RIDGELAND, Miss. - Cal-Maine Foods , Inc. (NASDAQ:CALM) reported better-than-expected fiscal first quarter results on Monday, driven by higher egg prices and increased sales volumes. The company's stock rose 1.2% in after-hours trading following the earnings release.
The largest U.S. egg producer posted net income of $150.0 million, or $3.06 per diluted share, for the quarter ended August 31, 2024. This surpassed analyst estimates of $2.99 per share. Revenue jumped 71.1% YoY to $785.9 million, well above the consensus forecast of $665.52 million.
Cal-Maine sold 310.0 million dozen eggs in Q1, up 13.5% from 273.1 million dozen a year earlier. The net average selling price per dozen eggs increased to $2.392 from $1.589 in the prior-year quarter.
"Our financial and operating results for the first quarter mark a strong start to fiscal 2025 for Cal-Maine Foods," said Sherman Miller, president and CEO. "These results reflect favorable demand for shell eggs during most of the quarter and significantly higher market prices compared with the first quarter last year."
The company noted that the national egg supply has declined due to recent outbreaks of highly pathogenic avian influenza (HPAI). As of September 1, 2024, the total U.S. hen population was approximately 4.5% below the five-year average.
Cal-Maine declared a quarterly dividend of $1.02 per share, payable on November 14, 2024, to shareholders of record as of October 30, 2024.
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