UPDATE: Cal-Maine FQ4 Earnings Beat Estimates

Cal-Maine Foods

swung to a profit in the fiscal fourth quarter. The Jackson, Mississippi-based company posted its quarterly earnings of $31.5 million, or $1.30 per share, versus a year-earlier loss of $3.8 million, or $0.16 per share. The year-ago period results included a $0.71 per share associated to the settlement of antitrust litigation. Excluding this item, it earned $0.55 per share in the year-ago quarter. Its sales climbed 14% to $371.6 million from $325.9 million. Analysts were expecting earnings of $1.15 per share on revenue of $351.47 in the fourth quarter. Total dozens produced surged 8.1%, while total dozens sold rose by 2.5%. Average selling price per dozen jumped 12.0% y/y. Cal-Maine's gross margin rose to 24.6% from 15.8%. Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods said, “We are pleased with our financial and operating performance for the fourth quarter of fiscal 2014 with sales up 14.0 percent over the same period a year ago. These results reflect both higher volumes and higher average selling prices compared with the fourth quarter of fiscal 2013.” Cal-Maine's shares gained 0.66% to close at $79.29 on Friday.