Sales up, earnings down at Cal-Maine Foods
by MBJ Staff
Published: July 25,2011
JACKSON — Cal-Maine Foods Inc., for the fourth quarter of fiscal 2011, recorded net sales of $242.4 million, compared with net sales of $222.1 million for the fourth quarter a year ago.
The company reported net earnings of $7.3 million, or $0.30 per basic share, for the fourth quarter of fiscal 2011, compared with net earnings of $21 million, or $0.88 per basic share, for the same period last year.
For the fiscal year 2011, net sales were $942 million, compared with net sales of $910.1 million for fiscal 2010. Cal-Maine reported net income of $60.8 million, or $2.55 per basic share, for fiscal 2011, compared with net income of $67.8 million, or $2.85 per basic share, in fiscal 2010.
Dolph Baker, president and CEO of Cal-Maine, said, “Our results for the fourth quarter of fiscal 2011 reflect a more challenging environment compared with the previous year period. The higher retail demand associated with a late Easter holiday and a slightly smaller national flock helped boost egg prices by an average of five cents per dozen for the quarter. However, feed costs have continued to escalate and were up 12 cents per dozen compared with the same period a year ago, which affected our profitability for the fourth quarter.
“For fiscal 2011, we were pleased with our overall higher sales compared with fiscal 2010. Specialty egg sales, which carry a higher selling price, have continued to grow and accounted for approximately 24 percent of shell egg revenue and 16 percent of total dozens sold for the year. We are encouraged with the strong retail demand trends; however, we anticipate feed costs will remain very high and volatile.”
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