Cal-Maine Foods 8K Reports Third Quarter Fiscal 2021 Results | CALM 29 Mar 21

Exhibit 99.1

-MORE-

Contacts:

Dolph Baker, Chairman and CEO

Max P. Bowman, Vice President and CFO

(601) 948-6813

CAL-MAINE FOODS REPORTS THIRD QUARTER FISCAL 2021 RESULTS

JACKSON, Miss. (March 29, 2021) - Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the

third quarter of fiscal 2021 (thirteen weeks) and

thirty-nine-week period ended February 27,

2021.

Net sales for the third quarter of fiscal 2021 were $359.1 million, a 3.9 percent increase compared to

$345.6 million for

the third quarter

of fiscal 2020. The

Company reported net

income of $13.5 million,

or $0.28

per basic

and diluted share,

for the

third quarter of

fiscal 2021, compared

to net income

of $13.7 million,

$0.28 per basic and diluted share, for the third quarter

of fiscal 2020.

For the

thirty-nine weeks

ended February

27, 2021,

net sales

were $999.2

million, an

11.2

percent

increase compared with

$898.3 million

for the

prior-year period.

The Company reported

net income of

$6.3

million, or $0.13 per basic

and diluted share, for the

thirty-nine weeks ended February 27,

2021, compared to

a net loss of $42.1 million, or $0.87 per basic and

diluted share, for the prior-year period.

Dolph Baker, chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “We are pleased

with

our

results

for

the

third

quarter

fiscal

2021,

which

reflect

strong

retail

demand

for

shell

eggs

consumers

have

continued

purchase

eggs

for

preparing

meals

home.

While

saw

modest

improvement in

the

food

service

and

hospitality business

COVID-19-related restrictions

have

gradually

lifted in select parts

of the country, this

market segment has

not returned to

pre-pandemic demand levels.

For

the third quarter, total dozens sold were

up 3.1 percent over the

same period last year, reaching

279.7 million

dozens

sold.

are

proud

our

dedicated

employees who

have

continued

work

under

extraordinary

conditions to meet customer demand and support the nation’s

food supply. Our top priority is

the health and

safety of

our employees,

and we

remain vigilant

in managing

our operations

in a

safe manner.

We are

working

to provide appropriate education and convenient access to the COVID-19 vaccines

for our employees based

on the latest Centers for Disease Control (CDC) guidelines

and subject to availability in the

states where we

operate.

“Our

average

sales

price

for

shell

eggs

was

$1.25

per

dozen

for

the

third

quarter

this

fiscal

year

compared with $1.24 per dozen

for the same period last

year. Sales prices have increased

since the end of

the third

fiscal quarter,

although they

are not

expected to

approach the

high prices

realized in

the fourth

quarter

last fiscal

year. Sales

prices in

the prior-year’s

fourth quarter

moved higher,

primarily driven

by the

normal

higher seasonal demand during

the peak Easter

season and the

consumer shift to

more meals prepared at

home due to the COVID-19 pandemic.

“The total number of shell

eggs produced for the third

quarter of fiscal 2021

was 3.3 percent less than

the same period

last year as

reported by the

United States Department

of Agriculture (“USDA”).

Hen numbers

reported by the USDA as of March 1, 2021, were 327.4 million, which represents 3.1 million fewer hens than

year

ago.

However,

the

USDA

also

reported

that

the

hatch

from

October

2020

through

February

2021

increased 2.6

percent as

compared to

the prior-year

period, and

eggs in

incubators were

up 20

percent in

February over the same

period last year, which may indicate

an increased supply

of hens in the future.

As we

emerge from

the COVID-19

pandemic with

an anticipated

return in

food service

demand, these

growing supply

indicators could affect

the overall balance

of supply and

demand for shell

eggs and have

an impact on

market

prices.

"We

continued

see

favorable

demand

specialty

egg

sales.

Eggs

remain

very

popular

and

inexpensive

source

protein,

and

strive

provide

favorable

product mix

both

conventional and

specialty eggs for today’s

health-conscious consumer. For the

third quarter of fiscal

2021, sales of specialty

eggs

totaled

$145.2

million, accounting

for

41.5

percent of

our

egg

sales

revenue, compared

with

$125.0

million,

37.2

percent of

egg

sales

revenue, in

the third

quarter of

fiscal

2020.

The

higher

specialty egg

revenue reflects a 16.2 percent increase in specialty

dozens sold in the third quarter of fiscal 2021 compared

to the same period last year.

CALM Reports Third Quarter Fiscal 2021

Results

Page 2

March 29, 2021

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"Our goal remains to

match our production

with the needs of our

customers, especially as

we prepare

for

the

expected

future

demand

for

cage-free

eggs.

additional

states

consider

legislation

for

cage-free

requirements, and assuming

companies meet

their previously stated

goals to offer cage-free

eggs, the USDA

projects that over

70 percent of

the U.S.

laying flock

will need

to be

in cage-free production

by 2026. Since

2008, we have invested $418 million in

facilities, equipment, and related operations to expand our

cage-free

production. We have

a strong balance

sheet with ample

liquidity and access

to capital to

continue to make

the

necessary investments

in our

operations, and

we remain

focused on

having sufficient

capacity to

meet the

needs of our customers

with the same exceptional service that

is a hallmark of Cal-Maine Foods.

“Our operations performed

well during the

third quarter, despite the

disruptions from the

severe winter

weather that affected operations

across a significant

portion of our

footprint in mid-February. Our

managers

and employees

in these

locations did

an outstanding

job in

preparing for

the storm

and managing

through

challenging

conditions

with

sufficient

feed

and

generator

power

continue

production

with

minimal

disruptions. We experienced some short-term delays in distribution as many of our customers in these areas

were temporarily closed, but we were able to

quickly resume normal delivery schedules.

“For

the

third

quarter,

operating loss

was

$493

thousand

compared with

operating

income

$5.2

million for

the same

period a

year ago.

Farm production

costs per

dozen produced

for the

third quarter

of fiscal

2021 were up

7.0 percent, or

$0.051 per

dozen, compared to

the third quarter

of fiscal

2020. This increase

was primarily due to

higher feed costs,

which started trending higher

midway through the

second quarter of

fiscal 2021. For the third

quarter, the average Chicago Board of

Trade (“CBOT”) daily market price was

$4.97

per bushel for corn and

$422.61 per ton for soybean

meal, representing an increase

of 29.9 percent and 42.4

percent,

respectively, compared

the

daily

average

CBOT

prices

for

the same

period

last

year.

feed

ingredient prices

rose

through the

second

and

third

quarters of

fiscal

2021,

benefited

from our

normal

operating practices

of filling our storage

bins at harvest

and locking in

the basis portion

of our grain

purchases

several months

in advance

to help

ensure availability

of feed

ingredients.

Most of

this benefit

has been

realized

our

second and

third

fiscal

quarters, however,

during our

fourth

fiscal

quarter we

will

exposed more

directly to price movements in

the feed ingredient market. We

expect to see continued price

volatility for the

remainder

fiscal

2021

increased

export

demand

for

both

soybeans

and

corn

placing

pressure on

domestic supplies and carryout inventories are projected

to be lower. Additionally, the

ongoing uncertainties

and supply chain disruptions related to

the COVID-19 outbreak, weather fluctuations and geopolitical issues

will continue to affect market prices for our

primary feed ingredients.

“We are

pleased with

our ability

to execute

our growth

strategy and

respond to

the challenges

and

opportunities in

a dynamic

market. Importantly,

our improved

financial results

through the

third quarter

of fiscal

2021

allowed us

to resume

payment of

our

quarterly cash

dividend. While

are

still

facing an

uncertain

environment due to

the ongoing COVID-19

pandemic, continued

volatility in feed

grain prices, and

changes in

customer and consumer

demand, we look

forward to the

opportunities ahead for

the remainder of

fiscal 2021.

believe

retail

consumer

demand

for

eggs

will

remain

strong;

however,

difficult

predict

when

restaurants and

food service

operators will

return to

pre-pandemic business

schedules, and

how retail

demand

will be affected. Regardless of market conditions, we are focused on managing our operations in an

efficient

and

sustainable manner

that ensures

the safety

our

employees. We

will continue

to make

the strategic

investments to support

our future growth, and

we are well positioned with

sufficient capital to expand

our own

capacity

consider

potential

acquisitions.

Above

all,

are

focused

meeting

the

demands

our

customers and delivering value to our

shareholders,” added Baker.

For the third quarter

of fiscal 2021, Cal-Maine

Foods will pay

a cash dividend of

approximately $0.034

per

holders

its

common

and

Class

common

stock.

Pursuant

Cal-Maine

Foods’

variable

dividend

policy,

for

each

quarter

for

which

the

Company

reports

net

income,

the

Company

pays

cash

dividend to

shareholders in

an amount

equal to

one-third of

such quarterly

income. Following

a quarter

for

which the

Company does

not report

net income,

the Company

will

not pay

a dividend

with

respect to

that

quarter or for a subsequent

profitable quarter until the

Company is profitable on

a cumulative basis computed

from the

date of

the last

quarter for

which a

dividend was

paid. The

amount paid

could vary

based on

the

number of

outstanding shares

on the

record date.

The dividend

is payable

on May

13, 2021,

to holders

record on April 28, 2021.

CALM Reports Third Quarter Fiscal 2021

Results

Page 3

March 29, 2021

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Selected operating

statistics for

the third

quarter of

fiscal 2021

compared with

the prior-year

period

are shown below:

13 Weeks Ended

39 Weeks Ended

February 27,

2021

February 29,

2020

February 27,

2021

February 29,

2020

Dozen Eggs Sold (000)

279,715

271,277

817,360

786,727

Dozen Eggs Produced (000)

248,130

239,072

731,205

684,837

% Specialty Sales (dozen)

27.4

24.3

26.6

23.8

% Specialty Sales (dollars)

41.5

37.2

42.0

40.3

Net Average Selling Price (per

dozen)

1.246

1.236

1.185

1.107

Net Average Selling Price Specialty

Eggs (per dozen)

1.895

1.876

1.884

Feed Cost (per dozen)

0.467

0.406

0.422

0.411

Cal-Maine

Foods,

Inc.

primarily

engaged

the

production,

grading,

packing,

marketing

and

distribution of fresh

shell eggs, including

conventional, cage-free,

organic and

nutritionally

enhanced eggs.

The Company, which is

headquartered in Jackson, Mississippi,

is the largest

producer and distributor

of fresh

shell

eggs

the

United States

and

sells the majority of

its

shell

eggs

states

across

the

southwestern,

southeastern, mid-western and

mid-Atlantic regions of the United States.

Statements contained

in this

press release

that are

not historical

facts are

forward-looking statements

that

term

defined

the

Private

Securities

Litigation

Reform

Act

1995.

The

forward-looking

statements

are

based on management’s current intent, belief, expectations, estimates and projections regarding our company and

our

industry.

These

statements

are

not

guarantees

future

performance

and

involve

risks,

uncertainties,

assumptions and

other factors

that are

difficult to

predict and

may be

beyond our

control. The

factors that

could

cause

actual

results

differ

materially

from

those

projected

the

forward-looking

statements

include,

among

others,

(i)

the

risk

factors

set

forth

the

Company’s

SEC filings

(including

its

Annual

Reports on

Form

10-K,

Quarterly Reports on Form 10-Q and Current

Reports on Form 8-K), (ii) the risks

and hazards inherent in the shell

egg business (including disease, pests, weather conditions and potential for recall),

(iii) changes in the demand for

and market prices of shell eggs and feed

costs, (iv) our ability to predict and

meet demand for cage-free and other

specialty

eggs,

(v)

risks,

changes

obligations

that

could

result

from

our

future

acquisition

new flocks

businesses and risks

or changes that may

cause conditions to completing

a pending acquisition

not to be met,(vi)

risks relating to the

evolving COVID-19 pandemic, and (vii) adverse

results in pending litigation matters. SEC

filings

may be obtained from the SEC or the Company’s website, www.calmainefoods.com.

Readers are cautioned not to

place

undue

reliance

forward-looking

statements because,

while

believe the assumptions

which the

forward-looking

statements

are

based

are

reasonable,

there can

assurance

that

these

forward-looking

statements will prove to be accurate.

Further, the forward-looking

statements included herein are only made

as of

the respective dates thereof, or if no

date is stated, as of the date hereof. Except

as otherwise required by law,

disclaim any

intent or obligation

to publicly

update these

forward-looking

statements,

whether as

a result

of new

information, future events or otherwise.

CALM Reports Third Quarter Fiscal 2021

Results

Page 4

March 29, 2021

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CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

(In thousands, except per share amounts)

SUMMARY STATEMENTS

OF OPERATIONS

13 Weeks Ended

39 Weeks Ended

February 27,

2021

February 29,

2020

February 27,

2021

February 29,

2020

Net sales

359,080

345,588

999,189

898,276

Cost of sales

311,563

295,760

876,457

840,198

Gross profit

47,517

49,828

122,732

58,078

Selling, general and administrative

47,656

44,231

135,494

132,434

Loss on disposal of fixed assets

354

385

476

467

Operating income (loss)

(493)

5,212

(13,238)

(74,823)

Other income, net

12,325

12,837

15,462

17,331

Income (loss) before income taxes

11,832

18,049

2,224

(57,492)

Income tax (benefit) expense

(1,716)

4,278

(4,080)

(15,356)

Net income (loss)

13,548

13,771

6,304

(42,136)

Less: Loss attributable to noncontrolling interest

—

(64)

Net income (loss) attributable to Cal-Maine Foods,

Inc.

13,548

13,749

6,304

(42,072)

Net income (loss) per common share attributable to

Cal-Maine Foods, Inc.:

Basic

0.28

0.13

(0.87)

Diluted

0.28

0.13

(0.87)

Weighted average shares outstanding:

Basic

48,530

48,473

48,511

48,455

Diluted

48,659

48,588

48,649

48,455

CALM Reports Third Quarter Fiscal 2021

Results

Page 5

March 29, 2021

-END-

CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

(In thousands)

SUMMARY BALANCE SHEETS

February 27, 2021

May 30, 2020

ASSETS

Cash and short-term investments

180,688

232,293

Receivables, net

130,314

98,375

Inventories

207,739

187,216

Prepaid expenses and other current assets

4,162

4,367

Current assets

522,903

522,251

Property, plant and equipment (net)

585,389

557,375

Other noncurrent assets

122,992

127,068

Total

assets

1,231,284

1,206,694

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable and accrued expenses

99,851

92,182

Current portion of lease obligations

953

1,001

Current liabilities

100,804

93,183

Lease obligations, less current maturities

1,672

2,387

Deferred income taxes and other liabilities

112,359

101,449

Stockholders' equity

1,016,449

1,009,675

Total

liabilities and stockholders' equity

1,231,284

1,206,694

Cal-Maine Foods (CALM) 8-KCal-maine Foods Reports Third Quarter Fiscal 2021 Results