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Mar 02, 2024
Cal-Maine Foods Q3 2024 Earnings Report
Cal-Maine Foods' financial performance was strong in Q3 2024, marked by record sales volume despite lower average selling prices compared to the previous year.
Key Takeaways
Cal-Maine Foods reported a decrease in net sales and net income for the third quarter of fiscal 2024 compared to the same period last year, primarily due to lower average selling prices of eggs. However, sales volumes increased, and the company achieved record quarterly sales volume of total and specialty dozens sold.
Net sales for the quarter were $703.1 million, compared to $997.5 million in the prior year.
Net income was $146.4 million, or $3.01 per basic common share, down from $323.2 million, or $6.62 per diluted share, in the prior year.
Total sales volumes increased by 3.2% to 300.8 million dozens, a company record.
The company experienced an HPAI outbreak in Kansas, leading to the depopulation of approximately 1.5 million laying hens and 240,000 pullets.
Revenue by Segment
Forward Guidance
Cal-Maine Foods is focused on meeting the strong demand for shell eggs, extending its market reach, and making strategic investments to drive innovation and efficient production. They anticipate fiscal 2024 to be successful.
Positive Outlook
- Demand for shell eggs has remained strong.
- The company is focused on meeting customer needs with diverse, quality products.
- Cal-Maine is identifying opportunities to extend its market reach.
- Significant investments are being made to drive innovation and more efficient production.
- The company has a strong balance sheet to fund growth initiatives, including potential acquisitions.
Challenges Ahead
- The company has navigated significant challenges related to HPAI.
- There is a risk of future HPAI outbreaks, especially during migration seasons.
- Price volatility could remain due to uncertain external forces.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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