Exhibit 99.1
-MORE-
Contacts:
Sherman Miller, President and CEO
Max P. Bowman, Vice President and CFO
(601) 948-6813
CAL-MAINE FOODS REPORTS RESULTS
FOR FOURTH QUARTER AND FISCAL 2024
RIDGELAND, Miss. (July 23,
2024) - Cal-Maine Foods,
Inc. (NASDAQ: CALM) (“Cal-Maine
Foods” or the
“Company”), the
largest producer and
distributor of
fresh shell
eggs in
the United
States, today reported
results for the
fourth quarter of fiscal
2024 (thirteen weeks) and
fiscal year 2024 (fifty-two
weeks) ended
Fourth Quarter and Fiscal Year 2024 Highlights
●
Quarterly net sales of $640.8 million
●
Quarterly net income of $113.2 million, or $2.32 per diluted share
●
Fiscal year net sales of $2.3 billion and net income of $277.9 million, or $5.69
per diluted share
●
Cash dividend of $37.8 million, or $0.77 per share, pursuant to the Company’s
established
dividend policy
Overview
Sherman Miller, president and chief executive officer
of Cal-Maine Foods, stated, “We
are pleased
to report a solid performance for
the fourth quarter amidst a challenging period
for Cal-Maine Foods and
our
industry.
We
are
extremely
proud
of
our
managers
and
employees
who
continued
to
manage
our
operations in
a
dynamic environment
affected by
recent outbreaks
of highly
pathogenic avian
influenza
(“HPAI”).
Despite the interruptions, we continued to meet the demands of
our valued customers.
“Throughout the year, we continued to execute
our growth strategy and deliver a
favorable product
mix in
line with
customer demand.
Our operations
ran well
as we
remained focused
on our
objective of
operational
excellence.
We
also
completed
two
asset
acquisitions
in
fiscal
2024
and
completed
one
subsequent to the end
of the fiscal year,
each of which complements
our organic growth
initiatives.
We are
excited about the
additions of the
assets of Fassio
Egg Farms, Inc.,
located in Erda, Utah,
and the former
broiler processing plant, hatchery and feed
mill in Dexter, Missouri, previously operated
by Tyson Foods.
We
have
commenced work
on
the
acquired Dexter
facilities to
repurpose the
assets
for
use
in
shell
egg
production
and
processing.
We
are
partnering
with
local
farmers,
working
with
local
contractors
and
businesses and
making significant
investments in
the Dexter
area to
renovate and
improve the
facilities,
with future plans for expanded shell egg and value-added
egg product opportunities.
Following the end of
the
fiscal
year,
we
acquired
substantially
all
the
assets
of
ISE
America,
Inc.
and
certain
of
its
affiliates
(“ISE”).
We expect that the acquisition of
these assets from ISE will enable
us to significantly enhance our
market reach in the Northeast and Mid-Atlantic states.”
Sales Performance & Operating Highlights
Max Bowman, vice president and chief financial
officer of Cal-Maine Foods, added, “For the fourth
quarter of fiscal
2024, our net
sales were $640.8
million compared with
$688.7 million
for the same
period
last year. The decline in sales
revenue for the fourth quarter
of fiscal 2024 was primarily due
to lower sales
volumes due directly
to having 13
weeks in the
fourth quarter of
fiscal 2024 compared
to 14 weeks
in the
“Net sales for fiscal
2024 were $2.3 billion compared
with $3.1 billion for fiscal
2023. Fiscal 2024
was a 52-week-period and fiscal 2023
was a 53-week-period. The decrease in sales
revenue was primarily
due to a decrease
in the net average
selling prices for conventional
eggs, and to a
lesser extent, the
decrease
