Cal-Maine Foods 8K Reports Record Sales for Fiscal First | CALM 27 Sep 22

Exhibit 99.1

-MORE-

Contacts:

Dolph

Baker,

Chairman

and

CEO

Max

Bowman,

Vice

President

and

CFO

(601)

948-6813

CAL-MAINE FOODS REPORTS RECORD SALES FOR FISCAL FIRST

QUARTER 2023, ANNOUNCES QUARTERLY CASH DIVIDEND

RIDGELAND,

Miss.

(September

27,

2022)

Cal-Maine

Foods,

Inc.

(NASDAQ:

CALM)

(“Cal-Maine

Foods”,

the

“Company”),

the

largest

producer

and

distributor

fresh

shell

eggs

the

United

States,

today

reported

results

for

the

first

quarter

fiscal

2023

(thirteen

weeks)

ended

August

27,

2022.

First Quarter Fiscal 2023 Highlights

●

Record

quarterly

net

sales

$658.3

million,

103%

increase

compared

with

the

same

quarter

last

year,

driven

record

average

conventional

selling

price

and

record

specialty

sales

volume

●

First

quarter

net

income

$125.3

million,

$2.58

per

basic

and

$2.57

per

diluted

common

●

First

quarter

gross

profit

margin

33.0%

●

Announces

first

quarter

fiscal

2023

cash

dividend

$0.85

per

Overview

Dolph

Baker,

chairman

and

chief

executive

officer

Cal-Maine

Foods,

commented,

“We

are

pleased

begin

fiscal

2023

with

record

quarterly

sales

for

Cal-Maine

Foods.

benefitted

from

higher

average

selling

prices

and

record

specialty

egg

sales

volumes

leading

historic

Company

record

revenue

for

both

conventional

and

specialty

shell

eggs.

continue

focus

offering

consumers

choice

with

favorable

product

mix

line

with

changing

demand

trends.

believe

this

strategy

has

created

momentum

across

retail

channels

and

delivered

performance

that

has

outpaced

the

industry.

“Our

operations

ran

well

during

the

quarter,

and

are

pleased

with

our

ability

manage

the

business

despite

significant

inflationary

pressures

contributing

rising

costs

for

feed,

labor,

packaging,

and

distribution,

among

other

costs.

remain

focused

the

aspects

the

business

can

control

with

shared

commitment

across

Cal-Maine

Foods’

operations

the

most

efficient

and

sustainable

producer

fresh

shell

eggs

and

egg

products

the

United

States.”

Max

Bowman,

chief

financial

officer

Cal-Maine

Foods,

added,

“Our

financial

performance

over

the

quarter

reflects

our

ability

execute

our

operating

strategy

dynamic

conditions,

while

continuing

meet

the

expanding

needs

our

customers.

The

significant

increase

pricing

and

favorable

volume

trends

specialty

egg

sales,

along

with

efficient

expense

management,

led

improved

profitability

with

gross

profit

margin

33.0%

for

the

first

quarter

fiscal

2023.

“Egg

prices

continued

move

higher

during

the

quarter

supply

tightened

due

the

impact

the

highly

pathogenic

avian

influenza

(“HPAI”)

outbreak

and

good

customer

demand

for

Cal-Maine Foods Announces Record Sales for First Quarter 2023

Page 2

September 27, 2022

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conventional

eggs.

Conventional

egg

net

average

selling

price

per

dozen

increased

$2.368

compared

with

$0.990

year

ago,

and

both

conventional

and

specialty

egg

revenue

reached

record

levels

for

the

first

quarter

fiscal

2023.

Net

average

selling

price

for

specialty

eggs

rose

12.2%

$2.101

per

dozen,

compared

with

$1.872

per

dozen

for

the

first

quarter

2022.

saw

our

highest

ever

quarterly

sales

specialty

eggs

$200.8

million,

31.8

total

shell

egg

revenue.

Specialty

dozens

sold

were

34.7%

total

dozens

sold

compared

with

27.8%

the

prior-year

period.”

13 Weeks Ended

August 27, 2022

August 28, 2021

Dozen

Eggs

Sold

(000)

275,317

254,622

Conventional

Dozen

Eggs

Sold

(000)

179,712

183,872

Specialty

Dozen

Eggs

Sold

(000)

95,605

70,750

Dozen

Eggs

Produced

(000)

257,654

236,458

Specialty

Sales

(dozen)

34.7

27.8

Specialty

Sales

(dollars)

31.8

42.0

Net

Average

Selling

Price

(per

dozen)

2.275

1.235

Net

Average

Selling

Price

Conventional

Eggs

(per

dozen)

2.368

0.990

Net

Average

Selling

Price

Specialty

Eggs

(per

dozen)

2.101

1.872

Feed

Cost

(per

dozen)

0.667

0.545

Sales Performance & Operating Highlights

Net

sales

the

first

quarter

fiscal

2023

were

$658.3

million,

compared

with

$325.0

million

the

first

quarter

fiscal

2022.

The

Company

reported

net

income

$125.3

million,

$2.58

per

basic

and

$2.57

per

diluted

common

share,

compared

with

net

loss

$18.0

million,

$0.37

per

basic

and

diluted

common

share,

the

prior-year

period.

For

the

first

quarter

fiscal

2023,

total

dozens

sold

increased

8.1%

275.3

million

versus

254.6

million

the

prior-year

quarter,

part

driven

strong

sales

volumes

the

specialty

eggs

category.

Conventional

egg

volumes

sold

decreased

2.3%

compared

with

first

quarter

2022,

while

specialty

egg

volumes

sold

increased

35.1%.

This

increase

demand

for

specialty

eggs

was

positively

affected

the

higher

conventional

egg

prices

compared

the

same

period

the

prior

year.

Demand

was

further

positively

affected

California’s

and

Massachusetts’

cage-free

mandate

going

into

effect

January

2022,

well

retailers

shifting

selling

cage-free

products.

The

Company

reported

operating

income

$163.9

million

for

the

first

quarter

fiscal

2023

compared

with

operating

loss

$39.7

million

the

prior-year

quarter.

The

Company

continued

navigate

through

tight

labor

market

with

higher

wages

and

incurred

higher

distribution

costs

due

the

increase

fuel

prices

compared

the

first

quarter

fiscal

2022.

Overall,

farm

production

costs

per

dozen

increased

16.5%,

$0.148,

compared

with

the

prior-year

period,

primarily

tied

significantly

higher

feed

costs.

For

the

first

quarter

fiscal

2023,

feed

costs

per

dozen

were

$0.667,

22.4%

increase

compared

with

the

first

quarter

fiscal

2022.

Supplies

corn

and

soybean

remained

tight

relative

demand

first

quarter

fiscal

2023

evidenced

low

stock-to-use

ratio

for

corn,

result

weather-related

shortfalls

production

and

yields,

ongoing

disruptions

the

COVID-19

global

pandemic

and

the

Russia-Ukraine

war

and

its

impact

the

export

markets.

Basis

levels

for

corn

ran

significantly

higher

the

Company’s

area

operations

compared

prior

year

first

fiscal

quarter.

For

fiscal

2023,

the

Company

expects

Cal-Maine Foods Announces Record Sales for First Quarter 2023

Page 3

September 27, 2022

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continued

corn

and

soybean

upward

pricing

pressures

and

further

market

volatility

affect

feed

costs.

Product Mix & Cage-Free Eggs

Providing

customers

with

favorable

product

mix

important

differentiator

for

Cal-

Maine

Foods.

Specialty

eggs

are

integral

part

the

Company’s

growth

strategy

and

remain

primary

focus

for

fiscal

2023.

Cal-Maine

Foods

continues

make

significant

investments

production

capacity

meet

the

demand

for

specialty

eggs,

including

cage-free

eggs,

customer

demand

has

evolved

line

with

state

requirements.

significant

number

Cal-Maine

Foods’

customers

have

previously

announced

goals

offer

cage-free

eggs

exclusively

before

2026,

subject

most

cases

availability

supply,

affordability

and

customer

demand,

among

other

contingencies.

Some

these

customers

have

recently

changed

those

goals

offer

70%

cage-free

eggs

the

end

2030.

The

Company’s

customers

typically

not

commit

long-term

purchases

specific

quantities

types

eggs,

and

result,

difficult

accurately

predict

customer

requirements

for

cage-free

eggs.

The

Company

continues

engage

with

its

customers

efforts

achieve

smooth

transition

toward

meeting

their

announced

goals

and

needs.

Sales

cage-free

eggs

represented

approximately

19.4%

shell

egg

revenues

for

the

first

quarter

fiscal

2023.

Cage-free

dozens

sold

increased

58%

the

first

quarter

fiscal

2023

compared

the

first

quarter

fiscal

2022.

Cal-Maine

Foods

has

invested

significant

capital

recent

years

acquire

and

construct

cage-free

facilities

and

remains

focused

future

expansion

projects

that

will

include

cage-free

facilities.

the

same

time,

the

Company

understands

the

importance

continuing

provide

affordable

conventional

eggs

order

provide

its

customers

with

variety

egg

choices

and

address

hunger

communities.

Table Egg Supply Outlook

Layer

hen

numbers

reported

the

USDA

September

21,

2022,

were

305.3

million,

which

represents

decrease

4.6%

compared

with

the

layer

hen

inventory

year

ago.

The

USDA

also

reported

that

the

hatch

from

April

2022

through

August

2022

decreased

0.5%

compared

with

the

prior-year

period.

September

2022,

however,

eggs

incubators

were

9.0%

year-

over-year,

indicating

that

layer

flocks

may

increase

the

future.

Cal-Maine

Foods

continues

monitor

the

current

outbreak

highly

pathogenic

avian

influenza

(“HPAI”),

that

was

first

detected

commercial

flocks

the

U.S.

February

2022

and,

which

was

most

recently

detected

commercial

flocks

the

U.S.

September

2022.

According

the

U.S.

Centers

for

Disease

Control

and

Prevention,

these

detections

not

present

immediate

public

health

concern.

There

have

been

positive

tests

for

HPAI

any

Cal-Maine

Foods’

owned

contracted

production

facility

September

27,

2022.

The

USDA

division

Animal

and

Plant

Health

Inspection

Service

(“APHIS”)

reported

that

approximately

35.6

million

commercial

layer

hens

and

1.0

million

pullets

have

been

depopulated

due

HPAI.

According

APHIS,

the

most

recently

reported

outbreaks

HPAI

affecting

commercial

layer

hens

and

pullets

occurred

September

21,

2022,

and

June

2022,

respectively.

The

Company

believes

that

HPAI

outbreak

will

continue

have

impact

the

overall

supply

eggs

through

the

balance

this

Cal-Maine Foods Announces Record Sales for First Quarter 2023

Page 4

September 27, 2022

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calendar

year

and

possibly

beyond.

According

LEAP

Market

Analytics,

layer

hen

inventory

not

projected

exceed

the

320

million

mark

until

October

2023.

While

farm

immune

from

HPAI,

Cal-Maine

Foods

believes

has

implemented

and

continues

maintain

robust

biosecurity

programs

across

all

its

locations.

The

Company

also

working

closely

with

federal,

state

and

local

government

officials

and

focused

industry

groups

mitigate

the

risk

this

and

future

outbreaks

and

effectively

manage

response,

needed.

Dividend Payment

For

first

quarter

2023,

Cal-Maine

Foods

will

pay

cash

dividend

approximately

$o.85

per

holders

its

common

and

Class

common

stock.

Pursuant

Cal-Maine

Foods’

variable

dividend

policy,

for

each

quarter

which

the

Company

reports

net

income,

the

Company

pays

cash

dividend

shareholders

amount

equal

one-third

such

quarterly

income.

Following

quarter

for

which

the

Company

does

not

report

net

income,

the

Company

will

not

pay

dividend

with

respect

that

quarter

for

subsequent

profitable

quarter

until

the

Company

profitable

cumulative

basis

computed

from

the

date

the

most

recent

quarter

for

which

dividend

was

paid.

The

amount

paid

per

will

vary

based

the

number

outstanding

the

record

date.

The

dividend

payable

November

10,

2022,

holders

record

October

26,

2022.

About Cal-Maine Foods

Cal-Maine

Foods,

Inc.

primarily

engaged

the

production,

grading,

packing,

marketing

and

distribution

fresh

shell

eggs,

including

conventional,

cage-free,

organic,

brown,

free-range,

pasture-raised

and

nutritionally

enhanced

eggs.

The

Company,

which

headquartered

Ridgeland,

Mississippi,

the

largest

producer

and

distributor

fresh

shell

eggs

the

United

States

and

sells

the

majority

its

shell

eggs

states

across

the

southwestern,

southeastern,

mid-

western

and

mid-Atlantic

regions

the

United

States.

Forward Looking Statements

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

management’s

current

intent,

belief,

expectations,

estimates

and

projections

regarding

our

company

and

our

industry.

These

statements

are

not

guarantees of 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 to

differ materially

from those

projected in

the forward-looking

statements include,

among

others, (i) the risk factors set forth in

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

the

shell

egg

business

(including

disease,

pests,

weather

conditions

and

potential for

recall), including

but

not limited

to the

most recent

outbreak of

highly pathogenic

avian influenza affecting

poultry in the

U.S., Canada and

other countries

that was first

detected

in commercial

flocks

in the

U.S. in

February 2022,

(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 or obligations

that could result from

our future acquisition

new

flocks

businesses

and

risks

changes

that

may

cause

conditions

completing

Cal-Maine Foods Announces Record Sales for First Quarter 2023

Page 5

September 27, 2022

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pending

acquisition

not

met,

(vi)

risks

relating

the

evolving

COVID-19

pandemic,

including without

limitation increased

costs, rising

inflation and

interest rates,

which generally

have been exacerbated

by Russia’s invasion

of Ukraine starting

in February 2022,

(vii) our ability

to retain existing customers, acquire new customers and grow our

product mix and (viii) 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

on 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,

we disclaim any intent

or obligation to publicly

update these forward-

looking statements, whether as a result of new information, future events or otherwise.

Cal-Maine Foods Announces Record Sales for First Quarter 2023

Page 6

September 27, 2022

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CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

(In

thousands,

except

per

amounts)

SUMMARY STATEMENTS OF OPERATIONS

13 Weeks Ended

August 27, 2022

August 28, 2021

Net

sales

658,344

324,986

Cost

sales

440,854

318,341

Gross

profit

217,490

6,645

Selling,

general

and

administrative

53,607

46,525

(Gain)

loss

disposal

fixed

assets

(213)

Operating

income

(loss)

163,850

(39,667)

Other

income,

net

1,630

5,803

Income

(loss)

before

income

taxes

165,480

(33,864)

Income

tax

expense

(benefit)

40,346

(15,838)

Net

income

(loss)

125,134

(18,026)

Less:

Loss

attributable

noncontrolling

interest

(153)

—

Net

income

(loss)

attributable

Cal-Maine

Foods,

Inc.

125,287

(18,026)

Net

income

(loss)

per

common

Basic

2.58

(0.37)

Diluted

2.57

(0.37)

Weighted

average

outstanding:

Basic

48,623

48,858

Diluted

48,811

48,858

Cal-Maine Foods Announces Record Sales for First Quarter 2023

Page 7

September 27, 2022

-END-

CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

(In thousands)

SUMMARY BALANCE SHEETS

August 27, 2022

May 28, 2022

ASSETS

Cash

and

short-term

investments

281,805

174,513

Receivables,

net

220,364

219,404

Inventories,

net

265,754

263,316

Prepaid

expenses

and

other

current

assets

10,965

4,286

Current

assets

778,888

661,519

Property,

plant

and

equipment,

net

688,656

677,796

Other

noncurrent

assets

87,185

88,174

Total

assets

1,554,729

1,427,489

LIABILITIES

AND

STOCKHOLDERS'

EQUITY

Accounts

payable

and

accrued

expenses

188,689

148,018

Dividends

payable

41,742

36,656

Current

liabilities

230,431

184,674

Deferred

income

taxes

and

other

liabilities

136,335

138,470

Stockholders'

equity

1,187,963

1,104,345

Total

liabilities

and

stockholders'

equity

1,554,729

1,427,489

Cal-Maine Foods (CALM) 8-KCal-maine Foods Reports Record Sales for Fiscal First