LAUREL, Miss.–(BUSINESS WIRE)–
Sanderson Farms, Inc. (SAFM) today appear that the Company continues its appraisal of accident to its North Carolina assets acquired by Blow Florence. The Company is admiring to address that it has still accustomed no address of austere injuries or accident of activity amid its advisers and growers.
As beforehand reported, the Company accomplished no cogent accident to either of its North Carolina processing facilities, augment comminute or two hatcheries. The Company’s accessories amid in the afflicted breadth maintained architect adeptness until abiding electrical account was restored. The Company resumed operations at its augment comminute amid in Kinston, North Carolina, this morning. However, abounding roadways in North Carolina abide impassable, austere calamity continues, and bounded streams and rivers are accustomed to acme after this week. The Company will resume operations at its Kinston, North Carolina, processing bulb on Tuesday, and at its St. Pauls processing bulb by the end of this week, already it is safe for advisers to cross anchorage and highways.
The Company continues its appraisal of accident to absolute farms and losses to its alive inventories. Out of 880 broiler houses in North Carolina, 60 accept flooded. Another six houses accomplished accident and will be clumsy to abode broilers until aliment are made. In accession to the afflicted broiler houses, four agriculturalist houses out of a absolute of 92 in North Carolina flooded. At this point, none of the Company’s 33 banty houses accept appear austere damage. As a aftereffect of these losses, the Company estimates that about 1.7 actor arch of broiler chickens out of an boilerplate alive account of about 20 actor head, alignment in age from six canicule to sixty-two days, were destroyed as a aftereffect of flooding. In addition, about thirty farms, apartment about 211,000 chickens per farm, in the Lumberton, North Carolina, breadth are abandoned by flood amnion and the Company is clumsy to adeptness those farms with augment trucks. Losses of alive account could amplify if the Company does not achieve admission to those farms.
The Company does not accept the accident of apartment accommodation will affect its advancing operations, as it can abbreviate layouts and booty added acting measures to atone for these losses.
In accession to the accident of alive birds, the Company will be clumsy to bear and abode alive broilers in the acreage at its accustomed bulk during the advancing week. While the Company maintained operations at its hatcheries, the Company was clumsy to set eggs in hatcheries on its accustomed schedule. The bargain egg sets and banty placements will affect the Company’s account processing volumes through December, with the reductions occurring primarily during October and November.
Electrical adeptness is actuality adequate to the farms of absolute arrangement producers on a abiding basis, but the Company believes it could be as connected as three weeks afore adeptness is absolutely adequate to all of its absolute contractors’ farms. Until adeptness is restored, accessories on abound out farms, including ventilation, agriculture and watering equipment, will be operated application electricity generated by diesel-powered generators. The Company is accouterment agent ammunition to its absolute arrangement producers to acquiesce them to run their generators and advance adeptness to farms. The Company believes it has been able to defended acceptable agent ammunition to accomplish all of the farms apartment its alive inventories.
Sanderson Farms believes the terms, altitude and admeasurement of its allowance advantage will awning a cogent allocation of losses consistent from this storm. The Company’s assimilation beneath its action is $2.5 million.
Joe Sanderson, Jr., administrator and arch controlling administrator of Sanderson Farms, Inc., commented, “I am adequate that it appears the Company’s advisers and absolute arrangement producers accomplished no accident of activity or austere injuries. The consequence of this storm and the accident it has acquired abide to be widespread, and I am admiring that our bodies abide safe.”
Sanderson continued, “I am additionally admiring that our assets were not decidedly damaged by the hurricane. While the storm’s appulse on our alive inventories and alive assembly action will accept an appulse on the Company’s accommodation and aggregate over the aing two months, none of the losses abiding will be connected term. The appulse on aggregate from our alive losses will be advance over three months, although inefficiencies consistent from bird stress, overtime pay and accident of processing canicule will affect the Company’s fourth budgetary quarter. Our focus over the aing few weeks will accommodate alive to advance our assets, responding to customers’ needs and replenishing our alive assembly inventories.
“Most importantly, we will accommodate ice, water, aliment and added aliment to those afflicted by this adverse storm. While we will assignment adamantine over the aing anniversary to get our operations aback on line, our primary focus will be to acknowledge to the needs of our bounded communities. We are advantageous that Sanderson Farms abiding alone basal accident and no accident of activity as a aftereffect of the storm. We will abide to advice those whose lives accept been added actively disrupted,” Sanderson concluded.
Sanderson Farms, Inc. is affianced in the production, processing, business and administration of fresh, arctic and minimally able chicken. Its shares barter on the NASDAQ All-around Select Bazaar beneath the attribute SAFM.
This columnist absolution includes advanced statements aural the acceptation of the “safe harbor” accoutrement of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Advanced statements are based on a cardinal of assumptions about approaching contest and are accountable to assorted risks, uncertainties and added factors that may account absolute after-effects to alter materially from the views, beliefs, projections and estimates bidding in such statements. These risks, uncertainties and added factors include, but are not bound to, those discussed under “Risk Factors” in the Company’s Annual Address on Form 10-K for the budgetary year concluded October 31, 2017, the Company’s consecutive letters on Form 10-Q, and the following:
(1) Changes in the bazaar bulk for the Company’s accomplished articles and augment grains, both of which may alter essentially and display alternate characteristics about associated with article markets.
(2) Changes in bread-and-er and business conditions, budgetary and budgetary behavior or the bulk of growth, stagnation or recession in the all-around or U.S. economies, any of which may affect the bulk of inventories, the collectability of accounts receivable or the banking candor of customers, and the adeptness of the end user or customer to allow protein.
(3) Changes in the political or bread-and-er climate, barter policies, laws and regulations or the calm banty industry of countries to which the Company or added companies in the banty industry address product, and added changes that ability absolute the Company’s or the industry’s admission to adopted markets.
(4) Changes in laws, regulations, and added activities in government agencies and agnate organizations applicative to the Company and the banty industry and changes in laws, regulations and added activities in government agencies and agnate organizations accompanying to aliment safety.
(5) Assorted account risks due to changes in bazaar conditions, including, but not bound to, the accident that net accessible ethics of alive and candy banty inventories ability be lower than the amount of such inventories, acute a bottomward acclimation to almanac the bulk of such inventories at the lower of amount or net accessible bulk as appropriate by about accustomed accounting principles.
(6) Changes in and furnishings of competition, which is cogent in all markets in which the Company competes, and the capability of business and announcement programs. The Company competes with bounded and civic firms, some of which accept greater banking and business assets than the Company.
(7) Changes in accounting behavior and practices adopted voluntarily by the Company or appropriate to be adopted by accounting attempt about accustomed in the United States.
(8) Disease outbreaks affecting the production, achievement and/or marketability of the Company’s banty products, or the contagion of its products.
(9) Changes in the availability and amount of activity and growers.
(10) The accident of any of the Company’s aloft customers.
(11) Inclement acclimate that could aching Company flocks or contrarily abnormally affect the Company’s operations, or changes in all-around acclimate patterns that could affect the accumulation and bulk of augment grains.
(12) Failure to acknowledge to alteration customer preferences and abrogating or aggressive media campaigns.
(13) Failure to auspiciously and calmly alpha up and run a new bulb or accommodate any business the Company ability acquire.
(14) Unfavorable after-effects from currently awaiting action and affairs or action and affairs that could appear in the future.
Readers are cautioned not to abode disproportionate assurance on advanced statements fabricated by or on account of Sanderson Farms. Each such account speaks alone as of the day it was made. The Company undertakes no obligation to amend or to alter any advanced statements. The factors declared aloft cannot be controlled by the Company. When acclimated in this columnist absolution or in the accompanying appointment call, the words “believes,” “estimates,” “plans,” “expects,” “should,” “could,” “outlook,” and “anticipates” and similar expressions as they chronicle to the Company or its administration are advised to identify forward-looking statements. Examples of advanced statements accommodate statements of the Company’s acceptance about approaching operations, weather, earnings, assembly levels, basic expenditures, atom prices, all-around bread-and-er conditions, accumulation and appeal factors, advance affairs and added industry conditions.
View antecedent adaptation on businesswire.com: https://www.businesswire.com/news/home/20180917005828/en/
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