Cal-Maine Foods Reports Results for First Quarter Fiscal 2025
Cal-Maine Foods (NASDAQ: CALM) reported strong results for Q1 fiscal 2025, with net sales of $785.9 million and net income of $150.0 million ($3.06 per diluted share). The company achieved quarterly records for total dozens sold (310.0 million) and specialty dozens sold (110.0 million). Key highlights include:
- Higher sales driven by increased net average selling price and total dozens sold
- 11.7% lower farm production costs per dozen compared to Q1 fiscal 2024
- 17.3% decrease in feed costs per dozen year-over-year
- Cash dividend of $1.02 per share
The company noted that the U.S. hen population has declined due to recent HPAI outbreaks, but Cal-Maine has increased production and purchases to meet demand. The company continues to focus on expanding capacity, including cage-free and specialty egg production, and has made strategic investments to diversify its product portfolio.
Cal-Maine Foods (NASDAQ: CALM) ha riportato risultati solidi per il primo trimestre dell'anno fiscale 2025, con vendite nette di $785.9 milioni e un reddito netto di $150.0 milioni ($3.06 per azione diluita). L'azienda ha raggiunto record trimestrali per il totale delle dozzine vendute (310.0 milioni) e le dozzine speciali vendute (110.0 milioni). I principali punti salienti includono:
- Aumento delle vendite stimolato dall'aumento del prezzo medio di vendita netto e del totale delle dozzine vendute
- Costi di produzione agricola per dozzina inferiori del 11.7% rispetto al primo trimestre dell'anno fiscale 2024
- Riduzione del 17.3% dei costi di alimentazione per dozzina anno su anno
- Dividendo in contante di $1.02 per azione
L'azienda ha notato che la popolazione di galline negli Stati Uniti è diminuita a causa dei recenti focolai di HPAI, ma Cal-Maine ha aumentato la produzione e gli acquisti per soddisfare la domanda. L'azienda continua a concentrarsi sull'espansione della capacità, inclusa la produzione di uova senza gabbia e speciali, e ha effettuato investimenti strategici per diversificare il suo portafoglio prodotti.
Cal-Maine Foods (NASDAQ: CALM) reportó resultados sólidos para el primer trimestre del año fiscal 2025, con ventas netas de $785.9 millones y un ingreso neto de $150.0 millones ($3.06 por acción diluida). La compañía logró récords trimestrales en la cantidad total de docenas vendidas (310.0 millones) y en docenas especiales vendidas (110.0 millones). Los puntos clave incluyen:
- Aumento en las ventas impulsado por el incremento en el precio promedio de venta neto y el total de docenas vendidas
- Costos de producción en granja por docena un 11.7% más bajos en comparación con el primer trimestre del año fiscal 2024
- Disminución del 17.3% en los costos de alimentos por docena en comparación con el año anterior
- Dividendo en efectivo de $1.02 por acción
La compañía señaló que la población de gallinas en EE. UU. ha disminuido debido a los recientes brotes de HPAI, pero Cal-Maine ha aumentado la producción y las compras para satisfacer la demanda. La empresa continúa enfocándose en expandir su capacidad, incluida la producción de huevos libres de jaula y especiales, y ha realizado inversiones estratégicas para diversificar su portafolio de productos.
Cal-Maine Foods (NASDAQ: CALM)는 2025 회계연도 1분기에 7억 8,590만 달러의 순매출과 1억 5천만 달러(희석주당 3.06달러)의 순이익을 기록하며 강력한 실적을 발표했습니다. 이 회사는 총 판매된 수량(3억 1천만)과 특수 수량(1억 1천만)에서 분기 기록을 달성했습니다. 주요 사항은 다음과 같습니다:
- 순 평균 판매 가격과 총 판매 수량 증가로 인한 판매 증가
- 2024 회계연도 1분기 대비 수조당 농장 생산 비용 11.7% 감소
- 전년 대비 수조당 사료 비용 17.3% 감소
- 주당 1.02달러의 현금 배당금
회사는 미국의 닭 population가 최근 HPAI 발생으로 감소했음을 언급했지만, Cal-Maine은 수요를 충족하기 위해 생산과 구매를 늘렸습니다. 이 회사는 케이지 프리 및 특별한 계란 생산을 포함한 용량 확대에 계속 집중하고 있으며, 제품 포트폴리오를 다각화하기 위해 전략적 투자를 진행하고 있습니다.
Cal-Maine Foods (NASDAQ: CALM) a annoncé des résultats solides pour le premier trimestre de l'exercice fiscal 2025, avec un chiffre d'affaires net de 785,9 millions de dollars et un bénéfice net de 150,0 millions de dollars (3,06 dollars par action diluée). L'entreprise a atteint des records trimestriels pour le total des douzaines vendues (310,0 millions) et les douzaines spécialisées vendues (110,0 millions). Les points saillants incluent :
- Ventes accrues grâce à une augmentation du prix de vente moyen net et du total des douzaines vendues
- Coûts de production à la ferme par douzaine inférieurs de 11,7 % par rapport au premier trimestre de l'exercice fiscal 2024
- Diminution de 17,3 % des coûts d'alimentation par douzaine d'une année sur l'autre
- Dividende en espèces de 1,02 dollar par action
L'entreprise a indiqué que la population de poules aux États-Unis avait diminué en raison des récents foyers d'HPAI, mais Cal-Maine a augmenté sa production et ses achats pour répondre à la demande. L'entreprise continue de se concentrer sur l'expansion de sa capacité, y compris la production d'œufs en plein air et spéciaux, et a réalisé des investissements stratégiques pour diversifier son portefeuille de produits.
Cal-Maine Foods (NASDAQ: CALM) hat für das erste Quartal des Geschäftsjahres 2025 starke Ergebnisse gemeldet, mit einem Nettoumsatz von 785,9 Millionen USD und einem Nettogewinn von 150,0 Millionen USD (3,06 USD pro verwässerter Aktie). Das Unternehmen erzielte Quartalsrekorde bei der Gesamtzahl der verkauften Dutzend (310,0 Millionen) und der verkauften Spezialdutzend (110,0 Millionen). Wichtige Highlights umfassen:
- Höhere Verkäufe, angetrieben durch den gestiegenen Nettodurchschnittspreis und die Gesamtzahl der verkauften Dutzend
- 11,7 % niedrigere Produktionskosten pro Dutzend im Vergleich zum ersten Quartal des Geschäftsjahres 2024
- 17,3 % Rückgang der Futterkosten pro Dutzend im Jahresvergleich
- Bar Dividende von 1,02 USD pro Aktie
Das Unternehmen stellte fest, dass die Hühnerpopulation in den USA aufgrund der jüngsten HPAI-Ausbrüche zurückgegangen ist, aber Cal-Maine hat die Produktion und den Einkauf erhöht, um der Nachfrage gerecht zu werden. Das Unternehmen konzentriert sich weiterhin auf die Kapazitätserweiterung, einschließlich der Produktion von Freiland- und Spezial-Eiern, und hat strategische Investitionen getätigt, um sein Produktportfolio zu diversifizieren.
- Record-breaking total dozens sold (310.0 million) and specialty dozens sold (110.0 million)
- Net sales increased to $785.9 million from $459.3 million in Q1 fiscal 2024
- Net income rose to $150.0 million ($3.06 per diluted share) from $926,000 ($0.02 per diluted share) year-over-year
- 11.7% reduction in farm production costs per dozen compared to Q1 fiscal 2024
- 17.3% decrease in feed costs per dozen year-over-year
- Expansion of production capacity through acquisitions and organic growth
- HPAI outbreaks led to depopulation of approximately 3.1 million laying hens and 577,000 pullets in company facilities
- Increased egg purchase costs due to higher shell egg prices and HPAI-related production losses
- Potential ongoing risk of HPAI outbreaks affecting production
Insights
Cal-Maine Foods' Q1 FY2025 results demonstrate strong performance amid challenging market conditions. Key highlights include:
- Net sales of
$785.9 million , up71.1% year-over-year - Net income of
$150.0 million , or$3.06 per diluted share, compared to$926,000 in Q1 FY2024 - Record total dozens sold at 310.0 million, up
13.5% year-over-year - Specialty egg sales volume increased by
20.1%
The company benefited from higher market prices due to reduced national egg supply caused by HPAI outbreaks. Farm production costs decreased
Cal-Maine's strategic investments in capacity expansion, acquisitions and product diversification are paying off. The company's strong balance sheet and disciplined capital allocation strategy position it well for future growth. The declared dividend of
Investors should monitor HPAI developments and potential impacts on production, as well as feed cost trends, which could affect profitability in future quarters.
The egg industry is experiencing significant supply-side pressures, primarily due to HPAI outbreaks. Key points to consider:
- U.S. hen population is
4.5% below the five-year average at 307.6 million layers - Approximately 33.1 million commercial laying hens and pullets have been depopulated since November 2023
- Cal-Maine lost about 3.1 million laying hens and 577,000 pullets due to HPAI outbreaks
These supply constraints have driven up egg prices, benefiting producers like Cal-Maine. The company's average selling price increased to
Feed costs, a major component of production expenses, have decreased. Corn supply projections suggest more favorable prices in the near term. However, external factors like weather patterns and global supply chain disruptions could lead to price volatility.
Cal-Maine's diversification into specialty eggs (35.5% of dozens sold) and value-added products provides a hedge against conventional egg price fluctuations. The recent investment in Crepini Foods expands their product portfolio, potentially opening new market opportunities.
The industry outlook remains uncertain due to ongoing HPAI risks, particularly during migration seasons. Investors should closely monitor HPAI developments and their potential impact on egg supply and prices.
First Quarter Fiscal 2025 Highlights
-
Quarterly net sales of
$785.9 million -
Quarterly net income of
, or$150.0 million per diluted share$3.06 - Quarterly record for total dozens sold and specialty dozens sold
-
Cash dividend of approximately
, or$50.0 million per share, pursuant to the Company’s established dividend policy$1.02
Overview
Sherman Miller, president and chief executive officer of Cal-Maine Foods, stated, “Our financial and operating results for the first quarter mark a strong start to fiscal 2025 for Cal-Maine Foods. 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. At the same time, the national egg supply has declined due to the recent outbreaks of highly pathogenic avian influenza (“HPAI”). As of September 1, 2024, the total
“We believe that today’s consumers are looking for affordable and nutritious protein options and that our shell eggs and egg products meet that need. In addition, our ability to offer a diverse product mix has been a distinct competitive advantage for Cal-Maine Foods. We strive to meet evolving consumer demand and provide choices that include conventional, cage-free, organic, brown, free-range, pasture-raised and nutritionally enhanced eggs. We have also expanded our product portfolio to include value-added egg products through our previous investment in Meadowcreek Foods, LLC for hard-cooked eggs and our recent strategic investment in Crepini Foods LLC (“Crepini”), a new venture offering egg products and prepared foods. We have a unique opportunity to leverage the established Crepini brand of quality products, including egg wraps, protein pancakes, crepes and wrap-ups, and extend our market reach to major retailers across the country. We believe there are significant opportunities to use our scale and offer additional choices through value-added egg products to our established customer base.
“Subsequent to the end of the first quarter of fiscal 2025, Hurricane Helene made landfall in the southeastern
Sales Performance & Operating Highlights
Max Bowman, vice president and chief financial officer of Cal-Maine Foods, added, “For the first quarter of fiscal 2025, our net sales were
“For the first fiscal quarter, we sold 310.0 million dozens shell eggs compared with 273.1 million dozens for the first quarter of fiscal 2024. Sales of conventional eggs totaled 200.0 million dozens, compared with 181.5 million dozens for the prior-year period, an increase of
“Net income attributable to Cal-Maine Foods for the first quarter of fiscal 2025 was
“Overall, our first quarter farm production costs per dozen were
“Current indications for corn supply project an overall better stocks-to-use ratio, implying more favorable 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,” said Bowman.
|
13 Weeks Ended |
||||||
|
August 31, 2024 |
|
September 2, 2023 |
||||
Dozen Eggs Sold (000) |
|
309,979 |
|
|
|
273,126 |
|
Conventional Dozen Eggs Sold (000) |
|
199,989 |
|
|
|
181,530 |
|
Specialty Dozen Eggs Sold (000) |
|
109,990 |
|
|
|
91,596 |
|
Dozen Eggs Produced (000) |
|
266,839 |
|
|
|
250,365 |
|
% Specialty Sales (dozen) |
|
35.5 |
% |
|
|
33.5 |
% |
% Specialty Sales (dollars) |
|
34.2 |
% |
|
|
47.7 |
% |
Net Average Selling Price (per dozen) |
$ |
2.392 |
|
|
$ |
1.589 |
|
Net Average Selling Price Conventional Eggs (per dozen) |
$ |
2.424 |
|
|
$ |
1.241 |
|
Net Average Selling Price Specialty Eggs (per dozen) |
$ |
2.335 |
|
|
$ |
2.278 |
|
Feed Cost (per dozen) |
$ |
0.494 |
|
|
$ |
0.597 |
|
HPAI & Table Egg Supply Outlook
Outbreaks of HPAI have continued to occur in
During the third and fourth quarters of fiscal 2024, Cal-Maine Foods experienced HPAI outbreaks within Company facilities located in
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, with heightened risk during the migration seasons, and more recent HPAI events, which have been directly linked to dairy cattle operations, cannot be predicted. According to the
Looking Ahead
Miller added, “We are proud of our ability to consistently execute our growth strategy in a dynamic environment with favorable results. We commend our dedicated managers and employees whose shared commitment to operational excellence and responsible and sustainable production have distinguished Cal-Maine Foods in the marketplace. As the largest producer and distributor of fresh shell eggs in the
Dividend Payment
For the fourth quarter of fiscal 2024, Cal-Maine Foods will pay a cash dividend of approximately
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
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
CAL-MAINE FOODS, INC. AND SUBSIDIARIES |
||||||||
FINANCIAL HIGHLIGHTS |
||||||||
(Unaudited) |
||||||||
(In thousands, except per share amounts) |
||||||||
|
||||||||
SUMMARY STATEMENTS OF INCOME |
||||||||
|
|
13 Weeks Ended |
||||||
|
|
August 31, 2024 |
|
September 2, 2023 |
||||
Net sales |
|
$ |
785,871 |
|
|
$ |
459,344 |
|
Cost of sales |
|
|
538,653 |
|
|
|
413,911 |
|
Gross profit |
|
|
247,218 |
|
|
|
45,433 |
|
Selling, general and administrative |
|
|
61,932 |
|
|
|
52,246 |
|
Loss on involuntary conversions |
|
|
146 |
|
|
|
- |
|
Gain on disposal of fixed assets |
|
|
(1,817 |
) |
|
|
(56 |
) |
Operating income (loss) |
|
|
186,957 |
|
|
|
(6,757 |
) |
Other income, net |
|
|
10,996 |
|
|
|
7,490 |
|
Income before income taxes |
|
|
197,953 |
|
|
|
733 |
|
Income tax expense |
|
|
48,363 |
|
|
|
322 |
|
Net income |
|
|
149,590 |
|
|
|
411 |
|
Less: Loss attributable to noncontrolling interest |
|
|
(386 |
) |
|
|
(515 |
) |
Net income attributable to Cal-Maine Foods, Inc. |
|
$ |
149,976 |
|
|
$ |
926 |
|
|
|
|
|
|
|
|
||
Net income per common share: |
|
|
|
|
|
|
||
Basic |
|
$ |
3.08 |
|
|
$ |
0.02 |
|
Diluted |
|
$ |
3.06 |
|
|
$ |
0.02 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
||
Basic |
|
|
48,761 |
|
|
|
48,690 |
|
Diluted |
|
|
48,932 |
|
|
|
48,840 |
|
|
|
|
|
|
|
|
CAL-MAINE FOODS, INC. AND SUBSIDIARIES |
||||||
FINANCIAL HIGHLIGHTS |
||||||
(Unaudited) |
||||||
(In thousands) |
||||||
|
||||||
SUMMARY BALANCE SHEETS |
||||||
|
|
August 31, 2024 |
|
June 3, 2023 |
||
ASSETS |
|
|
|
|
|
|
Cash and short-term investments |
|
$ |
753,590 |
|
$ |
812,377 |
Receivables, net |
|
|
282,551 |
|
|
162,442 |
Inventories, net |
|
|
293,182 |
|
|
261,782 |
Prepaid expenses and other current assets |
|
|
14,156 |
|
|
5,238 |
Current assets |
|
|
1,343,479 |
|
|
1,241,839 |
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
960,070 |
|
|
857,234 |
Other noncurrent assets |
|
|
86,459 |
|
|
85,688 |
Total assets |
|
$ |
2,390,008 |
|
$ |
2,184,761 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
275,444 |
|
$ |
189,983 |
Dividends payable |
|
|
49,971 |
|
|
37,760 |
Current liabilities |
|
|
325,415 |
|
|
227,743 |
|
|
|
|
|
|
|
Deferred income taxes and other liabilities |
|
|
165,530 |
|
|
159,975 |
Stockholders' equity |
|
|
1,899,063 |
|
|
1,797,043 |
Total liabilities and stockholders' equity |
|
$ |
2,390,008 |
|
$ |
2,184,761 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241001974301/en/
Sherman Miller, President and CEO
Max P. Bowman, Vice President and CFO
(601) 948-6813
Source: Cal-Maine Foods, Inc.
FAQ
What were Cal-Maine Foods' (CALM) Q1 fiscal 2025 earnings per share?
How many dozen eggs did Cal-Maine Foods (CALM) sell in Q1 fiscal 2025?
What was Cal-Maine Foods' (CALM) net sales for Q1 fiscal 2025?
How did HPAI affect Cal-Maine Foods (CALM) in recent quarters?