Cal-Maine Foods Inc (NYSE:CALM) hiked Monday on reporting quarterly earnings.
Net sales for the third quarter of fiscal 2021 were $359.1 million, a 3.9% increase compared to $345.6 million for the third quarter of fiscal 2020. The Company reported net income of $13.5 million, or $0.28 per basic and diluted share, for the third quarter of fiscal 2021, compared to net income of $13.7 million, or $0.28 per basic and diluted share, for the third quarter of fiscal 2020.
For the third quarter, operating loss was $493,000 compared with operating income of $5.2 million for the same period a year ago. Farm production costs per dozen produced for the third quarter of fiscal 2021 were up 7%, or $0.051 per dozen, compared to the third quarter of fiscal 2020. This increase was primarily due to higher feed costs, which started trending higher midway through the second quarter of fiscal 2021.
Said CEO Dolph Baker, "We are pleased with our results for the third quarter of fiscal 2021, which reflect strong retail demand for shell eggs as consumers have continued to purchase more eggs for preparing meals at home.
"While we saw modest improvement in the food service and hospitality business as COVID-19-related restrictions have gradually lifted in select parts of the country, this market segment has not returned to pre-pandemic demand levels. For the third quarter, total dozens sold were up 3.1% over the same period last year, reaching 279.7 million dozens sold.
CALM shares added 19 cents to $40.70 in Monday’s first hour.
