UPDATE: Cal-Maine Posts Rise In FQ1 Earnings

Cal-Maine Foods

reported a rise in its fiscal first-quarter earnings. The Jackson, Mississippi-based company posted quarterly earnings of $27.7 million, or $1.14 per share, up from $8.8 million, or $0.36 per share, in the year-ago period. Analysts were expecting earnings of $1.17 per share. Its sales gained around 12% to $356.9 million. The company sold 251.7 million dozen eggs, a 4% y/y rise. The average selling price surged 8% to around $1.354 a dozen in the quarter. Feed cost per dozen eggs declined to $0.484, versus around $0.544 in the year-earlier quarter. Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods said, “Our increased sales reflect higher volumes and higher average selling prices compared with the first quarter last year. Consumer demand for eggs has been very favorable and we experienced continued strong demand from all the major market segments including retail, egg product and exports. Sales of specialty eggs have continued to trend higher and accounted for 18.8 percent of our total number of shell eggs sold and 26.8 percent of our shell egg sales revenue for the first quarter of fiscal 2015.” Cal-Maine shares fell 1.48% to close at $85.47 on Friday.