Business
Cal-Maine Foods Reports Results for Fourth Quarter and 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 fourth quarter of fiscal 2024 (thirteen weeks) and fiscal year 2024 (fifty-two weeks) ended June 1, 2024.\n\n\nFourth Quarter and Fiscal Year 2024 Highlights\n\n\n\nQuarterly net sales of $640.8 million\n\n\n\nQuarterly net income of $113.2 million, or $2.32 per diluted share\n\n\n\nFiscal year net sales of $2.3 billion and net income of $277.9 million, or $5.69 per diluted share\n\n\n\nCash dividend of $37.8 million, or $0.77 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, stated, “We are pleased to report a solid performance for the fourth quarter amidst a challenging period for Cal-Maine Foods and our industry. We are extremely proud of our managers and employees who continued to manage our operations in a dynamic environment affected by recent outbreaks of highly pathogenic avian influenza (“HPAI”). Despite the interruptions, we continued to meet the demands of our valued customers.\n\n\n“Throughout the year, we continued to execute our growth strategy and deliver a favorable product mix in line with customer demand. Our operations ran well as we remained focused on our objective of operational excellence. We also completed two asset acquisitions in fiscal 2024 and completed one subsequent to the end of the fiscal year, each of which complements our organic growth initiatives. We are excited about the additions of the assets of Fassio Egg Farms, Inc., located in Erda, Utah, and the former broiler processing plant, hatchery and feed mill in Dexter, Missouri, previously operated by Tyson Foods. We have commenced work on the acquired Dexter facilities to repurpose the assets for use in shell egg production and processing. We are partnering with local farmers, working with local contractors and businesses and making significant investments in the Dexter area to renovate and improve the facilities, with future plans for expanded shell egg and value-added egg product opportunities. Following the end of the fiscal year, we acquired substantially all the assets of ISE America, Inc. and certain of its aff...