Cal-Maine Foods reports better-than-expected third quarter results thanks to strong consumer demand

By Laura Mullan
Cal-Maine Foods Inc. reported better than expected results for the third quarter ending March 3, 2018. The US egg producer saw a 42.4% increase in net...

Cal-Maine Foods Inc. reported better than expected results for the third quarter ending  March 3, 2018.

The US egg producer saw a 42.4% increase in net sales to $435.8mn as stronger demand boosted egg prices.

The Mississippi-based firm said that net income rose $96.3mn, or $1.99 a share, from $4.1mn or 9 cents a share, in the same period last year.

The egg seller said that it benefitted from the recent TCJA tax reform legislation and a continued increase in egg prices.

SEE ALSO:

“We are pleased to report very strong financial and operating results for the third quarter of fiscal 2018, as we capitalized on improved market conditions compared with the third quarter last year,” said Dolph Baker, chairman and chief executive officer of Cal-Maine Foods, Inc.

“Our sales were up 42.2 percent from a year ago, reflecting strong consumer demand trends, continued grocery store promotions for shell eggs, and more moderate production growth. Together, these factors have supported higher market prices.

“We continued to execute our growth strategy in this favorable market environment, resulting in a significant improvement in profitability compared with the prior-year period,” he added.

Baker also said that the firm’s speciality egg business reans the focus of its growth and that it is tapping into growing consumer demand for cage-free eggs.

Share

Featured Articles

Livestock data management platform Breedr raises £12mn

Breedr helps farmers improve their livestock productivity & sustainability. Investbridge Capital led a £12mn funding round to build better farm trading

Coca-Cola, Diginex & Reckitt tech to support supply chains

Respect for human rights is critical to good business, says Coca-Cola’s Paul Lalli, as the company joins diginexLUMEN to catch supply chain forced labour

Luxury food manufacturer Venchi on sustainable packaging

Cècile Osti, of luxury chocolate manufacturer Venchi, on Easter 2022, Sorrento lemons, sustainable packaging, natural ingredients & the pleasure of food

How has the pandemic affected sales at General Mills?

Food

Morrisons partners with Nestle in sustainability scheme

Retail

PepsiCo Launches pep+ a Strategic End-to-End Transformation

Drink