Cal-Maine Foods reported quarterly net sales of US$703.1 million in the third quarter of fiscal 2024, compared to US$997.5 million in the same period last year.
Max Bowman, Cal-Maine Foods Vice President and Chief Financial Officer, said the decrease was attributable to the average price of eggs coming down from the record highs recorded in the same quarter of fiscal 2023.
Cal-Maine’s shell egg sales were up for the quarter due a combination of lower prices compared to the previous year and an increased demand during the Christmas holiday season.
Sherman Miller, Cal-Maine Foods President and Chief Executive Officer stated: “Our sales reflect lower average selling prices compared to a year ago, when the shell egg industry experienced record high market prices due, primarily, to the impact of highly pathogenic avian influenza (HPAI) and other market factors resulting in a significant reduction in supply. While the more recent outbreaks of HPAI have also affected supply and caused market prices to move higher, the overall market impact has not been as severe.”
Bowman stated: “Our overall sales volumes improved 3.2% compared to the same period last year as we sold 300.8 million dozens compared with 291.4 million dozens for the third quarter of fiscal 2023. Conventional eggs sold reached 192.2 million dozens, up 2.6%, while specialty eggs sold were 108.6 million dozens, a 4.4% increase over the prior-year period.”
Net sales in fiscal 2024 have been consistently lower
Cal-Maine’s net sales in fiscal 2024 have been consistently lower compared to 2023. As with the third quarter, the drop in sales in the second and first quarters were attributed to egg prices being lower than prices the industry experienced in fiscal 2023.
In the first quarter of fiscal 2024, Cal-Maine reported net sales of US$459.3 million, a decrease of 43% compared to net sales in the first quarter of fiscal 2023. In the second quarter, Cal-Maine’s net sales were US$523.2 million compared to US$801.7 million in the same quarter in fiscal 2023.
