Cal-Maine Foods Q3 profits down 3% due to high feed costs
Q3 net income reached $33.6 million for 2011, down from 2010's $34.5 million
Cal-Maine Foods Inc. reported a third quarter net income of $33.6 million, down roughly 3% from 2010's $34.5 million, according to a recent report. The decrease, said Cal-Maine President and CEO Dolf Baker, can be attributed to high feed costs, which increased during the third quarter to 40.4 cents per dozen eggs, reflecting a 16.4% increase over 2010 and representing $7.8 million in additional costs.
In spite of this setback, when comparing the performance for the first three quarters of fiscal year 2011 with 2010, Cal-Maine increased net income by 14.7% to $53.57 billion (from 2010's $46.8 billion).
The company marketed 215.2 million dozen eggs during the quarter (compared to 210.9 million dozen during the third quarter of 2010) with 75% derived from company-owned flocks. Sales of specialty eggs accounted for 17.5% of volume and 23.5% of sales value. Reported net sales for the third quarter 2011 came in at $274.7 million, up slightly from 2010's $271.2 million.