Cal-Maine Foods Reports Results for Third Quarter Fiscal 2023

About this update from Cal-maine Foods, Inc.

[{"type":"text","content":"\nAnnounces Quarterly Cash Dividend of $2.20 Per Share\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 third quarter of fiscal 2023 (thirteen weeks) ended February 25, 2023.\n\nThird Quarter Fiscal 2023 Highlights\n\n\nQuarterly net sales of $997.5 million, driven by strong conventional egg prices\n\n\nQuarterly net income of $323.2 million, or $6.64 per basic and $6.62 per diluted common share\n\n\nCash dividend of $107.7 million, or $2.20 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, Inc. stated, “Cal-Maine Foods delivered a solid performance for the third quarter of fiscal 2023. Our results are reflective of a dynamic market environment with higher average selling prices and favorable demand. Elevated market pricing continues, primarily due to the impact of the ongoing epidemic of highly pathogenic avian influenza (“HPAI”), which has significantly reduced the nation’s egg-laying capacity. At the same time, consumer demand for shell eggs remained robust in the third quarter, which included the peak winter holiday season. We are grateful that the Cal-Maine Foods’ team delivered more eggs to meet the needs of our customers during the quarter and continued to successfully focus on our goal of expanding our specialty egg production capacity.\n\n“The domestic egg market has always been intensely competitive and highly volatile even under normal market circumstances. At Cal-Maine Foods, we sell our eggs to a diverse group of retail customers, including national and regional grocery chains, club stores, companies that supply to independent supermarkets, food service distributors and egg product customers. The majority of our conventional eggs are sold based on market quotes published by Urner Barry, an independent, third-party market reporter. We are a producer and distributor and do not sell eggs directly to consumers.\n\n“We have worked hard to respond to the challenging operating environment, targeting optimal management of every aspect of our business within our control. As always, we are focused on the long-term, working within the proven operati...

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