Cal-Maine third quarter delivers profit

For the third quarter of fiscal 2010, egg producer Cal-Maine Foods generated sales of $271.2M, an increase from $270.0M in the corresponding quarter of fiscal 2009. Net income for the thirteen weeks ending February 27, 2010, was $34.5M, up from $30.8M a year earlier.

Cal-Maine marketed 210.9 million dozen eggs, of which 77% were produced by company flocks. Net average selling price per dozen was $1.24, compared with $1.21 in the third quarter of fiscal 2009. Feed cost for the quarter was 34.7 cents per dozen, a 7% reduction from the corresponding quarter in fiscal 2009. Specialty eggs made up 15.4% of total volume, or 32 million dozen, which represented 20.4% of sales value, equivalent to $1.73 per dozen.

Chairman Fred Adams Jr. said, “We benefited from a favorable balance of supply and demand for eggs during the quarter and our sales at the retail level were very good.” He added, “Restaurant and other foodservice sales continue to reflect weak demand as consumers are not dining out as frequently in this economic environment.”