Inghams Lacks an Economic Moat to Pass Through Rising Input Costs in Their Entirety

Inghams two operating segments are poultry and stockfeed, although sales are heavily skewed toward poultry. Poultry includes the production and sale of chicken and turkey products across primary, free range, and other categories. Stockfeed includes the production of stockfeed for use by the poultry, pig, dairy, and equine industries. Approximately 90% of total sales comes from poultry, with the remainder from stockfeed. Within poultry, chicken is the key component, making up approximately 80% of sales.