U.S. stock markets have retreated in April after a sharp rally in the past 15 months. The euphoria surrounding equities evaporated as the yield on the benchmark 10-Year U.S. Treasury Note returned northward, trading above 4%. In the first week of April, the Dow tumbled 2.3%, posting its worst weekly performance in 2024. The S&P 500 slid 1% during the period, while the Nasdaq Composite fell 0.8%.This was primarily owing to the uncertainty regarding the time when the Fed would initiate the first cut in the be ...

Key PointsCal-Maine Foods is the nation's largest fresh egg producer and distributor, with an estimated 19% market share.Cal-Maine reported a fiscal Q3 2024 EPS beat by 55 cents despite revenues falling 29.5% due to bird flu disruptions in egg supply.Cal-Maine shares trade at just 13.6X forward earnings with a $1.00 special dividend payable on May 16, 2024, for shareholders on record as of May 1, 2024.5 stocks we like better than Cal-Maine FoodsCal-Maine Foods Inc. NASDAQ: CALM is the largest and leading pr ...

For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Cal-Maine Foods (CALM) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.Cal-Maine Foods is a member of our Basic Materials group, which includes 240 different companies and currently sits at #12 in the Zacks Sector Rank. The Zacks Sector Ran ...

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The egg producer delivered a better-than-feared quarter.Shares of Cal-Maine Foods (CALM 3.62%) climbed as high as 7.2% early Wednesday, then settled to close up 3.6% after the egg producer announced better-than-expected quarterly results. This occurred despite news of a new Avian flu outbreak at one of its facilities.Cal-Maine Foods' better-than-feared quarterFor its fiscal third quarter ended March 2, 2024, Cal-Maine Foods' revenue declined 29.5% year over year to $703.1 million, translating to net income ...

CalMaine Foods, Inc. (CALM) reported earnings per share of $3.00 in third-quarter fiscal 2024 (ended Mar 2, 2024). The bottom line marked a 55% decline from the year-ago quarter.Sales plunged 29.5% year over year to $703 million in the third quarter of fiscal 2024. The company reported exceptionally strong third-quarter fiscal 2023 sales of $997 million mainly due to record-high egg prices. Last year the shell egg industry had witnessed record high market prices triggered by the highly pathogenic avian infl ...

Thanks to strong demand, egg producer Cal-Maine Foods Inc (NASDAQ:CALM) announced better-than-expected fiscal third-quarter revenue after the close yesterday. Cal-Maine Foods stock is surging after the news, despite the company also temporarily closing a facility in Texas due to an outbreak of the bird flu. After gapping to fresh 52-week high of $63.14, CALM was last seen up 4.8% at $61.74. The equity is up 10.1% in the last 12 months, and is bouncing off a pullback to the $55 region.Despite low absolute vo ...

Key TakeawaysCal-Maine Food shares jumped more than 8% in premarket trading Wednesday after the company posted better-than-expected quarterly earnings and sales as strong demand for eggs helped offset lower prices.The company’s sales volumes increased 3.2% from last year’s corresponding quarter, with both conventional and specialty egg sales recording low to mid-single-digit percentage growth.The egg producer has detected Avian Influenza at its Texas facility, resulting in a 3.6% reduction of its total floc ...

Company Overview - Cal-Maine Foods, Inc. is the largest producer and distributor of fresh shell eggs in the U.S., with a total flock of approximately 42.2 million layers and 10.9 million pullets and breeders[124]. Financial Performance - For the thirty-nine weeks ended February 25, 2023, net income attributable to Cal-Maine Foods, Inc. was $164.647 million, with a basic net income per share of $3.38[128]. - The company recorded a net income of $146.712 million for the thirteen weeks ended March 2, 2024, with a diluted net income per share of $3.37[128]. - Net income for the thirteen weeks ended March 2, 2024, was $146.4 million, compared to a net loss of $349 thousand[223]. - Net income attributable to Cal-Maine Foods, Inc. for the thirteen weeks ended March 2, 2024, was $146,712 thousand, down from $323,219 thousand, a decline of approximately 54.5%[185]. - Comprehensive income attributable to Cal-Maine Foods, Inc. for the thirty-nine weeks ended March 2, 2024, was $166,019 thousand, down from $645,622 thousand in the prior year, reflecting a decline of 74.3%[157]. - Net income attributable to Cal-Maine Foods, Inc. for the thirty-nine weeks ended March 2, 2024, was $164.6 million, a significant decrease from $647.1 million for the same period in fiscal 2023[250]. Revenue and Sales - The company recognizes revenue upon satisfaction of performance obligations, which typically occurs within days of order agreement, with sales predominantly based on independently quoted wholesale market prices[130]. - Total net sales for the thirty-nine weeks ended March 2, 2024, were $1,685.654 million, down from $2,457.537 million for the same period in fiscal 2023[234]. - Net shell egg sales represented 96.2% of total net sales for the thirty-nine weeks ended March 2, 2024, compared to 96.4% for the same period in the prior year[233]. - Net shell egg sales accounted for 96.9% of total net sales in the third quarter of fiscal 2024, compared to 96.7% in the same quarter of fiscal 2023[257]. - Conventional egg sales decreased by $275.4 million, or 40.0%, in the third quarter of fiscal 2024, driven by a 41.5% drop in prices[259]. Costs and Expenses - Farm production costs per dozen produced decreased by 10.5% ($0.11) for the third quarter and 6.6% ($0.07) for the first three quarters of fiscal 2024 compared to the prior year periods[231]. - Total shell egg cost of sales decreased by 7.8% to $462.998 million for the third quarter compared to $502.424 million in the prior year[237]. - Feed costs per dozen produced decreased by 19.9% in the third quarter of fiscal 2024, resulting in a $35.0 million reduction in cost of sales compared to the prior year[262]. Cash Flow and Investments - Net cash provided by operating activities for the thirty-nine weeks ended March 2, 2024, was $237,604 thousand, compared to $706,509 thousand for the same period in 2023, indicating a decrease of 66.5%[160]. - The company reported net cash used in investing activities of $118,438 thousand for the thirty-nine weeks ended March 2, 2024, compared to $397,620 thousand in the same period last year, a reduction of 70.3%[160]. - Cash and cash equivalents at the end of the period were $367,123 thousand, an increase from $221,614 thousand at the end of the previous year[160]. - The company made an acquisition of business amounting to $53,746 thousand during the period[160]. - Proceeds from sales and maturities of investment securities available-for-sale were $273.9 million for the thirty-nine weeks ended March 2, 2024, compared to $132.7 million for the same period in 2023[218]. Assets and Liabilities - The company’s total stockholders' equity as of March 2, 2024, was $1.720959 billion[125]. - Total assets increased to $2,133,529 thousand as of March 2, 2024, up from $1,954,525 thousand on June 3, 2023, representing a growth of approximately 9.2%[183]. - Total current liabilities increased to $215,689 thousand as of March 2, 2024, from $182,731 thousand on June 3, 2023, representing an increase of approximately 18%[183]. - The company reported total liabilities of $412,570 thousand as of March 2, 2024, up from $344,942 thousand on June 3, 2023, reflecting an increase of about 19.6%[183]. Acquisitions and Growth - The company completed the acquisition of a closed broiler processing plant, hatchery, and feed mill from Tyson Foods, Inc. on March 14, 2024[135]. - The company acquired assets of Fassio Egg Farms, which included facilities for approximately 1.2 million laying hens, primarily cage-free[227]. - The company recognized goodwill of $1.8 million as a result of the acquisition of Fassio Egg Farms, Inc., which enhances its commercial shell egg production capacity[214]. Market Conditions and Risks - The company faces risks from factors such as inflation, interest rates, and the impact of HPAI on its business operations[123]. - Approximately 1.6 million laying hens and 337,000 pullets, or about 3.6% of the total flock, were affected by HPAI at a facility in Texas as of April 1, 2024[135]. - The company maintains robust biosecurity programs, but the risk of HPAI outbreaks remains unpredictable[229]. - Ten states have passed legislation mandating minimum space or cage-free requirements for egg production, affecting approximately 27% of the U.S. population[226]. Disclosure and Compliance - The company has effective disclosure controls and procedures as of March 2, 2024, ensuring timely and accurate reporting[104]. - The Chief Executive Officer and Chief Financial Officer conducted an evaluation of the disclosure controls, concluding their effectiveness at a reasonable assurance level[104]. - The company is committed to complying with the Securities and Exchange Commission's rules and forms regarding financial disclosures[104]. - The financial officers are responsible for ensuring that required information is communicated to management for timely decision-making[104]. - The company aims to provide reasonable assurance that all required information is recorded and reported within specified time periods[104]. - The disclosure controls include procedures to accumulate and communicate information to principal executive and financial officers[104]. - The company emphasizes the importance of timely decisions regarding required disclosures[104]. - The evaluation of disclosure controls involved collaboration among various financial officers[104]. - The company is focused on maintaining transparency and accountability in its financial reporting processes[104]. - The effectiveness of the disclosure controls is crucial for the company's compliance with the Exchange Act[104].

Contacts: Sherman Miller, President and CEO Max P. Bowman, Vice President and CFO (601) 948-6813 FOR THIRD QUARTER FISCAL 2024 Third Quarter Fiscal Year 2024 Highlights Sherman Miller, president and chief executive officer of Cal-Maine Foods, stated, "We are very pleased with Cal-Maine Foods' strong financial and operating performance for the third quarter of fiscal 2024. Our sales reflect lower average selling prices compared to a year ago, when the shell egg industry experienced record high market prices ...