Business
Cal-Maine Foods Reports Results for Second 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 second quarter of fiscal 2024 (thirteen weeks) ended December 2, 2023.\n\n\nSecond Quarter Fiscal Year 2024 Highlights\n\n\n\nQuarterly net sales of $523.2 million\n\n\n\nQuarterly net income of $17.0 million or $0.35 per basic and diluted common share\n\n\n\nCash dividend of $5.7 million, or $0.116 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, “Cal-Maine Foods delivered a solid financial and operating performance for the second quarter of fiscal 2024 in the face of dynamic market conditions. Our sales reflect a different market environment from a year ago, with significantly lower average selling prices. However, our total volumes sold were up slightly over a year ago, as consumer demand for shell eggs continued to be favorable in the quarter, especially leading up to the Thanksgiving holiday. As always, we strive to offer consumers a wide range of quality choices in shell eggs as well as enhanced egg products offerings. Our ability to meet changing demand trends with a favorable product mix has been an important differentiator for Cal-Maine Foods. With solid execution, we continued to meet the needs of our customers. We commend our managers and employees across our production facilities who continued to efficiently manage our operations and keep pace with changing demand.\n\n\n“During the second quarter, we completed the acquisition of the assets of Fassio Egg Farms, Inc. a shell egg production and processing business located in Erda, Utah, outside of Salt Lake City. The additional production capacity, especially for cage-free eggs, will enhance our ability to serve our valued customers in this important market area. We welcome the Fassio team to Cal-Maine Foods as we apply our proven operating model and further expand our cage-free production capabilities.\n\n\n“Following the end of the second quarter, we announced a definitive agreement to acquire from Tyson Foods, Inc. (NYSE:TSN) a recently closed broiler processing plant, hatchery and feed mill located in Dexter, Missouri. We ex...