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 SECOND QUARTER FISCAL 2025
RIDGELAND, Miss. (January 7, 2025) - 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 second quarter of fiscal 2025 (thirteen weeks) ended November 30, 2024.
Second Quarter Fiscal 2025 Highlights
●
Quarterly net sales of $954.7 million
●
Quarterly net income of $219.1 million, or $4.47 per diluted share
●
Quarterly record for total dozens sold and specialty dozens sold
●
Cash dividend of approximately $73.0 million, or approximately $1.49 per share, pursuant to the
Company’s established dividend policy
Overview
Sherman Miller, president and chief executive officer of Cal-Maine Foods, stated, “Cal-Maine Foods
delivered a very strong financial and operating performance in the second quarter of fiscal 2025. Robust
demand for shell eggs resulted in a significant increase in dozens sold for the quarter, which included the
seasonal boost leading up to the Thanksgiving holiday and sales from our latest acquisition completed in
June. Our results also reflect higher market prices, which have continued to rise this fiscal year as supply
levels of shell eggs have been restricted due to recent outbreaks of highly pathogenic avian influenza
(“HPAI”). Our team did an outstanding job in managing our production as well as making outside
purchases in order to meet the needs of our valued customers. We were fortunate to have the ability to
leverage our significant scale and benefit from recent acquisitions, which have helped support our
production capacity in this challenging supply environment.
“As demand continues to outpace supply, we remain focused on making additional strategic
investments to expand our operations. We currently have approximately $60 million in new capital projects
directed to the expansion of our cage-free capacity, including the $40 million in projects that we announced
in October. The projects include the addition of five new cage-free layer houses and two pullet houses across
the Company’s locations in Florida, Georgia, Utah and Texas. Upon completion, we expect the projects to
provide additional production capacity for approximately 1.1 million cage-free layer hens and 250,000
pullets by late summer 2025. We are also investing $15 million to expand our egg products processing
facility in Blackshear, Georgia, to add extended shelf-life liquid egg products. We expect our processing
plant and hatchery in Dexter, Missouri, that we acquired and repurposed for use in shell egg production,
will be online in our next fiscal quarter. We have been working with local contract growers and have
commitments for approximately 1.2 million additional free-range hens by fall 2025.
“Acquisitions and joint ventures have complemented our strong organic growth and provided new
market opportunities for Cal-Maine Foods. We will continue to focus on acquiring operations that align
Cal-Maine Foods Reports Second Quarter Fiscal 2025 Results
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January 7, 2025
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with our strategic objectives, looking at critical factors including geographic relevance, operating synergies,
product portfolio expansion, proximity to customers and potential financial returns. Our growth strategy
is also focused on the expansion of our egg products offerings, including hard-cooked eggs from our
MeadowCreek operations and other ready-to-eat products offered through our previously announced
strategic investment in Crepini, which includes egg wraps, protein pancakes, crepes and wrap-ups in our
product portfolio. Importantly, we have a strong balance sheet and the financial flexibility to make the right
investments to support our growth strategy,” added Miller.
Sales Performance & Operating Highlights
Max Bowman, vice president and chief financial officer of Cal-Maine Foods, added, “For the second
quarter of fiscal 2025, our net sales were $954.7 million compared with $523.2 million for the same period
last year. The higher sales were primarily driven by an increase in the net average selling price of shell eggs
as well as an increase in total dozens sold.
“For the second fiscal quarter, we sold 329.8 million dozens shell eggs compared with 288.2 million
dozens for the second quarter of fiscal 2024. Sales of conventional eggs totaled 209.6 million dozens,
compared with 192.5 million dozens for the prior-year period, an increase of 8.9%. We saw over 25%
quarterly growth in our specialty egg volumes as sales totaled 120.2 million dozens sold for the second
quarter of fiscal 2025 compared with 95.7 million dozens sold for the prior-year period.
“Net income attributable to Cal-Maine Foods for the second quarter of fiscal 2025 was $219.1
million, or $4.47 per diluted share, compared with $17.0 million, or $0.35 per diluted share, for the second
quarter of fiscal 2024.
“Overall, our second quarter farm production costs per dozen were 8.5% lower compared to the
prior-year period, primarily due to more favorable commodity pricing for key feed ingredients. For the
second quarter of fiscal 2025, feed costs per dozen were down 12.8% compared with the second quarter of
fiscal 2024. Our costs for outside egg purchases increased significantly quarter-over-quarter, primarily due
to higher shell egg prices and the increased dozens of shell eggs we purchased for customers during the
higher seasonal demand cycle while the nation experienced lower supply due to HPAI.
“Current indications for corn and soybean supply project a favorable stocks-to-use ratio similar to
today’s prevailing levels for the remainder of fiscal 2025. However, as we continue to face uncertain
external forces, including weather patterns and global supply chain disruptions, price volatility could
remain,” said Bowman.
13 Weeks Ended
26 Weeks Ended
November 30, 2024
December 2, 2023
November 30, 2024
December 2, 2023
Dozen Eggs Sold (000)
329,844
288,173
639,823
561,299
Conventional Dozen Eggs Sold (000)
209,597
192,462
409,586
373,992
Specialty Dozen Eggs Sold (000)
120,247
95,711
230,237
187,307
Dozen Eggs Produced (000)
288,036
265,101
554,875
515,457
% Specialty Sales (dozen)
36.5
%
33.2
%
36.0
%
33.4
%
% Specialty Sales (dollars)
31.7
%
43.7
%
33.0
%
45.7
%
Net Average Selling Price (per dozen)
$
2.740
$
1.730
$
2.572
$
1.661
Net Average Selling Price Conventional
Eggs (per dozen)
$
2.943
$
1.458
$
2.690
$
1.353
Net Average Selling Price Specialty Eggs
(per dozen)
$
2.387
$
2.277
$
2.362
$
Feed Cost (per dozen)
$
0.483
$
0.554
$
0.488
$
0.575
Cal-Maine Foods Reports Second Quarter Fiscal 2025 Results
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January 7, 2025
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HPAI & Table Egg Supply Outlook
Outbreaks of HPAI have continued to occur in United States poultry flocks. In calendar 2024, 38.4
million commercial layer hens and 1.8 million pullets were depopulated due to HPAI. Approximately 13.6
million commercial layer hens and 500,000 pullets were depopulated in December 2024 alone.
The Cal-Maine Foods facilities in Kansas and Texas which experienced HPAI in fiscal 2024 are now
fully operational.
The Company remains dedicated to robust biosecurity programs across its locations; however, no
farm is immune from HPAI. HPAI is currently widespread in the wild bird population worldwide. The
extent of possible future outbreaks in commercial laying hens, with heightened risk during migration
seasons, cannot be predicted. The widely reported spread of HPAI in dairy cattle increases risks to our
operations and those of other egg producers. According to the U.S. Centers for Disease Control and
Prevention, the human health risk to the U.S. public from the HPAI virus is considered to be low. Also,
according to the USDA, HPAI cannot be transmitted through safely handled and properly cooked eggs.
There is no known risk related to HPAI associated with eggs that are currently in the market and no eggs
have been recalled.
Looking Ahead
Miller added, “Without question, we have recently faced significant challenges within our Company
and the entire egg industry due to the ongoing outbreaks of HPAI. While we recognize and address these
risks, we are steadfast in our efforts to effectively manage our operations and promote responsible and
sustainable production. We remain focused on optimizing the aspects of our business that we can control
and continue to extend our leadership role in supporting the nation’s food supply. We have a proven
operating model and growth strategy focused on expanding our shell egg production capacity and product
mix, both organically and through strategic acquisitions. We continue to expand our egg products portfolio,
which will enable us to leverage our existing distribution channels and extend our reach in foodservice and
retail marketplaces. We believe Cal-Maine Foods is well positioned for continued growth with our leading
production scale, fully integrated operations and broad distribution capabilities. We remain focused on
providing exceptional service and quality products to meet the dynamic needs of our excellent customer
base. We look forward to the opportunities ahead for Cal-Maine Foods.”
Dividend Payment
For the second quarter of fiscal 2025, Cal-Maine Foods will pay a cash dividend of approximately
$1.49 per share to holders of its Common Stock and Class A Common Stock. Pursuant to Cal-Maine Foods’
variable dividend policy, for each quarter in which the Company reports net income, the Company pays a
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 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 February 13, 2025, to holders of record on January 29, 2025.
About Cal-Maine Foods
Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packaging, marketing and
distribution of 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 nation and sells most of its shell eggs
throughout the majority of the United States.
Cal-Maine Foods Reports Second Quarter Fiscal 2025 Results
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January 7, 2025
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Forward Looking Statements
Statements contained in 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 on 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 in the shell egg business (including
disease, pests, weather conditions and potential for recall), including but not limited to the current
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 and that first impacted our
flocks in December 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 recent or future acquisitions of new flocks or businesses and risks
or changes that may cause conditions to completing a pending acquisition not to be met, (vi) risks relating
to changes in inflation and interest rates, (vii) our ability to retain existing customers, acquire new
customers and grow our product mix, (viii) adverse results in pending litigation matters, and (ix) global
instability, including as a result of the war in Ukraine, the conflicts in Israel and surrounding areas and
attacks on shipping in the Red Sea. 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 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 Second Quarter Fiscal 2025 Results
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January 7, 2025
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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
26 Weeks Ended
November 30, 2024
December 2, 2023
November 30, 2024
December 2, 2023
Net sales
$
954,671
$
523,234
$
1,740,542
$
982,578
Cost of sales
598,629
432,104
1,137,282
846,015
Gross profit
356,042
91,130
603,260
136,563
Selling, general and administrative
77,633
76,578
139,565
128,824
Loss on involuntary conversions
10
-
156
-
(Gain) loss on disposal of fixed assets
338
318
(1,479)
262
Operating income
278,061
14,234
465,018
7,477
Other income, net
10,900
7,884
21,896
15,374
Income before income taxes
288,961
22,118
486,914
22,851
Income tax expense
70,602
5,540
118,965
5,862
Net income
218,359
16,578
367,949
16,989
Less: Loss attributable to noncontrolling
interest
(705)
(431)
(1,091)
(946)
Net income attributable to Cal-Maine Foods,
Inc.
$
219,064
$
17,009
$
369,040
$
17,935
Net income per common share:
Basic
$
4.49
$
0.35
$
7.57
$
0.37
Diluted
$
4.47
$
0.35
$
7.54
$
0.37
Weighted average shares outstanding:
Basic
48,765
48,690
48,762
48,691
Diluted
48,970
48,866
48,953
48,854
Cal-Maine Foods Reports Second Quarter Fiscal 2025 Results
Page 6
January 7, 2025
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CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)
SUMMARY BALANCE SHEETS
November 30, 2024
June 3, 2023
ASSETS
Cash and short-term investments
$
797,183
$
812,377
Receivables, net
317,751
162,442
Inventories, net
299,365
261,782
Prepaid expenses and other current assets
10,296
5,238
Current assets
1,424,595
1,241,839
Property, plant and equipment, net
975,603
857,234
Other noncurrent assets
89,901
85,688
Total assets
$
2,490,099
$
2,184,761
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses
$
187,738
$
189,983
Dividends payable
73,013
37,760
Current liabilities
260,751
227,743
Deferred income taxes and other liabilities
177,865
159,975
Stockholders' equity
2,051,483
1,797,043
Total liabilities and stockholders' equity
$
2,490,099
$
2,184,761