Egg company’s earnings up on better market conditions
Published: April 1,2013
JACKSON — Cal-Maine Foods Inc. said today that its fiscal third-quarter net income climbed 17 percent, bolstered by increased selling prices and improved sales of specialty eggs.
For the period ended March 2, the egg producer earned $30.6 million, or $1.27 per share. That compares with earnings of $26.1 million, or $1.09 per share, a year earlier.
Revenue rose 19 percent to $360.4 million from $303.7 million.
Cal-Maine produced more eggs in the quarter and sold more of them as well. The net average selling price for a dozen eggs rose to $1.351 from $1.275.
Chairman, president and CEO Dolph Baker said in a statement that specialty egg sales made up 16.7 percent of dozen eggs sold and 23.6 percent of total shell egg sales revenue for the quarter. This compares with 16.4 percent of dozen eggs sold and 23.4 percent of total shell egg sales revenue for the prior-year period.
Baker said that feed costs increased 22 percent from a year ago and cautioned that the tight national corn supply will likely continue to be a concern over the summer and pressure its feed costs.
Cal-Maine will pay a third-quarter dividend of 42.3 cents per share. The dividend will be paid on May 16 to shareholders of record on May 1.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Seafood R’evolution set to make Mississippi ‘the new culinary epicenter of the South’
- Yarber could be sworn in today as new Jackson mayor
- After review, MSU moves forward on new research facility
- Ole Miss launches commitment to be 'climate neutral'
- Pharma Pac lays off rest of workers; could end up owing state
- SpaceX, Stennis officially open new rocket test stand
- Acco Brands investing $1.6M, adding 162 workers
- Gulf LNG terminal mulling export opportunities
- Secretary of State's Office transitioning to new location