Cagle's Inc. released its results for the first quarter of its new fiscal year ending on July 3.
The company reported a net income of $3.5 million ($0.75 per share), up from $1.3 million ($0.28 per share) in the same quarter of the last fiscal year. Revenues were also up slightly, coming in at $78.6 million and reflecting a decrease in sales of 3.1% but an increase in poultry sales price of $0.013 per pound when compared to last year. Sales costs decreased by 4.9%, contributing to overall gains.
Cagle's is expecting the market to remain strong and continue to give solid returns. "Our shifting product mix and excellent margins on existing products have provided a good return for the company and its stakeholders for our first quarter of fiscal year 2011," said Cagle's President and CEO Douglas Cagle. "We expect protein markets to continue to be strong for the remainder of this summer supported by low cattle and hog inventories and limited expansion of poultry supplies."