Cal-Maine Foods Reports Third Quarter Fiscal 2024
Results
Page 2
April 2, 2024
-MORE-
Sales Performance & Operating Highlights
Max Bowman, vice president
and chief financial officer
of Cal-Maine Foods, added,
“For the third
quarter of fiscal 2024,
our net sales were $703.1
million compared with $997.5
million for the same
period
last year, which
was the Company’s
highest quarterly sales
period with record
high average selling
prices
for conventional
and specialty
eggs. The
decline in
sales revenue
for the
third quarter
of fiscal
2024 was
primarily due
to the
significant decrease
in egg
prices compared
to a
year ago.
However, market
prices
moved higher
sequentially in
the third
fiscal quarter
due to
both the
recent impact
of HPAI
and normal
“Our overall sales volumes improved 3.2% compared to the same period last year as we sold 300.8
million dozens compared with 291.4
million dozens for the third
quarter of fiscal 2023.
Conventional eggs
sold reached
192.2 million
dozens, up
2.6%, while
specialty eggs
sold were
108.6 million
dozens, a
4.4%
increase
over
the
prior-year
period.
These
results
represent
the
highest
total
dozens
sold
and
highest
specialty dozens sold in any quarter for Cal-Maine Foods.
“Net income attributable
to Cal-Maine Foods
for the
third quarter
of fiscal 2024
was $146.7
million,
or $3.00 per diluted share,
compared with $323.2 million,
or $6.62 per diluted share,
for the third quarter
of fiscal 2023, which was another record for the Company.
“The net
average selling
price per
dozen was
$2.152 for
conventional eggs
in the
third quarter
of
fiscal
2024, down
41.5%
compared
with
$3.678 for
the
prior-year
quarter. Net
average selling
price
for
specialty eggs was $2.415 per dozen, compared with
$2.616 per dozen for the third quarter
of fiscal 2023,
a decline of 7.7%. Specialty dozens
sold were 36.1% of total
dozens sold in the third
quarter of fiscal 2024
compared with 35.7% in the prior-year period.
“We reported
operating income
of $162.8
million for
the third
quarter of
fiscal 2024,
compared with
operating income
of $407.8
million for
the prior-year
quarter, primarily
reflecting lower
market prices.
However, we benefitted from lower feed
ingredient prices compared with the same
period a year ago. For
the third quarter of fiscal 2024, feed costs per dozen were down 19.9% compared with the third quarter of
fiscal 2023.
Our other farm
production costs were higher
primarily due to
higher flock amortization and
increased facility costs.
“Current
indications
for
corn
supply
project
an
overall
better
stocks-to-use
ratio,
implying
potentially
lower
prices
in
the
near
term.
However,
as
we
continue
to
face
uncertain
external
forces
including weather
patterns and
global supply
chain disruptions,
price volatility
could remain.
Soybean meal
supply has remained tight relative to demand in the third quarter of fiscal
2024.”
13 Weeks Ended
39 Weeks Ended
March 2, 2024
February 25, 2023
March 2, 2024
February 25, 2023
Dozen Eggs Sold (000)
300,779
291,416
862,078
850,819
Conventional Dozen Eggs Sold (000)
192,182
187,357
566,174
555,045
Specialty Dozen Eggs Sold (000)
108,597
104,059
295,904
295,774
Dozen Eggs Produced (000)
259,527
263,174
774,984
782,186
% Specialty Sales (dozen)
36.1
%
35.7
%
34.3
%
34.8
%
% Specialty Sales (dollars)
38.5
%
28.2
%
42.5
%
29.6
%
Net Average Selling Price (per dozen)
$
2.247
$
3.298
$
1.866
$
2.771
Net Average Selling Price Conventional
Eggs (per dozen)
$
2.152
$
3.678
$
1.624
$
2.984
Net Average Selling Price Specialty Eggs
(per dozen)
$
2.415
$
2.616
$
2.328
$
2.369
Feed Cost (per dozen)
$
0.544
$
0.679
$
0.564
$
0.677
