Cal-Maine Q1 net income plunges to $926K from $125.3M YoY; announces Utah acquisition

CAL-MAINE FOODS INC

2024-Q1 EPS reported $0.02 revenue$459,344,000

Net sales of $459.3M vs $658.3M a year ago; net income $926K ($0.02/diluted share) vs $125.3M ($2.57).
Operating loss of $6.8M compared to operating income of $163.9M in prior-year quarter.
Conventional egg net avg selling price fell to $1.241/doz from $2.368; specialty eggs rose to $2.278.
Cash dividend of ~$0.006/share payable Nov 16, 2023 to holders of record Nov 1, 2023.
Signed definitive agreement to acquire Fassio Egg Farms assets (1.2M laying hens, cage-free) in Utah; close expected in Q2 FY2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

CAL-MAINE FOODS INC reported first quarter ended September 2, 2023 results: revenue $459.3 million, net income $926,000, EPS $0.02 per basic and diluted common share.

Period: first quarter ended September 2, 2023
Revenue: $459.3 million
Net income: $926,000
EPS: $0.02 per basic and diluted common share
Result: reported results

Exact text from the filing

First Quarter Fiscal Year 2024 Highlights ● Quarterly net sales of $459.3 million ● Quarterly net income of $926,000 or $0.02 per basic and diluted common share ● Net average selling price for specialty eggs increased 8.4 percent quarter-over-quarter ● Cash dividend of $294,000, or $0.006 per share, pursuant to the Company’s established dividend policy Overview Sherman Miller, president and chief executive officer of Cal-Maine Foods, Inc., stated, “Our results for the first quarter of fiscal 2024 reflect the current dynamic market conditions.

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Source: SEC EDGAR

accession 0001562762-23-000358

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