Shell eggs producer Cal-Maine Foods, Inc. (CALM) Monday reported a higher third-quarter profit, as sales increased by improved volumes and rise in average selling prices. The company believes that it is on track for another successful year in fiscal 2013. However, higher input costs have continued to adversely affect its gross profit margins.
According to the firm, Specialty egg sales have been steadily increasing throughout the year and accounted for 23.6 percent of total shell egg sales revenue for the recent third quarter, compared to 23.4 percent of total shell egg sales revenue in the year-ago quarter. It believes that performance of specialty eggs will be a key driver of its future growth.
Net average selling price per dozen increased to $1.351 from $1.275 in the prior year. Meanwhile, feed cost advanced to $0.547 per dozen from $0.449 per dozen in the preceding year.
Dolph Baker, chairman, president and chief executive officer of the company stated, "For the third quarter, our feed costs were up 22 percent over the same period in fiscal 2012. However, our management team has continued to focus on running efficient operations and we are pleased with our profitable performance in a challenging environment."
In the third quarter, the company's net income increased to $30.55 million or $1.27 per share from $26.10 million or $1.09 per share in the previous year.
Net sales for the quarter rose 19 percent to $360.37 million from $303.66 million in the same quarter last year. The higher sales reflect both improved volumes from its recent acquisitions and higher average selling prices, the company said.
On a comparable basis, excluding the acquisitions, for the thirteen-week period ended March 2, 2013, net sales were $318.1 million.
The company has also announced a third-quarter cash dividend of about $0.423 per share to holders of its common and Class A common stock. The dividend is payable on May 16, 2013, to shareholders of record on May 1, 2013.
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