m8.7 m25.8 m29.8 m12.5 m36 m61.3 m

Net Income

28.9 m51 m76.1 m66.5 m71.2 m50.9 m10.7 m47.6 m54.7 m23.2 m66.9 m115.8 m

Balance Sheet

Annual

usdY, 2009Y, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016FY, 2017

Cash

8.2 m73.4 m11.1 m27.8 m85.6 m165.6 m196.7 m234.1 m419.3 m

Accounts Receivable

96.1 m(15.1 m)

Inventories

205.9 m190.8 m198.8 m220.3 m252.8 m

Current Assets

430.7 m510.7 m562.8 m613.3 m849.5 m

PP&E

682.3 m804 m876.8 m

Total Assets

924.6 m1.1 b1.3 b1.4 b1.7 b

Accounts Payable

81.4 m48.7 m62.8 m72.8 m90.9 m

Short-term debt

Current Liabilities

161.5 m147.6 m161.2 m148.2 m198.7 m

Long-term debt

Additional Paid-in Capital

142.5 m150.1 m111.7 m125.9 m135 m

Retained Earnings

506.1 m724.7 m895.7 m1 b1.3 b

Total Equity

671.6 m1 b1.2 b1.4 b

Financial Leverage

1.4 x1.2 x1.2 x1.2 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Cash

58.8 m84.4 m139.3 m173.1 m153.6 m180.8 m155.1 m223.1 m243 m225.8 m246.3 m398.3 m

Accounts Receivable

94.1 m108.6 m115.2 m117 m118.9 m111.5 m119.9 m124.1 m118.6 m115.6 m138.5 m151 m

Inventories

209.2 m219 m217.8 m213.2 m212.3 m203.2 m209.8 m210.9 m227.7 m236.4 m234.8 m256.1 m

Current Assets

396.7 m443.7 m508.3 m543.6 m526.8 m545.5 m566.2 m598 m630.5 m619.8 m661.7 m846.7 m

PP&E

688 m720.3 m748.9 m826.8 m850.1 m860.6 m

Total Assets

904.5 m973.3 m1.1 b1.2 b1.2 b1.2 b1.3 b1.3 b1.4 b1.5 b1.5 b1.7 b

Accounts Payable

61.1 m85.4 m83.2 m74.5 m89.6 m64.8 m76.1 m80.6 m81 m85.9 m75.6 m79 m

Dividends Payable

5.5 m5.5 m5.5 m

Current Liabilities

115.6 m155.5 m178.9 m145.7 m152 m151.3 m131.4 m147 m154.8 m141.6 m133.1 m216.4 m

Additional Paid-in Capital

143.4 m148.4 m151.3 m153.8 m112.1 m114.7 m115.2 m122.9 m126 m131.5 m135.6 m138.6 m

Retained Earnings

530.4 m576.7 m648.2 m786.1 m838.5 m884.4 m901.4 m944 m993.8 m1.1 b1.1 b1.2 b

Total Equity

696.8 m748.2 m822.6 m1 b1 b1.1 b1.1 b1.2 b1.3 b1.4 b

Financial Leverage

1.3 x1.3 x1.3 x1.2 x1.2 x1.2 x1.2 x1.2 x1.2 x1.2 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

130.6 m249 m216 m189 m279.7 m

Depreciation and Amortization

62.2 m64.3 m74.7 m84.6 m100.3 m

Accounts Receivable

(11 m)(9.3 m)5.1 m(11.6 m)(15.1 m)

Inventories

30.1 m15 m(7.9 m)(21.6 m)(32.5 m)

Accounts Payable

(1.3 m)(32.7 m)11.6 m5.1 m12 m

Cash From Operating Activities

252.9 m306.5 m297.8 m292.8 m409 m

Cash From Investing Activities

(54.4 m)(171.1 m)(157.4 m)(200.4 m)(165.9 m)

Long-term Borrowings

(10 m)(10 m)(10 m)(10 m)

Dividends Paid

(16.3 m)(30.5 m)(31.1 m)(42.9 m)(46.4 m)

Cash From Financing Activities

(140.7 m)(55.3 m)(109.3 m)(55 m)(57.9 m)

Interest Paid

6.5 m3.5 m2.6 m

Income Taxes Paid

10.4 m(37.9 m)72.2 m140 m

Free Cash Flow

307.4 m478.1 m456.1 m92 m242.2 m

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Net Income

28.9 m51 m76.1 m66.5 m71.2 m50.9 m10.7 m47.6 m54.7 m23.2 m66.9 m

Accounts Receivable

115.2 m117 m118.9 m111.5 m119.9 m124.1 m118.6 m115.6 m138.5 m

Inventories

217.8 m213.2 m212.3 m203.2 m209.8 m210.9 m227.7 m236.4 m234.8 m

Accounts Payable

83.2 m74.5 m89.6 m64.8 m76.1 m80.6 m81 m85.9 m75.6 m

Ratios

USDY, 2017

Revenue/Employee

2 m

Financial Leverage

1.2 x
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Operating Metrics

FY, 2014FY, 2015FY, 2016

Chickens Processed

452 m476 m507 m

Chickens Processed, dressed pounds

3 b3.40 b3.80 b

Product Lines

130 70 70

Plants

9 10 10

Grow-Out Farms

609 632 690

Breeder Farms

185 201 208

Hatcheries

8 9 9

Feed Mills

7 8 8
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