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Cal-Maine Foods Reports Results for First Quarter Fiscal 2025
RIDGELAND, Miss.--(BUSINESS WIRE)-- Cal-Maine Foods, Inc. (NASDAQ: CALM) (“Cal-Maine Foods” or the “Company”), the largest producer and distributor of fresh
About this update from Cal-maine Foods, Inc.
[{"type":"text","content":" RIDGELAND, Miss.--(BUSINESS WIRE)--\nCal-Maine Foods, Inc. (NASDAQ: CALM) (“Cal-Maine Foods” or the “Company”), the largest producer and distributor of fresh shell eggs in the United States, today reported results for the first quarter of fiscal 2025 (thirteen weeks) ended August 31, 2024.\n\nFirst Quarter Fiscal 2025 Highlights\n\n\nQuarterly net sales of $785.9 million\n\n\nQuarterly net income of $150.0 million, or $3.06 per diluted share\n\n\nQuarterly record for total dozens sold and specialty dozens sold\n\n\nCash dividend of approximately $50.0 million, or $1.02 per share, pursuant to the Company’s established dividend policy\n\n\nOverview\n\nSherman Miller, president and chief executive officer of Cal-Maine Foods, stated, “Our financial and operating results for the first quarter mark a strong start to fiscal 2025 for Cal-Maine Foods. These results reflect favorable demand for shell eggs during most of the quarter and significantly higher market prices compared with the first quarter last year. At the same time, the national egg supply has declined due to the recent outbreaks of highly pathogenic avian influenza (“HPAI”). As of September 1, 2024, the total U.S. hen population fell approximately 4.5% below the five-year average to 307.6 million layers. We have worked hard to increase our production and purchase more eggs from outside suppliers, and our team did an outstanding job bringing more eggs to the market despite this low-supply environment. Our higher volumes and sales were supported by the additional production capacity from recent acquisitions as well as consistent organic growth. Our operations ran well as we continued to extend our market reach and supply the demands of our valued customers.\n\n“We believe that today’s consumers are looking for affordable and nutritious protein options and that our shell eggs and egg products meet that need. In addition, our ability to offer a diverse product mix has been a distinct competitive advantage for Cal-Maine Foods. We strive to meet evolving consumer demand and provide choices that include conventional, cage-free, organic, brown, free-range, pasture-raised and nutritionally enhanced eggs. We have also expanded our product portfolio to include value-added egg products through our previous investment in Meadowcreek Foods, LLC for hard-cooked eggs and our recent strate...