Cal-Maine sees increased sales, but profits tumble 22 percent
by MBJ Staff
Published: March 26,2012
JACKSON — Cal-Maine Foods Inc., the egg seller and distributor, said today that its fiscal third-quarter profit tumbled 22 percent, weighed down by rising feed costs.
President and CEO Dolph Baker said in a statement that the company expects feed costs will remain very high and volatile throughout the summer due to tight supplies of corn and soybeans, which are Cal-Maine’s primary feed ingredients.
The company reported that its net income fell to $26.1 million, or $1.09 per share, for the period ended Feb. 25, down from $33.6 million, or $1.40 per share, a year earlier.
Revenue increased 11 percent to $303.7 million from $274.7 million on higher average selling prices and solid demand for shell eggs.
Average selling prices for shell eggs climbed 3.3 percent in the quarter, while specialty egg prices rose 9 percent. Specialty eggs include nutritionally enhanced, cage-free and organic eggs.
Feed costs climbed 4.5 cents per dozen eggs from a year ago.
The company said it would pay a third-quarter dividend of about 36.4 cents per share. The dividend will be paid on May 10 to shareholders of record on April 25.
Cal-Maine shares finished at $41.95 in trading last Friday. They hit a 52-week high of $42.38 on March 14 and traded as low as $27.51 in early May 2011.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Twang & Tourism: The Country Music Trail
Top Posts & Pages
- Officials set hunting dates for birds; expands dove season by 20 days
- FLIPPING OUT — Flipping houses is popular in much of the country, but in Mississippi ...
- REVVING UP — Motorcars of Jackson is preparing to open its first-ever showroom on I-55
- George Flaggs regrets repayment flaw in lending law
- Mississippi judge dismisses lawsuit seeking to overturn Sen. Cochran's GOP primary win
- TECH 21 — Mississippi's most wanted in technology
- Chefs John Folse and Rick Tramonto are dotting every ‘i’ and crossing every ‘t’ in the development of Seafood R’evolution, which is set to open in November
- Bryant issues executive order to establish Delta water task force
- PEDIGREE dog food recalled; might contain metal fragments