Cal-Maine Foods Reports Second Quarter Fiscal 2022 Results

About this update from Cal-maine Foods, Inc.

[{"type":"text","content":" RIDGELAND, Miss.--(BUSINESS WIRE)--\nCal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the second quarter of fiscal 2022 (thirteen weeks) and 26-week period ended November 27, 2021.\n\nNet sales in the second quarter of fiscal 2022 increased 12.5 percent to $390.9 million compared to $347.3 million in the second quarter of fiscal 2021. The Company reported net income of $1.2 million, or $0.02 per basic and diluted common share, for the second quarter of fiscal 2022, compared to net income of $12.2 million, or $0.25 per basic and diluted common share, for the second quarter of fiscal 2021.\n\nFor the twenty-six weeks ended November 27, 2021, net sales were $722.6 million compared to $640.1 million for the prior-year period. The Company reported a net loss of $16.9 million, or $0.34 per basic and diluted common share, for the twenty-six weeks ended November 27, 2021, compared with a net loss of $7.2 million, or $0.15 per basic and diluted common share, for the prior-year period.\n\nDolph Baker, chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “We were pleased to report higher sales for the second quarter of fiscal 2022 compared with the prior year, driven by improved shell egg pricing. For the second quarter of fiscal 2022, the net average selling price for all eggs increased 11.9 percent to $1.373 per dozen compared with $1.227 per dozen in the prior-year period. Our sales volumes also improved compared to the previous record sales volumes in the second quarter of fiscal 2021. We are pleased that our operating results helped drive a return to modest profitability in the second quarter despite the impacts of higher costs for feed ingredients, processing, packaging, transportation and labor.\n\n“In the second quarter of fiscal 2022, our total dozens sold increased to 276.1 million versus 273.7 million in the prior-year period. Food service demand has continued to improve steadily, resulting in better overall egg supply and demand balance as restaurant traffic increased. In addition, a stronger export market supported demand for shell eggs and egg products.\n\n“The table egg layer hen inventory reported by the USDA as of December 1, 2021, was 327.8 million, an increase versus the prior year and trending below the five-year-average. The USDA also reported that the egg-type chick hatch from July 20...

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