Cal-Maine Foods Reports First Quarter Fiscal 2025 Results
Page 3
October 1, 2024
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HPAI & Table Egg Supply Outlook
Outbreaks of HPAI have continued to occur
in U.S. poultry flocks. From the resurgence beginning
in November 2023 until the last
reported case in commercial layer hens in July
2024, approximately 33.1
million commercial laying hens and pullets have been depopulated.
During the third and fourth quarters of fiscal 2024, Cal-Maine Foods experienced HPAI outbreaks
within Company facilities
located in Kansas
and Texas, resulting
in total depopulation
of approximately 3.1
million
laying
hens
and
577,000
pullets.
Both
locations
have
been
cleared
by
the
USDA
to
resume
operations. Repopulation
began
during first
fiscal quarter
2025 and
is
expected to
be
completed before
calendar year end.
The Company remains
dedicated to robust
biosecurity programs across its
locations; however, no
farm
is
immune from
HPAI.
HPAI is
currently widespread
in
the wild
bird
population worldwide.
The
extent of
possible future
outbreaks, with
heightened risk
during the
migration seasons,
and more
recent
HPAI events, which have been directly linked to dairy cattle operations, cannot be predicted. According to
the
U.S. Centers
for Disease
Control and
Prevention, the
human
health risk
to
the U.S.
public
from the
HPAI virus
is considered
to be
low.
Also, according
to the
USDA, HPAI
cannot be
transmitted through
safely handled and properly
cooked eggs.
There is no known
risk related to
HPAI associated with eggs
that
are currently in the market and no eggs have been recalled.
Looking Ahead
Miller added, “We are proud of our ability
to consistently execute our growth strategy
in a dynamic
environment with
favorable results. We
commend our
dedicated managers and
employees whose
shared
commitment to operational
excellence and responsible
and sustainable production
have distinguished
Cal-
Maine Foods in the marketplace. As the largest producer and distributor of fresh shell eggs in the U.S., we
are mindful of our
critical role in supporting
the nation’s food supply
with a differentiated
product mix.
As
such, we continue to expand our capacity, including cage-free and other specialty egg production, through
investments
in
innovative, scale-driven
products and
facilities.
We
have
also identified
opportunities to
enhance our product portfolio through strategic acquisitions
and joint ventures. We are fortunate to
have
a
strong
balance sheet
and a
disciplined
capital allocation
strategy that
supports our
growth
objectives.
Above
all,
we
are
focused
on
meeting
the
needs
of
our
valued
customers
with
quality
products
and
outstanding support and service. We look forward to the opportunities ahead
for Cal-Maine Foods.”
Dividend Payment
For the
fourth quarter
of fiscal
2024, Cal-Maine Foods
will pay
a cash
dividend of
approximately
$1.02 per share to
holders of its Common
Stock and Class
A Common Stock. Pursuant
to Cal-Maine Foods’
variable dividend policy, for each quarter
in which the Company reports
net income, the Company pays
a
cash
dividend
to
shareholders
in
an
amount
equal
to
one-third
of
such
quarterly
income.
Following
a
quarter
for
which
the
Company
does
not
report net
income,
the
Company will
not
pay
a
dividend
with
respect
to
that
quarter
or
for
a
subsequent
profitable
quarter
until
the
Company
is
profitable
on
a
cumulative basis
computed from
the date
of the
most recent
quarter for
which a
dividend was
paid. The
amount
paid
per
share
will
vary
based
on
the
number
of
outstanding
shares
on
the
record
date.
The
dividend is payable on November 14, 2024, to holders of record on October
30, 2024.
About Cal-Maine Foods
Cal-Maine Foods, Inc.
is primarily engaged
in the production,
grading, packaging, marketing
and
distribution
of
fresh
shell
eggs,
including
conventional,
cage-free,
organic,
brown,
free-range,
pasture-
raised and nutritionally enhanced eggs. The Company, which is headquartered in Ridgeland, Mississippi, throughout the majority of the United States.
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