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Dec 02, 2023
Cal-Maine Foods Q2 2024 Earnings Report
Cal-Maine Foods delivered a solid financial and operating performance despite dynamic market conditions.
Key Takeaways
Cal-Maine Foods reported net sales of $523.2 million and net income of $17.0 million, or $0.35 per diluted share, for the second quarter of fiscal 2024. The results reflect a decrease in average selling prices but were supported by a slight increase in sales volumes.
Net sales for the quarter were $523.2 million.
Net income was $17.0 million, or $0.35 per diluted share.
Total volumes sold increased slightly to 288.2 million dozens.
The company completed the acquisition of Fassio Egg Farms, Inc.
Cal-Maine Foods
Cal-Maine Foods
Forward Guidance
Cal-Maine Foods is focused on managing its operations, expanding capacity, pursuing synergistic acquisitions, and supporting long-term growth through innovative products and facilities.
Positive Outlook
- Effectively managing business through the first half of fiscal 2024.
- Team's resilience and ability to quickly respond to challenges.
- Proven operating model supports ability to manage operations.
- Uniquely positioned to leverage scale and continue to meet growing customer demand.
- Strong balance sheet and disciplined capital allocation strategy.
Challenges Ahead
- Impact of HPAI.
- Uncertain external forces including weather patterns.
- Global supply chain disruptions.
- Volatility could remain.
- HPAI outbreak will continue to affect the overall supply of eggs until the layer hen flock is fully replenished.