RIDGELAND, Miss. - Cal-Maine Foods , Inc. (NASDAQ: NASDAQ:CALM), the leading producer and distributor of fresh shell eggs in the United States, disclosed its financial outcomes for the fourth quarter of fiscal 2024, ending June 1, 2024.
The company reported a slight decline in quarterly net sales to $640.8 million, down from $688.7 million in the same period last year, and below the analyst consensus of $644.73 million. Adjusted earnings per share (EPS) for the quarter were $2.32, which did not meet analyst expectations of $2.38 per share.
Despite the revenue and earnings miss, Cal-Maine Foods announced a net income of $113.2 million, or $2.32 per diluted share, for the fourth quarter, compared to $110.9 million, or $2.27 per diluted share, for the same quarter last year. The company's full fiscal year net sales totaled $2.3 billion with a net income of $277.9 million, or $5.69 per diluted share, a notable decrease from the previous fiscal year's $3.1 billion in net sales and $758.0 million net income, or $15.52 per diluted share.
Following the earnings release, Cal-Maine Foods' stock experienced a marginal decrease of 0.4%.
Sherman Miller, Cal-Maine Foods' President and CEO, expressed satisfaction with the company's solid fourth-quarter performance amidst challenges such as the impact of the highly pathogenic avian influenza (HPAI) on the industry. He highlighted the company's commitment to operational excellence and growth through strategic acquisitions, including the assets of Fassio Egg Farms and facilities previously operated by Tyson Foods (NYSE:TSN).
Max Bowman, Vice President and CFO, noted the decline in net sales was primarily due to a shorter quarter compared to the previous year and a decrease in the average selling prices for conventional eggs. He also pointed out that the company's farm production costs per dozen were 14.3% lower compared to the prior-year period, largely due to more favorable commodity pricing for key feed ingredients.
Cal-Maine Foods remains focused on expanding its production capacity for specialty and cage-free eggs to meet current consumer demand trends. The company's financial strength supports its internal expansion projects and potential acquisitions that align with its growth initiatives.
For the fourth quarter of fiscal 2024, Cal-Maine Foods will pay a cash dividend of approximately $0.77 per share, in line with its established dividend policy.
Cal-Maine Foods, headquartered in Ridgeland, Mississippi, continues to be the largest producer and distributor of fresh shell eggs in the United States, serving most of the country with a variety of egg products.
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