Cal-Maine Foods 8K Results of Operations and Financial Condition | CALM 3 Oct 23

Exhibit 99.1

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Contacts:

Sherman Miller, President and CEO

Max P. Bowman, Vice President and CFO

(601) 948-6813

CAL-MAINE FOODS REPORTS RESULTS

FOR FIRST QUARTER FISCAL 2024

RIDGELAND, Miss. (October

3, 2023) - Cal-Maine

Foods, Inc. (NASDAQ:

CALM) (“Cal-Maine Foods”

the “Company”),

the largest

producer and

distributor of fresh

shell eggs

in the United

States, today reported

results for the first quarter of fiscal 2024 (thirteen weeks) ended September 2, 2023.

First Quarter Fiscal Year 2024 Highlights

●

Quarterly net sales of $459.3 million

●

Quarterly net income of $926,000 or $0.02 per basic and diluted common share

●

Net average selling price for specialty eggs increased 8.4 percent quarter-over-quarter

●

Cash dividend of $294,000, or $0.006 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 results

for the

first quarter

of fiscal

2024 reflect

the current

dynamic market

conditions.

After reaching

record

high levels in

fiscal 2023, average

selling prices for

shell eggs have

since returned to

more normalized levels

the

overall

egg

supply

recovers

from

the

most

recent

highly

pathogenic

avian

influenza

(“HPAI”)

outbreak, which depleted

the national hen

supply.

Customer demand has

been favorable with

conventional

egg volumes higher than

a year ago,

offset by lower sales

of specialty eggs.

We continue to

focus on offering

customers a wide

range of quality

choices in shell

eggs, as well

as egg products

offerings, with a

favorable

product mix in line with changing consumer demand trends.

“Our operations ran well during

the quarter, and we benefitted

from lower feed costs, although

generally

continued

incur

higher

input

costs.

Our

team

has

continued

focus

managing

our

operations in an efficient and sustainable

manner.

While there have been no recent

outbreaks of HPAI in

commercial

egg

laying

flocks,

remain

diligent

following

strict

protocols

and

continue

invest

additional resources

to reduce

future risk.

We commend

the work

of our

managers and

employees who

responsibly managed

our production

and continued

to bring

more quality

eggs to

the market

to support

our valued customers.

We also have a number of expansion projects underway to increase our production

capacity, and we look forward to the opportunities to expand our market reach.

“In addition

to our

organic growth

initiatives, we

have continued

to expand

our business

through

selective

acquisitions.

Following

the

end

the

first

quarter,

announced

definitive

agreement

acquire substantially all

the assets of

Fassio Egg Farms,

Inc., related to

its commercial shell

egg production,

and processing business, located in

Erda, Utah, outside of Salt Lake

City.

The assets to be acquired

include

facilities with a

current capacity of

approximately 1.2 million

laying hens, primarily

cage-free, a feed

mill,

pullets,

fertilizer

production

and

composting

operation

and

land.

expect

this

transaction

during the second

fiscal quarter.

We are excited

about the opportunity

to expand our

market presence in

Utah and the western United States,” added Miller.

Cal-Maine Foods Reports First Quarter Fiscal 2024 Results

Page 2

October 3, 2023

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Sales Performance & Operating Highlights

Max Bowman,

vice president

and chief

financial officer

of Cal-Maine

Foods, Inc.,

added, “For

the

first quarter of

fiscal 2024, our

net sales were

$459.3 million compared

with $658.3 million

for the same

period

last

year,

which

was

exceptionally

strong

first

quarter

performance

driven

record

average

conventional selling prices and record

specialty sales volumes. The decline

in revenue for the first

quarter

fiscal

2024

was

primarily

due

the

decrease

the

net

average

selling

price

for

conventional

eggs,

partially offset

by the

increase in

the net

average selling

price for

specialty eggs.

Net income

for the

first

quarter of fiscal

2024 was $926,000,

or $0.02 per

diluted share, compared

with $125.3 million,

or $2.57

per diluted share, for the first quarter of fiscal 2023.

“Conventional egg net average selling price per dozen was $1.241 for the first quarter of fiscal 2024

compared with $2.368 for

the prior-year quarter. Conventional

egg selling prices declined

significantly in

the first quarter of

fiscal 2024 compared to

the first quarter

of fiscal 2023

as the U.S. egg

supply recovers

from the most recent HPAI outbreak. Net average selling price for specialty eggs rose to $2.278 per dozen,

compared with

$2.101 per

dozen for

the first

quarter of

fiscal 2023.

Specialty dozens

sold were

33.5% of

total dozens sold in the first quarter of fiscal 2024 compared with 34.7% in the prior-year period.

“We reported

an operating

loss of

$6.8 million

for the

first quarter

of fiscal

2024, compared

with

operating income of

$163.9 million for

the prior-year quarter,

reflecting lower conventional

shell egg prices

and

increased

labor

costs,

partially

offset

lower

farm

production

costs

due

the

decrease

feed

ingredient prices. We

remained focused on

disciplined cost management

as we generally

continued to incur

higher

input

costs

our

production,

processing

and

distribution

centers,

well

costs

incurred

for

additional bio-security measures to

mitigate the risk of

HPAI. Overall, first quarter

farm production costs

per dozen

decreased 1.0%

compared with

the prior-year

quarter. For

the first

quarter of

fiscal 2024, feed

costs per dozen were $0.597, a 10.5% decrease compared with the first quarter of fiscal 2023.

“Current indications for corn project an overall better stocks-to-use ratio; however,

until this year’s

harvest is

complete and

as long

as outside

factors remain

uncertain [including

weather patterns

and the

Russia-Ukraine

war

and

its

effect

on export

markets],

volatility

could

remain.

Soybean

meal supply

has

remained tight relative to demand in the first quarter of fiscal 2024.

13 Weeks Ended

September 2, 2023

August 27, 2022

Dozen Eggs Sold (000)

273,126

275,317

Conventional Dozen Eggs Sold (000)

181,530

179,712

Specialty Dozen Eggs Sold (000)

91,596

95,605

Dozen Eggs Produced (000)

250,356

257,654

% Specialty Sales (dozen)

33.5

34.7

% Specialty Sales (dollars)

47.7

31.8

Net Average Selling Price (per dozen)

1.589

2.275

Net Average Selling Price Conventional Eggs (per dozen)

1.241

2.368

Net Average Selling Price Specialty Eggs (per dozen)

2.278

2.101

Feed Cost (per dozen)

0.597

0.667

Product Mix & Cage-Free Eggs

“Specialty

eggs

remain

important

area

focus

Cal-Maine

Food’s

growth

strategy.

top

priority

this

strategy

expand

our

cage-free

production

capacity

with

the

goal

meeting

future

customer needs in line with changing state requirements.

We continue to work closely with our customers

regarding their expected

timing and purchase

decisions related to

their previously announced

plans to offer

cage-free

eggs

exclusively

specific

future

dates.

have

invested

significant

capital

acquire

and

construct cage-free facilities as our volume of cage-free egg

sales has continued to increase and account for

Cal-Maine Foods Reports First Quarter Fiscal 2024 Results

Page 3

October 3, 2023

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a greater share of

our product mix. Cage-free

egg revenue comprised approximately

33.0% of total net

shell

egg revenue for the first quarter of fiscal 2024,” added Bowman.

Table Egg Supply Outlook

The most recent outbreak of HPAI affected the Company’s

business and financial results primarily

during

the

fourth

quarter

fiscal

2022

and

continuing

into

the

first

part

the

fourth

quarter

fiscal

2023.

While the last occurrence

in a commercial egg laying

flock was in December 2022,

there have been

occurrences

other

avian

populations

the

U.S.

since

then.

HPAI

still

present

the

wild

bird

population

and

the

extent

possible

future

outbreaks,

particularly

during

the

upcoming

fall

migration

season, cannot be predicted. There have been no positive tests for HPAI at any of Cal-Maine Foods’ owned

or contracted production facilities as of

October 2, 2023. Based on USDA

data, the Company believes that

the U.S. layer

hen flock, which

declined as a

result of flock

depletions due to

HPAI, has largely

recovered

but remains slightly lower than the five-year average.

Layer

hen

numbers

reported

the

USDA

September

2023,

were

318.2

million,

which

represents an increase of 3.1% compared with

the layer hen inventory a year ago. The

USDA also reported

that

the

hatch

from

April

2023

through

August

2023

increased

2.0%

compared

with

the

prior-year

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

Looking Ahead

Miller

added,

“We

look

forward

the

opportunities

ahead

for

Cal-Maine

Foods

fiscal

2024.

While

face

ongoing

challenges

the

threat

HPAI

and

inflationary

headwinds,

will

continue to manage the aspects of our business we can control.

We are uniquely positioned to support the

nation’s food

supply with

nutritious and

affordable protein,

and we

believe demand

for our

products will

continue to grow.

We are confident we have the right strategy in place to meet this demand, with a proven

operating model

that will

drive long-term

growth.

Across our

operations, we

have a

shared commitment

our

mission

the

most

reliable

and

sustainable

producer

fresh

shell

eggs

and

egg

products.

Importantly, we have a dedicated workforce, and sufficient capital to fund internal expansion projects and

consider

additional

potential

acquisitions

support

our

strategy.

Above

all,

will

strive

meet

the

demands of our valued customers and deliver greater value to our shareholders.

”

Dividend Payment

For

the

first

quarter

fiscal

2024,

Cal-Maine

Foods

will

pay

cash

dividend

approximately

$0.006

per

holders

its

common

and

Class

common

stock.

Pursuant

Cal-Maine

Foods’

variable dividend policy,

for each quarter

in which the

Company reports net

income, the Company

pays a

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

of the

most recent

quarter for

which a

dividend was

paid. The

amount

paid

per

will

vary

based

the

number

outstanding

the

record

date.

The

dividend is payable on November 16, 2023, to holders of record on November 1, 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

the

United States.

Cal-Maine Foods Reports First Quarter Fiscal 2024 Results

Page 4

October 3, 2023

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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

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

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 2023, (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

met,

(vi)

risks

relating

increased

costs,

and

higher

and

potentially

further

increases in 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

the

Russia-Ukraine

war

that

began in February 2023, (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 or

the Company’s

website

www.calmainefoods.com.

Readers are

cautioned not

to place

undue reliance

on 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

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 First Quarter Fiscal 2024 Results

Page 5

October 3, 2023

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CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

(In thousands, except per share amounts)

SUMMARY STATEMENTS OF INCOME

13 Weeks Ended

September 2, 2023

August 27, 2022

Net sales

459,344

658,344

Cost of sales

413,911

440,854

Gross profit

45,433

217,490

Selling, general and administrative

52,246

53,607

(Gain) loss on disposal of fixed assets

(56)

Operating income (loss)

(6,757)

163,850

Other income, net

7,490

1,630

Income before income taxes

733

165,480

Income tax expense

322

40,346

Net income

411

125,134

Less: Loss attributable to noncontrolling interest

(515)

(153)

Net income attributable to Cal-Maine Foods, Inc.

926

125,287

Net income per common share:

Basic

0.02

2.58

Diluted

0.02

2.57

Weighted average shares outstanding:

Basic

48,690

48,623

Diluted

48,840

48,811

Cal-Maine Foods Reports First Quarter Fiscal 2024 Results

Page 6

October 3, 2023

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CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

(In thousands)

SUMMARY BALANCE SHEETS

September 2, 2023

June 3, 2023

ASSETS

Cash and short-term investments

609,962

647,914

Receivables, net

159,150

187,213

Inventories, net

280,801

284,418

Prepaid expenses and other current assets

14,145

5,380

Current assets

1,064,058

1,124,925

Property, plant and equipment, net

752,580

744,540

Other noncurrent assets

83,729

85,060

Total assets

1,900,367

1,954,525

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable and accrued expenses

126,088

145,601

Dividends payable

294

37,130

Current liabilities

126,382

182,731

Deferred income taxes and other liabilities

162,655

162,211

Stockholders' equity

1,611,330

1,609,583

Total liabilities and stockholders' equity

1,900,367

1,954,525

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