Cal-Maine Foods Reports Second Quarter Fiscal 2025 Results
Page 2
January 7, 2025
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product portfolio
expansion, proximity
to customers
and potential
financial returns.
Our growth
strategy
is
also
focused
on
the
expansion
of
our
egg
products
offerings,
including
hard-cooked
eggs
from
our
MeadowCreek
operations
and
other
ready-to-eat
products
offered
through
our
previously
announced
strategic investment
in Crepini,
which includes
egg wraps,
protein pancakes,
crepes and
wrap-ups in
our
product portfolio. Importantly,
we have a
strong balance sheet
and the financial
flexibility to make
the right
investments to support our growth strategy,” added Miller.
Sales Performance & Operating Highlights
Max Bowman, vice president and
chief financial officer of Cal-Maine
Foods, added, “For the second
quarter of fiscal 2025, our net
sales were $954.7 million compared with $523.2
million for the same period
last year. The higher sales were primarily driven
by an increase in the net average
selling price of shell eggs
as well as an increase in total dozens sold.
“For the second fiscal
quarter, we sold
329.8 million dozens shell
eggs compared with 288.2
million
dozens
for
the
second
quarter
of
fiscal
2024.
Sales
of
conventional
eggs
totaled
209.6
million
dozens,
compared
with
192.5
million
dozens
for
the
prior-year
period,
an
increase
of
8.9%.
We
saw
over
25%
quarterly
growth
in
our
specialty
egg
volumes
as
sales
totaled
120.2
million
dozens
sold
for
the
second
quarter of fiscal 2025 compared with 95.7 million dozens sold for the prior-year period.
“Net
income
attributable
to
Cal-Maine
Foods
for
the
second
quarter
of
fiscal
2025
was
$219.1
million, or $4.47 per
diluted share, compared with $17.0
million, or $0.35 per diluted
share, for the second
quarter of fiscal 2024.
“Overall,
our
second
quarter
farm
production
costs
per
dozen
were
8.5%
lower
compared
to
the
prior-year
period,
primarily
due
to
more
favorable
commodity
pricing
for
key
feed
ingredients.
For
the
second quarter of fiscal 2025, feed costs per dozen were
down 12.8% compared with the second quarter of
fiscal 2024. Our
costs for outside
egg purchases increased significantly
quarter-over-quarter, primarily due
to higher
shell egg
prices and
the increased
dozens of
shell eggs
we purchased
for customers
during the
higher seasonal demand cycle while the nation experienced lower supply due to HPAI.
“Current indications for
corn and soybean
supply project a favorable
stocks-to-use ratio similar
to
today’s
prevailing
levels
for
the
remainder
of
fiscal
2025.
However,
as
we
continue
to
face
uncertain
external
forces,
including
weather
patterns
and
global
supply
chain
disruptions,
price
volatility
could
13 Weeks Ended
26 Weeks Ended
November 30, 2024
December 2, 2023
November 30, 2024
December 2, 2023
Dozen Eggs Sold (000)
329,844
288,173
639,823
561,299
Conventional Dozen Eggs Sold (000)
209,597
192,462
409,586
373,992
Specialty Dozen Eggs Sold (000)
120,247
95,711
230,237
187,307
Dozen Eggs Produced (000)
288,036
265,101
554,875
515,457
% Specialty Sales (dozen)
36.5
%
33.2
%
36.0
%
33.4
%
% Specialty Sales (dollars)
31.7
%
43.7
%
33.0
%
45.7
%
Net Average Selling Price (per dozen)
$
2.740
$
1.730
$
2.572
$
1.661
Net Average Selling Price Conventional
Eggs (per dozen)
$
2.943
$
1.458
$
2.690
$
1.353
Net Average Selling Price Specialty Eggs
(per dozen)
$
2.387
$
2.277
$
2.362
$
2.277
Feed Cost (per dozen)
$
0.483
$
0.554
$
0.488
$
0.575
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