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.
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