Cal-Maine Foods, Inc. (CALM: Quote) posted fourth quarter profit of $37.26 million or $1.56 per share versus $7.27 million or $0.30 per share last year.
On average, 2 analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share. Analysts' estimates typically exclude special items.
Results for the latest quarter include a one-time gain of approximately $27.0 million, or $1.12 per share, after tax, as a result of a distribution from Eggland's Best, Inc. related to the new joint venture between Eggland's Best, Inc. and Land O'Lakes, Inc., announced on May 1, 2012.
Net sales grew to $275.25 million from $242.38 million a year ago.
Commenting on the results, Dolph Baker, president and chief executive officer of Cal-Maine Foods, Inc., stated, "Our financial and operating results for the fourth quarter marked a strong finish to fiscal 2012. These results reflect higher volumes with an 8.6 percent increase in eggs produced and 11.0 percent increase in eggs sold compared with the same period a year ago. While we had an extra week of sales compared with the fourth quarter of fiscal 2011, we also had less Easter-related business fall in the fourth quarter due to the earlier holiday schedule in 2012..."
Further, for the fourth quarter of fiscal 2012, Cal-Maine Foods will pay a cash dividend of approximately $0.520 per share to holders of its common and Class A common stock. The amount paid could vary slightly based on the amount of outstanding shares on the record date. The dividend is payable on August 26, 2012, to shareholders of record on August 11, 2012.
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by RTT Staff Writer
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