Cal-Maine Foods Q4 Earnings Top Estimates

Cal-Maine Foods Inc CALM reported fourth-quarter FY22 sales growth of 69.5% year-on-year, to $592.96 million, beating the consensus of $576.06 million.
Total dozens sold for the fourth quarter increased 6.3% Y/Y to 272 million, backed by higher demand for specialty eggs.
Gross profit jumped over five-fold to $195 million. Selling, general, and administrative (SG&A) expenses saw a 6.6% hike Y/Y.
Feed cost per dozen eggs amounted to $0.641 in the quarter, up 24% Y/Y.
Farm production costs per dozen produced were up 17.7% Y/Y, primarily due to higher feed costs.
The operating margin for the quarter was 24.5%, with an operating income of $145.7 million.
EPS of $2.25 beat the analyst consensus of $1.84.
The fresh shell egg producer held $174.5 million in cash and equivalents as of May 28, 2022.
The company declared a Q4 dividend of $0.75 per share, payable on August 16, 2022, to holders of record on August 1, 2022.
"Record quarterly revenue performance was driven by significantly higher average selling prices and record quarterly specialty shell egg sales, supported by solid demand compared with the prior-year quarter," said chairman and CEO Dolph Baker.
Outlook: For FY23, the company expects continued corn and soybean pricing pressures and further market volatility to affect feed costs.
Price Action: CALM shares closed lower by 1.69% at $52.33 on Tuesday.

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