Business
Cal-Maine Foods Reports Results for First Quarter Fiscal 2024
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 2024 (thirteen weeks) ended September 2, 2023.\n\n\nFirst Quarter Fiscal Year 2024 Highlights\n\n\n\nQuarterly net sales of $459.3 million\n\n\n\nQuarterly net income of $926,000 or $0.02 per basic and diluted common share\n\n\n\nNet average selling price for specialty eggs increased 8.4 percent quarter-over-quarter\n\n\n\nCash dividend of $294,000, or $0.006 per share, pursuant to the Company’s established dividend policy\n\n\n\nOverview\n\n\nSherman Miller, president and chief executive officer of Cal-Maine Foods, Inc., stated, “Our results for the first quarter of fiscal 2024 reflect the current dynamic market conditions. After reaching record high levels in fiscal 2023, average selling prices for shell eggs have since returned to more normalized levels as the overall egg supply recovers from the most recent highly pathogenic avian influenza (“HPAI”) outbreak, which depleted the national hen supply. Customer demand has been favorable with conventional egg volumes higher than a year ago, offset by lower sales of specialty eggs. We continue to focus on offering customers a wide range of quality choices in shell eggs, as well as egg products offerings, with a favorable product mix in line with changing consumer demand trends.\n\n\n“Our operations ran well during the quarter, and we benefitted from lower feed costs, although we generally continued to incur higher input costs. Our team has continued to focus on managing our operations in an efficient and sustainable manner. While there have been no recent outbreaks of HPAI in commercial egg laying flocks, we remain diligent in following strict protocols and continue to invest in additional resources to reduce future risk. We commend the work of our managers and employees who responsibly managed our production and continued to bring more quality eggs to the market to support our valued customers. We also have a number of expansion projects underway to increase our production capacity, and we look forward to the opportunities to expand our market reach.\n\n\n“In addition to our organic growth initiatives, we have continued to expand our bus...