Cal-Maine Foods 8K Results of Operations and Financial Condition | CALM 25 Jul 23

Exhibit 99.1

-MORE-

Contacts:

Sherman Miller, President and CEO

Max P. Bowman, Vice President and CFO

(601) 948-6813

CAL-MAINE FOODS REPORTS RESULTS

FOR FOURTH QUARTER AND FISCAL YEAR 2023

ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.76 PER SHARE

RIDGELAND, Miss. (July 25,

2023) - Cal-Maine Foods,

Inc. (NASDAQ: CALM) (“Cal-Maine

Foods” or the

“Company”), the

largest producer and

distributor of

fresh shell

eggs in

the United

States, today reported

results for the fourth

quarter of fiscal 2023

(fourteen weeks) and fiscal

year 2023 (fifty-three weeks)

ended

June 3, 2023. The

fourth quarter of fiscal

2022 was a thirteen-week

period and fiscal year

2022 was a fifty-

two week period.

Fourth Quarter and Fiscal Year 2023 Highlights

●

Quarterly net sales of $688.7 million, driven by increased sales volumes

●

Quarterly net income of $110.9 million, or $2.28 per basic and $2.27 per diluted

common share

●

Fiscal year net sales of $3.1 billion and net income of $758.0 million

●

Cash dividend of $37.1 million, or $0.76 per share, pursuant to the Company’s

established

dividend policy

Overview

Sherman Miller, president and chief executive officer

of Cal-Maine Foods, Inc. stated, “Our

fourth

quarter performance marked

a solid finish

to a strong fiscal

year for Cal-Maine

Foods. Our results

for fiscal

2023

reflect

the

extreme

market

conditions

faced,

with

significantly

higher

average

selling

prices

compared

with

the

prior-year

period,

primarily

due

the

highly

pathogenic

avian

influenza

(“HPAI”)

outbreak and higher grain and

other input costs. Prices

in the fourth quarter have

decreased significantly

from the fiscal

year’s highest levels

as the egg

industry begins to

recover from the

effects of HPAI.

At the

same time,

strong consumer

demand for

shell eggs

supported higher

sales for

the fourth

quarter, which

included the busy Easter holiday season.

“Our operations continued

to run well

in the fourth

quarter despite a

challenging environment with

inflationary

pressures

affecting

our

feed

and

other

production

costs.

Cal-Maine

Foods

has

proven

operating

model

that

has

sustained

our

business

throughout

various

economic

cycles,

and

remain

focused on

managing the

aspects of

our business

that we

can control.

The added

challenges of

the HPAI

outbreak have

adversely affected

the overall

egg supply,

and we

have continued

to navigate

through the

disruptions to

meet the

needs of

our

valued

customers. Cal-Maine

Foods has

robust biosecurity

measures in

place across

our operations,

and we

continue to

invest in

additional resources

necessary to

reduce risk.

We commend

our dedicated

managers and

employees across

our operations

who have

followed

strict protocols and efficiently managed our operations under difficult

conditions.”

Sales Performance & Operating Highlights

Max Bowman, vice president and chief financial

officer of Cal-Maine Foods, added, “For the fourth

quarter of fiscal

2023, our net

sales were $688.7

million compared with

$593.0 million for

the same period

last

year.

Our

top

line

growth

was

driven

higher

average

selling

price

for

specialty

eggs

well

increased sales

volumes of

both conventional

and specialty

eggs, due

in part

to having

14 weeks

in the

fourth

quarter of fiscal 2023 compared with 13 weeks in the prior-year period. Net income for

the fourth quarter

Cal-Maine Foods Reports Fourth Quarter and Fiscal 2023 Results

Page 2

July 25,

2023

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of fiscal 2023

was $110.9 million, or

$2.27 per diluted share,

compared with $110.0 million,

or $2.25 per

diluted share, for the fourth quarter of fiscal 2022.

“For

fiscal

2023,

net

sales

were

$3.1

billion

compared

with

$1.8

billion

for

fiscal

2022,

and

net

income was

$758.0 million,

or $15.52

per diluted

share, compared

with net

income of

$132.7 million,

$2.72

per

diluted

share.

These

results

reflect

the

impact

the

HPAI

outbreak

throughout

fiscal

2023,

which began

in February

2022 and

caused higher

prices for

shell eggs

due to

the reduced

egg supply.

addition, our

specialty egg

net average

selling price

also increased

in response

to rising

feed and

other input

costs.

“Conventional egg

net average

selling price

per dozen

was $2.038

for the

fourth quarter

of fiscal

2023 compared with $2.108 the prior-year quarter and $2.739 for fiscal 2023. However, conventional egg

selling prices declined significantly during

the latter part of the

fourth quarter of fiscal 2023.

Net average

selling price

for specialty

eggs rose

to $2.499

per dozen,

compared with

$2.015 per

dozen for

the fourth

quarter of fiscal 2022 and $2.403 for fiscal 2023. Specialty dozens sold were 34.6% of total dozens sold in

the fourth quarter of fiscal 2023 compared with 34.0% in the prior-year period.

“We reported

operating income

of $136.2

million for

the fourth

quarter of

fiscal 2023,

compared

with

$145.7

million

for

the

prior

year

quarter,

and

operating

income

$967.7

million

for

fiscal

2023

compared with $143.5

million for fiscal

2022. We remained

focused on disciplined

cost management as

continued to

incur higher

costs across

various inputs

including feed,

labor, packaging,

and distribution.

Overall,

fourth

quarter

farm

production

costs

per

dozen

increased

9.9%

compared

with

the

prior-year

quarter, primarily

tied to

higher flock

amortization and

facility costs.

For fiscal

2023, farm

production costs

per

dozen

increased

16.1%

compared

with

fiscal

2022,

primarily

tied

higher

feed,

facility,

and

flock

amortization costs. For the fourth

quarter of fiscal 2023, feed

costs per dozen were $0.671,

a 4.7% increase

compared

with

the

fourth

quarter

fiscal

2022.

For

fiscal

2023, feed

costs

per

dozen

were

$0.676, an

18.4% increase

compared with

fiscal 2022.

Supplies of

corn and

soybean remained

tight relative

to demand,

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

the

export

markets.”

added Bowman.

14 Weeks Ended

June 3, 2023

13 Weeks Ended

May 28, 2022

53 Weeks Ended

June 3, 2023

52 Weeks Ended

May 28, 2022

Dozen Eggs Sold (000)

296,554

271,961

1,147,373

1,083,789

Conventional Dozen Eggs Sold (000)

194,031

179,396

749,076

747,914

Specialty Dozen Eggs Sold (000)

102,523

92,565

398,297

335,875

Dozen Eggs Produced (000)

276,354

264,650

1,058,540

1,022,327

% Specialty Sales (dozen)

34.6

34.0

34.7

31.0

% Specialty Sales (dollars)

39.1

32.9

31.6

37.8

Net Average Selling Price (per dozen)

2.197

2.076

2.622

1.579

Net Average Selling Price Conventional

Eggs (per dozen)

2.038

2.108

2.739

1.420

Net Average Selling Price Specialty

Eggs (per dozen)

2.499

2.015

2.403

1.932

Feed Cost (per dozen)

0.671

0.641

0.676

0.571

Product Mix & Cage-Free Eggs

An important focus of Cal-Maine’s growth strategy is the expansion of its cage-free egg production

capacity

line

with

expected

demand.

previously

reported,

significant

number

the

Company’s

customers have

announced goals

to offer

cage-free eggs

exclusively on

or before

2026, subject

in most

cases

to availability

of supply, affordability,

and consumer demand,

among other

contingencies. Some of

these

customers have

recently changed

those goals

to offer

70% cage-free

eggs by

the end

of 2030.

Cal-Maine

Cal-Maine Foods Reports Fourth Quarter and Fiscal 2023 Results

Page 3

July 25,

2023

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Foods continually strives

to engage

with customers to

help them

meet their

expected cage-free timelines

and goals.

Cal-Maine Foods

has made

significant investments

in its

production and

distribution capabilities

as sales of

cage-free eggs continue

to increase and

account for a

larger share of

the Company’s product

mix.

Cage-free egg sales comprised 26.2% and 20.1% of total net

shell egg sales for the fourth quarter and fiscal

year 2023, respectively.

Table Egg Supply Outlook

The current

HPAI outbreak

has had

a significant

impact, lasting

twice as

long as

the prior

2014-

2015 outbreak

and affecting

a larger

number of

hens in

the U.S.

Approximately 43.3 million

commercial

layer

hens

and

1.0

million

pullets

have

been

depopulated

due

HPAI,

leading

higher

prices

for

conventional shell eggs beginning in the

fourth quarter of fiscal 2022 and

continuing into the first part of

the fourth quarter of

fiscal 2023. Though the

virus is still

present in the wild

bird population, HPAI

has not

been detected in a commercial egg-laying flock since December 2022. While

it is evident the industry and

USDA have devoted significant resources to attempt to prevent future outbreaks, no farm is

immune, and

the focus is now on the fall migration season.

Layer hen numbers reported by the USDA as

of July 1, 2023, were 317.4 million, which

represents

an increase

of 5.6%

compared with

the layer

hen inventory

a year

ago. The

USDA also

reported that

the

hatch

from

February

2023

through

June

2023

increased

2.1%

compared

with

the

prior-year

period,

indicating that layer flocks may continue to increase in the future.

In calendar year 2022, per capita U.S.

consumption was estimated to be 279

eggs. According to the

USDA, the

decline in

consumption was

primarily due

to limited

availability caused

by the

outbreak of

HPAI.

As of July 18, 2023,

the USDA projects that

the per capita consumption

will increase in calendar

year 2023

and 2024 to 282.6 and 292.7, respectively.

Looking Ahead

Miller

added,

“We

are

proud

our

performance

over

the

past

year

demonstrated

solid

execution of our organic growth

strategy in a dynamic market

environment. Despite ongoing uncertainties

related to HPAI and other macroeconomic concerns, we remained focused on managing our operations as

efficiently and safely

as possible. We

have continued to

deliver against our

key performance metrics,

and

we commend the work

of our managers and

employees for their dedication and

continued support of our

valued

customers. Across

our

operations,

have

shared

commitment to

our

mission

the

most

reliable and sustainable

producer of fresh shell

eggs and egg products.

While egg prices

were higher during

most of fiscal 2023 due primarily to the impact of HPAI and higher grain and other

input costs, they have

returned to pricing

levels more in

line with historic

norms.

Moving forward, we

believe that the

demand

for affordable

food choices

will continue

to grow.

As the

largest producer

and distributor

of fresh

shell eggs,

we are well positioned to support this

need in more communities.

Eggs offer a great nutritional value

with

high quality

protein and essential

vitamins and minerals

for healthy

living such

as choline, vitamin

B12 and

iodine. Cal-Maine Foods’ proven operating model and differentiated product mix

continue to support our

ability to

meet changing

customer demand

and extend

our market

reach. Importantly,

we have

the financial

strength

support

our

growth

strategy,

which

includes

acquisitions

and

organic

growth,

and

look

forward to the opportunities ahead for Cal-Maine Foods in fiscal 2024.”

Dividend Payment

For the

fourth quarter

of fiscal

2023, Cal-Maine

Foods will

pay a

cash dividend

of approximately

$0.76 per

share to

holders of

its common

and Class

A common

stock. Pursuant

to Cal-Maine

Foods’ variable

dividend

policy,

for

each

quarter

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

Cal-Maine Foods Reports Fourth Quarter and Fiscal 2023 Results

Page 4

July 25,

2023

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computed from

the date

of the

most recent

quarter for

which a

dividend was

paid. The

amount paid

per

share will vary based on the number

of outstanding shares on the record date. The

dividend is payable on

August 22, 2023, to holders of record on August 7, 2023.

About Cal-Maine Foods

Cal-Maine Foods, Inc.

is primarily engaged

in the production,

grading, packaging, marketing

and

distribution

fresh

shell

eggs,

including

conventional,

cage-free,

organic,

brown,

free-range,

pasture-

raised and nutritionally enhanced eggs.

The Company, which is

headquartered in Ridgeland, Mississippi,

is the largest

producer and distributor of

fresh shell eggs in

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.

Forward Looking Statements

Statements

contained

this

press

release

that

are

not

historical

facts

are

forward-looking

statements as that term

is defined in the

Private Securities Litigation Reform

Act of 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

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

in 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 of

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

began in response to

market conditions caused in

part by the

COVID-19 pandemic and which generally

have been exacerbated

by the Russia-Ukraine

war that

began in February

2022, (vii) our

ability to

retain

existing

customers,

acquire

new

customers

and

grow

our

product

mix,

and

(viii)

adverse

results

pending

litigation

matters

SEC

filings

may

obtained

from

the

SEC

the

Company’s

website

www.calmainefoods.com.

Readers

are

cautioned

not

place

undue

reliance

forward-looking

statements because,

while we

believe the

assumptions on

which the

forward-looking

statements are

based

are

reasonable,

there

can

assurance

that

these

forward-looking

statements

will

prove

accurate.

Further, the

forward-looking statements

included herein

are

only

made

the

respective

dates

thereof,

date

stated,

the

date

hereof.

Except

otherwise

required

law,

disclaim

any

intent

obligation

publicly

update

these

forward-looking

statements,

whether

result of new information, future events or otherwise.

Cal-Maine Foods Reports Fourth Quarter and Fiscal 2023 Results

Page 5

July 25,

2023

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CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

(In thousands, except per share amounts)

SUMMARY STATEMENTS OF INCOME

14 Weeks Ended

June 3, 2023

13 Weeks Ended

May 28, 2022

53 Weeks Ended

June 3, 2023

52 Weeks Ended

May 28, 2022

Net sales

688,680

592,964

3,146,217

1,777,159

Cost of sales

490,588

397,879

1,949,760

1,440,100

Gross profit

198,092

195,085

1,196,457

337,059

Selling, general and administrative

62,159

51,640

232,207

198,631

Insurance recoveries

(125)

(2,267)

(3,345)

(5,492)

(Gain) loss on disposal of fixed assets

(167)

(131)

383

Operating income

136,225

145,699

967,726

143,537

Other income, net

9,690

664

30,824

22,478

Income before income taxes

145,915

146,363

998,550

166,015

Income tax expense

35,380

36,495

241,818

33,574

Net income

110,535

109,868

756,732

132,441

Less: Loss attributable to noncontrolling

interest

(396)

(118)

(1,292)

(209)

Net income attributable to Cal-Maine

Foods, Inc.

110,931

109,986

758,024

132,650

Net income per common share:

Basic

2.28

2.26

15.58

2.73

Diluted

2.27

2.25

15.52

2.72

Weighted average shares outstanding:

Basic

48,689

48,622

48,648

48,581

Diluted

48,838

48,791

48,834

48,734

Cal-Maine Foods Reports Fourth Quarter and Fiscal 2023 Results

Page 6

July 25,

2023

-END-

CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

(In thousands)

SUMMARY BALANCE SHEETS

June 3, 2023

May 28, 2022

ASSETS

Cash and short-term investments

647,914

174,513

Receivables, net

187,213

219,404

Inventories, net

284,418

263,316

Prepaid expenses and other current assets

5,380

4,286

Current assets

1,124,925

661,519

Property, plant and equipment, net

744,540

677,796

Other noncurrent assets

85,060

88,174

Total assets

1,954,525

1,427,489

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable and accrued expenses

145,601

148,018

Dividends payable

37,130

36,656

Current liabilities

182,731

184,674

Deferred income taxes and other liabilities

162,211

138,470

Stockholders' equity

1,609,583

1,104,345

Total liabilities and stockholders' equity

1,954,525

1,427,489

Cal-Maine Foods (CALM) 8-KResults of Operations and Financial Condition