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- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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