Cal-Maine Foods 8K Reports Results | CALM 28 Mar 23

Exhibit 99.1

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Contacts:

Sherman

Miller,

President

and

CEO

Max

Bowman,

Vice

President

and

CFO

(601)

948-6813

CAL-MAINE FOODS REPORTS RESULTS

FOR THIRD QUARTER FISCAL 2023

ANNOUNCES QUARTERLY CASH DIVIDEND OF $2.20 PER SHARE

RIDGELAND,

Miss.

(March

28,

2023)

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

third

quarter

fiscal

2023

(thirteen

weeks)

ended

February

25,

2023.

Third Quarter Fiscal 2023 Highlights

●

Quarterly

net

sales

$997.5

million,

driven

strong

conventional

egg

prices

●

Quarterly

net

income

$323.2

million,

$6.64

per

basic

and

$6.62

per

diluted

common

●

Cash

dividend

$107.7

million,

$2.20

per

share,

pursuant

the

Company’s

established

dividend

policy

Overview

Sherman

Miller,

president

and

chief

executive

officer

Cal-Maine

Foods,

Inc.

stated,

“Cal-

Maine

Foods

delivered

solid

performance

for

the

third

quarter

fiscal

2023.

Our

results

are

reflective

dynamic

market

environment

with

higher

average

selling

prices

and

favorable

demand.

Elevated

market

pricing

continues,

primarily

due

the

impact

the

ongoing

epidemic

highly

pathogenic

avian

influenza

(“HPAI”),

which

has

significantly

reduced

the

nation’s

egg-

laying

capacity.

the

same

time,

consumer

demand

for

shell

eggs

remained

robust

the

third

quarter,

which

included

the

peak

winter

holiday

season.

are

grateful

that

the

Cal-Maine

Foods’

team

delivered

eggs

meet

the

needs

our

customers

during

the

quarter

and

continued

successfully

focus

our

goal

expanding

our

specialty

egg

production

capacity.

“The

domestic

egg

market

has

always

been

intensely

competitive

and

highly

volatile

even

under

normal

market

circumstances.

Cal-Maine

Foods,

sell

our

eggs

diverse

group

retail

customers,

including

national

and

regional

grocery

chains,

club

stores,

companies

that

supply

independent

supermarkets,

food

service

distributors

and

egg

product

customers.

The

majority

our

conventional

eggs

are

sold

based

market

quotes

published

Urner

Barry,

independent,

third-party

market

reporter.

are

producer

and

distributor

and

not

sell

eggs

directly

consumers.

“We

have

worked

hard

respond

the

challenging

operating

environment,

targeting

optimal

management

every

aspect

our

business

within

our

control.

always,

are

focused

the

long-term,

working

within

the

proven

operating

model

that

has

served

well

throughout

the

various

cycles

that

characterize

our

industry.

combination

with

the

current

inflationary

environment,

the

HPAI

epidemic

has

created

additional

challenges

for

all

producers,

with

Cal-Maine Foods Reports Record Results for Third Quarter

2023

Page 2

March 28, 2023

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increasing

costs

and

supply

chain

disruptions.

are

grateful

our

dedicated

managers

and

employees

across

our

production

facilities

who

have

efficiently

managed

our

operations

during

this

time.

have

invested

substantial

capital

and

management

resources

our

biosecurity

measures,

and

these

investments,

along

with

our

employees’

diligent

adherence

our

robust

biosecurity

protocols,

have

allowed

continue

produce

and

bring

quality

eggs

the

market.

There

have

been

positive

tests

for

HPAI

any

Cal-Maine

Foods’

owned

contracted

production

facility

March

28,

2023.

Together,

are

committed

our

mission

–

the

most

sustainable

producer

and

reliable

supplier

fresh

shell

eggs

and

egg

products

the

United

States,”

added

Miller.

Sales Performance & Operating Highlights

Max

Bowman,

chief

financial

officer

Cal-Maine

Foods,

added,

“Our

financial

results

for

the

quarter

were

led

net

sales

$997.5

million

compared

with

$477.5

million

for

the

same

period

last

year.

Net

income

for

the

third

quarter

fiscal

2023

was

$323.2

million,

$6.62

per

diluted

share,

compared

with

$39.5

million,

$0.81

per

diluted

share,

for

the

third

quarter

fiscal

2022.

These

results

reflect

the

significantly

higher

market

prices

and

favorable

demand

boosted

the

busy

holiday

season.

remained

focused

disciplined

management

our

costs

during

the

quarter

despite

continued

inflationary

pressures

and

tight

labor

market.”

Conventional

egg

net

average

selling

price

per

dozen

increased

$3.678

for

the

third

quarter

fiscal

2023

compared

with

$1.458

the

prior-year

quarter.

Net

average

selling

price

for

specialty

eggs

rose

$2.616

per

dozen,

compared

with

$1.923

per

dozen

for

the

third

quarter

fiscal

2022.

Specialty

dozens

sold

were

35.7%

total

dozens

sold

compared

with

33.1%

the

prior-

year

period.

For

the

third

quarter

fiscal

2023,

total

dozens

sold

increased

1.3%

291.4

million

versus

287.7

million

the

prior-year

quarter,

driven

higher

sales

volumes

the

specialty

eggs

category.

Conventional

egg

volumes

sold

decreased

2.7%

compared

with

third

quarter

fiscal

2022,

while

specialty

egg

volumes

sold

increased

9.4%.

This

increase

demand

for

specialty

eggs

was

positively

affected

the

higher

conventional

egg

prices

compared

the

same

period

the

prior

year.

Conventional

egg

prices

exceeding

specialty

egg

prices

has

occurred

for

the

past

four

quarters

but

atypical

historically.

Cal-Maine

Foods

plans

continue

focus

the

expansion

the

Company’s

specialty

egg

production

capacity

line

with

changing

customer

demand.

the

same

time,

the

Company

understands

the

importance

the

continued

ability

provide

conventional

eggs

order

offer

customers

variety

egg

choices

with

long-term

goal

address

hunger

communities.

The

Company

reported

operating

income

$407.8

million

for

the

third

quarter

fiscal

2023

amidst

challenging

environment

with

higher

costs

across

various

inputs

including

feed,

labor,

packaging,

and

distribution.

Overall,

farm

production

costs

per

dozen

increased

18.2%,

$0.166,

compared

with

the

prior-year

period,

primarily

tied

significantly

higher

feed

costs.

For

the

third

quarter

fiscal

2023,

feed

costs

per

dozen

were

$0.679,

20.8%

increase

compared

with

the

third

quarter

fiscal

2022.

Supplies of corn and soybean remained tight relative to demand in

the third

quarter of

fiscal 2023,

as evidenced

by a

low stock-to-use

ratio for

corn, due

to weather-

related shortfalls in

production and yields,

ongoing supply-chain disruptions

and the

Russia-Ukraine

war and its impact on the export markets. For fiscal 2023,

the Company expects continued corn and

soybean upward pricing pressures and further market volatility to affect feed costs.

Cal-Maine Foods Reports Record Results for Third Quarter

2023

Page 3

March 28, 2023

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13 Weeks Ended

39 Weeks Ended

February 25, 2023

February 26, 2022

February 25, 2023

February 26, 2022

Dozen Eggs Sold (000)

291,416

287,651

850,819

811,821

Conventional Dozen Eggs Sold (000)

187,357

192,511

555,045

568,511

Specialty Dozen Eggs Sold (000)

104,059

95,140

295,774

243,310

Dozen Eggs Produced (000)

263,174

264,433

782,186

757,677

% Specialty Sales (dozen)

35.7

33.1

34.8

30.0

% Specialty Sales (dollars)

28.2

39.4

29.6

40.2

Net Average Selling Price (per dozen)

3.298

1.612

2.771

1.412

Net Average Selling Price Conventional

Eggs (per dozen)

3.678

1.458

2.984

1.203

Net Average Selling Price Specialty

Eggs (per dozen)

2.616

1.923

2.369

1.900

Feed Cost (per dozen)

0.679

0.562

0.677

0.546

Product Mix & Cage-Free Eggs

demand

for

specialty

eggs,

particularly

cage-free

eggs,

has

evolved,

the

Company

has

focused

meeting

current

and

expected

customer

demand.

significant

number

Cal-Maine

Foods’

customers

previously

announced

goals

offer

cage-free

eggs

exclusively

before

2026.

While

some

these

customers

have

extended

those

timelines

the

end

2030,

the

Company’s

priority

work

with

its

customers

facilitate

smooth

transition

their

announced

timelines

for

cage-free

egg

sales.

Cal-Maine

Foods

has

made

significant

investments

its

production

and

distribution

capabilities

cage-free

eggs

are

expected

comprise

larger

the

Company’s

product

mix.

Cage-free

dozens

sold

increased

14.9%

the

third

quarter

fiscal

2023

compared

the

third

quarter

fiscal

2022.

Table Egg Supply Outlook

The

current

HPAI

epidemic

has

surpassed

the

prior

2014-2015

outbreak

terms

its

duration

and

the

number

affected

hens

the

U.S.,

and

HPAI

continues

circulate

throughout

the

wild

bird

population

the

U.S.

and

abroad.

Cal-Maine

Foods

has

followed

strict

biosecurity

protocols

across

all

locations

and

facilities

since

the

outbreak

and

continues

closely

monitor

the

current

outbreak.

The

USDA

division

Animal

and

Plant

Health

Inspection

Service

(“APHIS”)

reported

March

27,

2023,

that

approximately

43.3

million

commercial

layer

hens

and

1.0

million

pullets

have

been

depopulated

due

HPAI

since

February

2022.

According

the

U.S.

Centers

for

Disease

Control

and

Prevention,

these

detections

not

present

immediate

public

health

concern.

Outbreaks

commercial

poultry

flocks

the

U.S.

have

most

recently

occurred

during

March

2023.

There

have

been

positive

tests

for

HPAI

any

Cal-Maine

Foods’

owned

contracted

production

facility

March

28,

2023.

The

Company

working

closely

with

federal,

state

and

local

government

officials,

and

focused

industry

groups

mitigate

the

risk

future

outbreaks,

and

effectively

manage

response,

needed.

The

Company

believes

the

HPAI

outbreak

will

continue

exert

downward

pressure

the

overall

supply

eggs,

and

the

duration

these

effects

will

depend

part

the

timing

replenishment

the

U.S.

layer

hen

flock.

Prior

the

outbreak

HPAI

February

2022,

the

layer

hen

flock

five-year

average

from

2017

through

2021

was

comprised

approximately

328

million

hens.

According

LEAP

Market

Analytics

report

dated

March

21,

2023,

the

layer

hen

inventory

not

projected

exceed

328

million

again

until

January

2024.

Layer

hen

numbers

reported

Cal-Maine Foods Reports Record Results for Third Quarter

2023

Page 4

March 28, 2023

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the

USDA

March

2023,

were

312.9

million,

which

represents

decrease

3.8%

compared

with

the

layer

hen

inventory

year

ago.

However,

the

USDA

also

reported

that

the

hatch

from

October

2022

through

February

2023

increased

4.5%

compared

with

the

prior-year

period,

indicating

that

layer

flocks

may

increase

the

future.

Dividend Payment

For

third

quarter

fiscal

2023,

Cal-Maine

Foods

will

pay

cash

dividend

approximately

$2.20

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

May

11,

2023,

holders

record

April

26,

2023.

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 is

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

pending acquisition

not to

be met,

(vi) risks

relating to

increased costs,

rising inflation

and interest

rates,

which

generally

have

been

exacerbated

Russia’s

invasion

Ukraine

starting

February 2022,

(vii) our

ability to

retain existing

customers, acquire

new customers

and grow

our

product

mix

and

(viii)

adverse

results

pending

litigation

matters

and

(ix)

the

evolving

COVID-19

pandemic.

SEC

filings

may

obtained

from

the

SEC

the

Company��s

website

www.calmainefoods.com. Readers are cautioned not

to place undue reliance on forward-looking

Cal-Maine Foods Reports Record Results for Third Quarter

2023

Page 5

March 28, 2023

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statements because, while

we believe

the assumptions on

which the

forward-looking statements

are based are

reasonable, there can

be no 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 Reports Record Results for Third Quarter

2023

Page 6

March 28, 2023

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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

39 Weeks Ended

February 25, 2023

February 26, 2022

February 25, 2023

February 26, 2022

Net sales

997,493

477,485

2,457,537

1,184,195

Cost of sales

534,467

385,903

1,459,172

1,042,221

Gross profit

463,026

91,582

998,365

141,974

Selling, general and administrative

58,489

52,686

170,048

146,991

Insurance recoveries

(3,220)

(1,095)

(3,220)

(3,225)

(Gain) loss on disposal of fixed assets

(26)

421

370

Operating income (loss)

407,783

39,570

831,501

(2,162)

Other income, net

17,104

13,478

21,134

21,814

Income before income taxes

424,887

53,048

852,635

19,652

Income tax expense (benefit)

102,118

13,594

206,438

(2,921)

Net income

322,769

39,454

646,197

22,573

Less: Loss attributable to noncontrolling

interest

(450)

(63)

(896)

(91)

Net income attributable to Cal-Maine

Foods, Inc.

323,219

39,517

647,093

22,664

Net income per common share:

Basic

6.64

0.81

13.31

0.46

Diluted

6.62

0.81

13.25

0.46

Weighted average shares outstanding:

Basic

48,653

48,886

48,634

48,888

Diluted

48,842

49,036

48,832

49,035

Cal-Maine Foods Reports Record Results for Third Quarter

2023

Page 7

March 28, 2023

-END-

CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

(In thousands)

SUMMARY BALANCE SHEETS

February 25, 2023

May 28, 2022

ASSETS

Cash and short-term investments

645,032

174,513

Receivables, net

249,867

219,404

Inventories, net

290,869

263,316

Prepaid expenses and other current assets

7,599

4,286

Current assets

1,193,367

661,519

Property, plant and equipment, net

712,512

677,796

Other noncurrent assets

86,604

88,174

Total assets

1,992,483

1,427,489

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable and accrued expenses

205,340

148,018

Dividends payable

107,720

36,656

Current liabilities

313,060

184,674

Deferred income taxes and other liabilities

144,535

138,470

Stockholders' equity

1,534,888

1,104,345

Total liabilities and stockholders' equity

1,992,483

1,427,489

Cal-Maine Foods (CALM) 8-KCal-maine Foods Reports Results