Cal-Maine Foods reports Q2 EPS 35c, consensus 83c

Reports Q2 revenue $523.2M, two estimates $525.4M. Sherman Miller, CEO, stated, “Cal-Maine Foods delivered a solid financial and operating performance for the second quarter of fiscal 2024 in the face of dynamic market conditions. Our sales reflect a different market environment from a year ago, with significantly lower average selling prices. However, our total volumes sold were up slightly over a year ago, as consumer demand for shell eggs continued to be favorable in the quarter, especially leading up to the Thanksgiving holiday. As always, we strive to offer consumers a wide range of quality choices in shell eggs as well as enhanced egg products offerings. Our ability to meet changing demand trends with a favorable product mix has been an important differentiator for Cal-Maine Foods. With solid execution, we continued to meet the needs of our customers. We commend our managers and employees across our production facilities who continued to efficiently manage our operations and keep pace with changing demand. During the second quarter, we completed the acquisition of the assets of Fassio Egg Farms, Inc. a shell egg production and processing business located in Erda, Utah, outside of Salt Lake City. The additional production capacity, especially for cage-free eggs, will enhance our ability to serve our valued customers in this important market area. We welcome the Fassio team to Cal-Maine Foods as we apply our proven operating model and further expand our cage-free production capabilities. ”