Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the third quarter ended February 29, 2020.
Net sales for the third quarter of fiscal 2020 were $345.6 million, a 10.0 percent decrease, compared to $384.0 million for the third quarter of fiscal 2019. The Company reported net income of $13.7 million, or $0.28 per basic and diluted share, for the third quarter of fiscal 2020, compared to net income of $39.8 million, or $0.82 per basic and diluted share, for the third quarter of fiscal 2019.
CEO Dolph Baker stated, "Our results for the third quarter of fiscal 2020 reflect more challenging market conditions than we experienced for the same period last year.
"However, we were pleased with our ability to execute our strategy in this environment and return to profitability for the quarter. While our sales volumes were in line with last year, our overall sales revenue was down due to the lower average selling prices compared with the same period of fiscal 2019."
The Southeast large market average price for conventional eggs dropped 13.8% for the third quarter of fiscal 2020 compared to the third quarter of fiscal 2019, while our average sales price was down 10%.
Since the end of the third quarter, market prices have moved significantly higher to record levels, and we expect to see continued price volatility through the end of our fiscal year.
Shares in CALM subsided 23 cents to $42.19
