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Aug 27, 2022
Cal-Maine Foods Q1 2023 Earnings Report
Cal-Maine Foods reported record sales, driven by higher average selling prices and increased specialty egg sales volume.
Key Takeaways
Cal-Maine Foods reported record first quarter sales for fiscal year 2023, with a 103% increase in net sales compared to the same quarter last year. The company's performance was driven by higher average selling prices and record specialty egg sales volumes. Net income for the quarter was $125.3 million, or $2.58 per basic share.
Record quarterly net sales of $658.3 million, a 103% increase compared with the same quarter last year.
Net income was $125.3 million, or $2.58 per basic and $2.57 per diluted common share.
Gross profit margin of 33.0% for the first quarter.
The company will pay a cash dividend of approximately $0.85 per share.
Cal-Maine Foods
Cal-Maine Foods
Forward Guidance
The Company expects continued corn and soybean upward pricing pressures and further market volatility to affect feed costs. The Company believes that HPAI outbreak will continue to have an impact on the overall supply of eggs through the balance of this calendar year and possibly beyond.
Challenges Ahead
- Continued corn and soybean upward pricing pressures
- Further market volatility to affect feed costs
- HPAI outbreak will continue to have an impact on the overall supply of eggs through the balance of this calendar year
- HPAI outbreak will continue to have an impact on the overall supply of eggs possibly beyond this calendar year
- Layer hen inventory is not projected to exceed the 320 million mark until October of 2023