Cal-Maine Foods Q4 2023 Earnings Report
Key Takeaways
Cal-Maine Foods reported net sales of $688.7 million and net income of $110.9 million for the fourth quarter of fiscal year 2023. The company's performance was driven by increased sales volumes and higher average selling prices, reflecting strong consumer demand and the impact of the HPAI outbreak. Cal-Maine Foods will pay a cash dividend of approximately $0.76 per share.
Net sales for the fourth quarter of fiscal 2023 were $688.7 million, compared to $593.0 million for the same period last year.
Net income for the fourth quarter of fiscal 2023 was $110.9 million, or $2.27 per diluted share, compared to $110.0 million, or $2.25 per diluted share, for the fourth quarter of fiscal 2022.
Conventional egg net average selling price per dozen was $2.038 for the fourth quarter of fiscal 2023, compared with $2.108 the prior-year quarter.
Net average selling price for specialty eggs rose to $2.499 per dozen, compared with $2.015 per dozen for the fourth quarter of fiscal 2022.
Cal-Maine Foods
Cal-Maine Foods
Forward Guidance
Cal-Maine Foods is focused on managing operations, meeting customer demand, and extending market reach. The company believes the demand for affordable food choices will continue to grow and is well-positioned to support this need.
Positive Outlook
- Solid execution of organic growth strategy
- Focus on managing operations efficiently and safely
- Commitment to key performance metrics
- Proven operating model and differentiated product mix
- Financial strength to support growth strategy
Challenges Ahead
- Ongoing uncertainties related to HPAI
- Macroeconomic concerns
- Higher grain and other input costs
- Egg prices returned to pricing levels more in line with historic norms
- Potential for future HPAI outbreaks