Tue, Jul 23, 8:13 PM (46 days ago)
Cal-Maine Foods, Inc. reported a net sales decline to $2.33 billion in FY 2024 from $3.15 billion in FY 2023, primarily due to a decrease in average egg selling prices. Gross profit dropped to $541.6 million, with net income falling to $277.9 million from $758.0 million. The net income per share was $5.70, down from $15.58. Operating expenses increased by 8.8%, partly due to a $19.6 million litigation loss contingency. The company maintained strong liquidity with $237.9 million in cash and $574.5 million in available-for-sale securities. Future outlook includes continued investments in cage-free egg production and acquisitions. Key risk factors involve volatile egg and feed prices, and potential impacts from avian influenza outbreaks.