Cal-Maine Foods reported a net income of $89.7 million for fiscal year 2012, up from 2011's $60.8 million, according to the company's latest financial report.
The company's fourth-quarter results were also up over 2011 numbers, coming in at $37.3 million compared to just $7.3 million. “Our financial and operating results for the fourth quarter marked a strong finish to fiscal 2012," said Dolph Baker, president and CEO. "These results reflect higher volumes with an 8.6 percent increase in eggs produced and 11 percent increase in eggs sold compared with the same period a year ago. While we had an extra week of sales compared with the fourth quarter of fiscal 2011, we also had less Easter-related business fall in the fourth quarter due to the earlier holiday schedule in 2012."
Cal-Maine's net sales were $1.1 billion, the first time the company has breached the $1 billion mark. “Retail demand was strong and helped the market absorb a slightly higher egg supply than we experienced in fiscal 2011," said Baker. "Sales of specialty eggs have continued to rise, accounting for 16.3 percent of our total number of eggs sold and over 24 percent of sales revenue for the year. Specialty eggs generally have a higher and more stable average retail selling price and the 9.1 percent increase in specialty egg volume helped push our average selling prices up 9.7 percent for the year. We expect specialty eggs will continue to gain market share over regular eggs as consumer demand trends shift toward the perceived health benefits of organic and natural food alternatives."
Baker said he is pleased with his company's performance and that there are opportunities for continued growth in the 2013 year.
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