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Cal-Maine Foods reports developments in U.S. egg production, specialty shell eggs and egg-based prepared foods. The company produces, grades, packages, markets and distributes shell eggs, with products spanning conventional, cage-free, organic, brown, free-range, pasture-raised and nutritionally enhanced eggs for retail and foodservice customers.
Recurring updates include quarterly operating results, shell egg pricing and volumes, sales mix between conventional and specialty eggs, prepared-foods growth, acquisitions of production assets, investor-conference appearances and board governance matters. Company news also references brands such as Eggland’s Best, Land O’Lakes, Farmhouse Eggs, 4Grain, Sunups, Sunny Meadow, MeadowCreek Foods and Crepini, along with prepared-food formats including pre-cooked egg patties, omelets, hard-cooked eggs, pancakes, waffles and wraps.
Cal-Maine Foods (NASDAQ: CALM) has greenlit a $23 million capital project to expand cage-free egg production at its Okeechobee, Florida facility. This initiative includes the construction of two cage-free layer houses and a pullet house with capacity for 400,000 cage-free hens and 210,000 pullets. Construction begins immediately, targeting completion by February 1, 2023. The funding will come from a mix of available cash and operating cash flow. This move aligns with Cal-Maine's strategy to bolster its presence in the specialty egg market and meet rising demand.
Cal-Maine Foods announced a strategic investment in a new entity, MeadowCreek Foods, based in Neosho, Missouri, focusing on high-value commercial egg products, particularly hard-cooked and extended shelf-life eggs. The company plans to invest up to $18.5 million in debt and equity to support this venture, maintaining a controlling interest. MeadowCreek aims to enhance Cal-Maine's reach in the foodservice sector, meeting the increasing demand for specialty eggs, including cage-free products. Ronald B. Bennett, with 30 years of industry experience, will lead the new operations.
Cal-Maine Foods, Inc. (NASDAQ: CALM) has announced key management changes effective October 1, 2021. Jeff Hardin is promoted to Senior Vice President of Sales, with Scott Hull taking over his previous role as Vice President of Sales. Daryl Sargent is appointed Director of Eastern Sales, while Jessica Hanslik becomes Director of Western Sales. Hardin brings over three decades of experience, while Hull has been with the company since 2009. The management reshuffle aims to maintain strong sales growth and customer relationships in the competitive egg production market.
Cal-Maine Foods reported a net sales increase to $331.7 million for Q1 of fiscal 2022, up from $292.8 million year-over-year. Despite achieving a 13.3% sales growth, the company faced a net loss of $18 million, an improvement from a $19.4 million loss in the same quarter last year. Average shell egg pricing rose to $1.24 per dozen, yet total egg sales volume dropped 1.7%. Production costs surged, particularly due to a 40.5% rise in feed expenses. The company will not pay a dividend this quarter due to cumulative losses of $22.3 million.
Cal-Maine Foods, Inc. (NASDAQ: CALM) will release its first quarter fiscal 2022 financial results on September 28, 2021. The results will be announced after market trading closes. Cal-Maine is the largest producer and distributor of fresh shell eggs in the United States, offering a range of products including conventional, cage-free, organic, and nutritionally enhanced eggs. The company is headquartered in Ridgeland, Mississippi, and serves regions across the southwestern, southeastern, mid-western, and mid-Atlantic United States.
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Cal-Maine Foods (CALM) reported a net sales decline in Q4 FY2021 to $349.8 million, down from $453.3 million in Q4 FY2020. The company recorded a net loss of $4.2 million or $0.09 per share, contrasting with a net income of $60.5 million or $1.25 per share a year earlier. FY2021 net sales were stable at $1,349.0 million. Average selling prices for shell eggs decreased to $1.32 per dozen from $1.58. The company is expanding its specialty egg production and has recently acquired a 50% stake in Red River Valley Egg Farm.
Cal-Maine Foods, Inc. (NASDAQ: CALM) will release its fourth quarter and fiscal 2021 financial results on July 19, 2021, before market trading opens. As the largest U.S. producer and distributor of fresh shell eggs, Cal-Maine operates in the southwestern, southeastern, mid-western, and mid-Atlantic regions. The company focuses on various egg types, including conventional, cage-free, organic, and nutritionally enhanced eggs.
Cal-Maine Foods (NASDAQ: CALM) announced its agreement to acquire the remaining 50% interest in Red River Valley Egg Farm from Rose Acre Farms for $48.5 million. The egg farm, established in 2015, operates with around 1.7 million laying hens and supports the growing demand for cage-free eggs. The transaction is expected to close by month-end, subject to conditions. CEO Dolph Baker emphasized the beneficial partnership and the anticipated increase in production capacity to meet consumer needs in Texas.
Cal-Maine Foods reported a 3.9% increase in net sales, reaching $359.1 million for Q3 fiscal 2021. Net income stood at $13.5 million or $0.28 per share, showing stable earnings compared to the previous year. Year-to-date sales totaled $999.2 million, an 11.2% increase, with a net income recovery to $6.3 million from a prior loss. Specialty egg sales surged 16.2%, accounting for 41.5% of revenues. Despite strong retail demand, operating income faced challenges due to rising production costs and market volatility.