Cal-Maine income up sharply in Q3
March 31, 2008
by Stephanie Bloyd
JACKSON, MISS. — High egg prices and favorable industry economics contributed to strong third-quarter results for Cal-Maine Foods, Inc., for the quarter ended March 1. The company posted net income of $57,183,000, equal to $2.41 per share on the common stock, up nearly 230% from $17,403,000, or 74c per share, during the same quarter of 2007.
Net sales were $278,017,000, up 59% from $175,211,000 during the third quarter of the previous year.
"We are very pleased with the strong results for the third quarter of fiscal 2008, reflecting record high egg prices," said Fred Adams, chairman and chief executive officer. "Demand was strong for eggs in both the retail and food services segments and demand was also good for shell eggs used to produce liquid, frozen and dried egg products."
For the first nine months of fiscal 2008, the company posted net income of $115,303,000, equal to $4.87 per share on the common stock, up nearly 540% from $18,373,000, or 78c per share, during the same period in 2007. Net sales were $680,311,000, up 59% from $428,256,000 during the first nine months of the previous year.
Strong egg demand over the Easter holiday also contributed to the third-quarter increase.