Cal-Maine reports earnings increase
The company sees continued strong demand for eggs, a slightly higher, but manageable, egg supply, and further volatility with respect to corn and soybean meal prices, said CEO Fred Adams, Jr.
Cal-Maine Foods, Inc., announced net earnings of $36.6 million, or $1.54 per basic share, for the fourth quarter of fiscal 2008 compared with net earnings of $18.3 million, or $0.78 per basic share, for the same period last year.
Net sales for the quarter were $235.6 million compared with net sales of $169.9 million for the fourth quarter a year ago.
For the fiscal year 2008, net sales were $915.9 million compared with net sales of $598.1 million for fiscal 2007. The company reported net income of $151.9 million, or $6.41 per basic share, for fiscal 2008 compared with net income of $36.7 million, or $1.56 per basic share, in fiscal 2007.
“The results for the fourth quarter reflect good demand for eggs and strong egg prices,” said Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods. “The overall supply of eggs was slightly lower than the same period last year, which contributed to a more favorable market balance. Feed costs continued to be very high, reflecting the rising costs of corn and soybean meal,” he said.“For fiscal 2008, our results reflect very good egg prices, record high feed costs and a solid performance by the Cal-Maine management team. As we look ahead, we see continued strong demand for eggs, a slightly higher, but manageable, egg supply, and further volatility with respect to corn and soybean meal prices. All of our operations are running smoothly, and we are optimistic about Cal-Maine’s business for the year ahead,” said Adams.