Business
Cal-Maine Foods Reports Results for Fourth Quarter and Fiscal Year 2023
Announces Quarterly Cash Dividend of $0.76 Per Share RIDGELAND, Miss.--(BUSINESS WIRE)-- Cal-Maine Foods, Inc. (NASDAQ: CALM) (“Cal-Maine Foods” or the
About this update from Cal-maine Foods, Inc.
[{"type":"text","content":"\nAnnounces Quarterly Cash Dividend of $0.76 Per Share\n\n\n 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 fourth quarter of fiscal 2023 (fourteen weeks) and fiscal year 2023 (fifty-three weeks) ended June 3, 2023. The fourth quarter of fiscal 2022 was a thirteen-week period and fiscal year 2022 was a fifty-two week period.\n\n\nFourth Quarter and Fiscal Year 2023 Highlights\n\n\n\nQuarterly net sales of $688.7 million, driven by increased sales volumes\n\n\n\nQuarterly net income of $110.9 million, or $2.28 per basic and $2.27 per diluted common share\n\n\n\nFiscal year net sales of $3.1 billion and net income of $758.0 million\n\n\n\nCash dividend of $37.1 million, or $0.76 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 fourth quarter performance marked a solid finish to a strong fiscal year for Cal-Maine Foods. Our results for fiscal 2023 reflect the extreme market conditions we faced, with significantly higher average selling prices compared with the prior-year period, primarily due to the highly pathogenic avian influenza (“HPAI”) outbreak and higher grain and other input costs. Prices in the fourth quarter have decreased significantly from the fiscal year’s highest levels as the egg industry begins to recover from the effects of HPAI. At the same time, strong consumer demand for shell eggs supported higher sales for the fourth quarter, which included the busy Easter holiday season.\n\n\n“Our operations continued to run well in the fourth quarter despite a challenging environment with inflationary pressures affecting our feed and other production costs. Cal-Maine Foods has a proven operating model that has sustained our business throughout various economic cycles, and we remain focused on managing the aspects of our business that we can control. The added challenges of the HPAI outbreak have adversely affected the overall egg supply, and we have continued to navigate through the related disruptions to meet the needs of our valued customers. Cal-Maine Foods has robust biosecurity measures in place across our operations, and...