Cal-Maine Foods Reports Fourth Quarter Fiscal 2021 Results

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[{"type":"text","content":" RIDGELAND, Miss.--(BUSINESS WIRE)--\nCal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the fourth quarter (thirteen weeks) and fiscal year ended May 29, 2021.\n\nNet sales for the fourth quarter of fiscal 2021 were $349.8 million, compared to $453.3 million for the fourth quarter of fiscal 2020. The Company reported a net loss of $4.2 million, or $0.09 per basic and diluted share, for the fourth quarter of fiscal 2021, compared to net income of $60.5 million, or $1.25 per basic and $1.24 per diluted share, for the fourth quarter of fiscal 2020.\n\nFor fiscal 2021, net sales were $1,349.0 million, compared with $1,351.6 million for the prior year. The Company reported net income of $2.1 million, or $0.04 per basic and diluted share, for fiscal 2021, compared to $18.4 million, or $0.38 per basic and diluted share, for the prior-year period.\n\nDolph Baker, chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “Our results for the fourth quarter of fiscal 2021 reflect a significant drop in average selling prices and lower volumes for conventional eggs compared with the same period last year. The fourth quarter of 2020 was a period of very high consumer demand, with market prices reaching record levels as more meals were being prepared at home during the early restrictive phase of the COVID-19 pandemic. Our average sales price for shell eggs was $1.32 per dozen for the fourth quarter this fiscal year compared with $1.58 per dozen for the same period last year. For fiscal 2021, our average sales price for shell eggs was $1.22 per dozen, down slightly from $1.23 per dozen for fiscal 2020.\n\n“While retail demand has been strong for most of this fiscal year, that trend began to change in the fourth quarter as consumers started dining out again and preparing fewer meals at home. As a result, food service demand has improved as retail demand has slowed down, with overall demand for shell eggs approaching a more normalized balance that is closer to pre-pandemic levels. Total dozens sold for the fourth quarter of fiscal 2021 were down 9.4 percent over the same period last year, with 255.9 million dozens sold. For fiscal 2021, we sold 1,073.2 million dozens of shell eggs, up slightly compared with 1,069.2 million dozens sold in fiscal 2020.\n\n“Hen numbers reported by the USDA as of June 1, 2021, were 315.7 m...

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