Cal-Maine sees income fall while costs rise
Published: September 30,2013
JACKSON — Cal-Maine Foods Inc. said today that its fiscal first-quarter net income fell 6 percent as feed and production costs climbed.
The egg producer earned $8.8 million, or 36 cents per share, for the period ended Aug. 31. That compares with $9.4 million, or 39 cents per share, a year earlier.
Revenue for the Jackson-based company rose 17 percent to $319.5 million from $272.9 million as the average selling price for a dozen eggs increased.
Feed costs climbed about 7 percent from the prior-year period, but the company anticipates lower feed costs for the rest of fiscal 2014 because favorable summer growing conditions led to better corn and soybean crops.
Cal-Maine said it will pay a first-quarter dividend of about 6.8 cents per share. The dividend will be paid on Nov. 14 to shareholders of record on Oct. 30.
Cal-Maine shares finished at $48.91 on Friday. Its shares are down 7 percent since hitting a high of $52.43 in late July. They traded as low as $38.51 on the last of 2012.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Jail kitchen supervisor pleads guilty to stealing food
- Warden who lives hundreds of miles from jail resigns
- A BIG CHANGE: New mortgage rules seen bringing increase in pricey mobile home loans
- Ex-MDEQ leader Fisher joins Butler Snow
- Top 10 finalists chosen for C Spire Conerly Trophy
- State’s new banking chief Charlotte Corley has deep roots in the business
- Analyst: KiOR Columbus plant may end up sold as scrap
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- BankPlus recognized for alternative program to payday lending
- DAVID DALLAS: Savor this Thanksgiving and be grateful