Cal-Maine Foods Misses On Q4 Earnings, Scraps Q4 Dividend

Cal-Maine Foods Inc CALM reported that fourth-quarter FY21 sales fell 22.8% year-on-year to $349.8 million, missing the analyst consensus of $404.7 million.
Total dozens sold for the fourth quarter of fiscal 2021 were down 9.4% Y/Y with 255.9 million dozen sold.
Gross profit fell 68.8% Y/Y to $37.9 million.
Selling, general, and administrative (SG&A) expenses saw a 5.8% hike Y/Y.
Feed cost per dozen eggs amounted to $0.52 in the quarter.
Farm production costs per dozen produced were up 15.3% Y/Y or $0.112 per dozen.
The net average sales price for shell eggs was $1.32 per dozen, down 16.5% from $1.58 last year.
Fourth quarter results reflect a decline in average selling prices and lower volumes for conventional eggs, the company said.
The company garnered an operating loss of $13 million in the quarter.
Loss per share of $(0.09) missed the analyst consensus for EPS of $0.39.
The fresh egg producer held $169.5 million in cash and equivalents as of May 29, 2021.
"While retail demand has been strong for most of this fiscal year, that trend began to change in the fourth quarter as consumers started dining out again and preparing fewer meals at home,” said CEO Dolph Baker.
It will not pay a dividend for the fourth quarter of fiscal 2021.
Outlook: The company expects further volatility in market prices for primary feed ingredients due to ongoing uncertainties and continued supply chain disruptions related to the COVID-19 outbreak, weather fluctuations, and geopolitical issues.
Price action: CALM shares closed lower by 0.44% at $36.18 on Friday.

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