Cal-Maine Foods Reports Third 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 third quarter of fiscal 2022 (thirteen weeks) and 39-week period ended February 26, 2022.\n\nNet sales in the third quarter of fiscal 2022 increased 33.0 percent to $477.5 million compared to $359.1 million in the third quarter of fiscal 2021. The Company reported net income of $39.5 million, or $0.81 per basic and diluted common share, for the third quarter of fiscal 2022, compared to net income of $13.5 million, or $0.28 per basic and diluted common share, for the third quarter of fiscal 2021.\n\nFor the thirty-nine weeks ended February 26, 2022, net sales were $1,184.2 million compared to $999.2 million in the prior-year period. The Company reported net income of $22.7 million, or $0.46 per basic and diluted common share, for the thirty-nine weeks ended February 26, 2022, compared with net income of $6.3 million, or $0.13 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 are pleased to report a strong performance for the third quarter of fiscal 2022. Net sales of $477.5 million represented a third-quarter revenue record, driven by improved shell egg pricing. The net average selling price for all eggs increased 29.4 percent to $1.612 per dozen compared with $1.246 per dozen in the prior-year period. Cal-Maine Foods also delivered growth in shell egg volumes. Total dozens sold in the third-quarter increased 2.8 percent versus the prior-year quarter, led by an approximate 1.4 percent improvement within the retail sales channel that outpaced the industry, which experienced shell egg volume declines of 6.4 percent.1\n\n“Our fiscal third quarter gross margin of 19.2 percent improved approximately 600 basis points compared to the prior-year quarter. This increase reflects overall improved market conditions, strong growth in our specialty egg sales, our continued focus on expense management and our ability to leverage our owned production capabilities.\n\n“In the third quarter of fiscal 2022, our total dozens sold increased to 287.7 million versus 279.7 million in the prior-year quarter, reflecting an increase in specialty egg dozens sold, partially offset by a decrease in conventional egg dozens sold. In the third quarter, ind...

More updates from Cal-maine Foods, Inc.