Business
Cal-Maine Foods Reports Record Fiscal Fourth Quarter and Fiscal Year 2022 Results; Announces Quarterly Cash Dividend
Record fourth quarter net income of $110.0 million, or $2.25 per diluted common share Fourth quarter net sales of $593.0 million, up 69.5% year-over-year
About this update from Cal-maine Foods, Inc.
[{"type":"text","content":"\n\nRecord fourth quarter net income of $110.0 million, or $2.25 per diluted common share\n\n\nFourth quarter net sales of $593.0 million, up 69.5% year-over-year\n\n\nFiscal year 2022 net income of $132.7 million, or $2.72 per diluted share, versus net income of $2.1 million in fiscal 2021\n\n\nFiscal 2022 net year sales increased to nearly $1.8 billion, up 31.7% versus fiscal 2021\n\n\nAnnounces fourth quarter fiscal 2022 cash dividend of $0.75 per share\n\n\nApproved $55.3 million capital project subsequent to the quarter end to convert existing layer capacity to cage-free capacity for approximately 1.5 million cage-free hens\n\n\n RIDGELAND, Miss.--(BUSINESS WIRE)--\nCal-Maine Foods, Inc. (NASDAQ: CALM, or the “Company”), the largest producer and distributor of fresh shell eggs in the United States, today reported results for fourth quarter fiscal 2022 (thirteen weeks) and fiscal year 2022 ended May 28, 2022.\n\nDolph Baker, chairman and chief executive officer of Cal-Maine Foods, commented, “Our fourth quarter marked a strong finish to fiscal 2022 for Cal-Maine Foods. Record quarterly revenue performance was driven by significantly higher average selling prices and record quarterly specialty shell egg sales, supported by solid demand compared with the prior-year quarter.\n\n“We continue to perform at the top of our industry as an efficient operator, despite inflationary market conditions in North America and economic uncertainties globally. We have built an exceptional management team that drives our commitment to be the most reliable producer and distributor of fresh shell eggs and egg products in the United States. Our operating model is proven and offers a favorable product mix that meets the needs of our valued customers. Notably, we have maintained a strong financial position to support our continued growth, and we will look for additional opportunities to extend our market reach in fiscal 2023,” concluded Baker.\n\nMax Bowman, chief financial officer of Cal-Maine Foods, commented, “We achieved record quarterly specialty egg sales in the fourth quarter, totaling $186.5 million, or 32.9% of total shell egg revenue. Specialty egg dozens represented 34.0% of total dozens sold in the quarter compared with 27.4% in the prior-year period. The specialty egg net average selling price per dozen increased to $2.015 compared with...