UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended November 30, 2024 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________ Commission File Number: 001-38695 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) Delaware 64-0500378 (State or o ...

Exhibit 99.1 Contacts: Sherman Miller, President and CEO Max P. Bowman, Vice President and CFO (601) 948-6813 CAL-MAINE FOODS REPORTS RESULTS FOR SECOND QUARTER FISCAL 2025 RIDGELAND, Miss. (January 7, 2025) - Cal-Maine Foods, Inc. (NASDAQ: CALM) ("Cal-Maine Foods" or the "Company"),the largest producer and distributor of freshshell eggs in the UnitedStates, today reported results for the second quarter of fiscal 2025 (thirteen weeks) ended November 30, 2024. Second Quarter Fiscal 2025 Highlights Overview S ...

Core Insights - The article introduces "The Future Investor with Albert Anthony," a new series of curated research articles on the Seeking Alpha platform aimed at building a diversified portfolio and identifying future performance drivers [1] - Albert Anthony, the author, has covered over 200 stocks since 2023 and has gained over 1.07K followers on the platform [1] - A new book titled "The Future Investor: Growing a Diversified Portfolio (2025 edition)" is in development, indicating a commitment to educating investors [1] Author Background - Albert Anthony has a diverse background, growing up in a Croatian-American family in the New York City/New Jersey area and has also lived in Austin, Texas [1] - He has experience as an information systems analyst, including a position at Charles Schwab, and holds a B.A. in political science from Drew University [1] - The author has completed certification programs from various institutions, focusing on capital markets and securities [1] Personal Interests and Activities - Albert Anthony manages a small equities portfolio called the Future Investor Fund and actively participates in business and innovation conferences in the US and Croatia [1] - He is involved in the Croatian Association of Economists since 2024, showcasing his commitment to the economic community [1] - The author has appeared in film and TV productions in Europe, highlighting his multifaceted interests beyond finance [1]

CalMaine Foods’ (CALM) shares hit a fresh 52-week high of $99.63 yesterday, before closing the session lower at $96.49.CALM stock has gained 35.3% over the past three months against the industry’s 0.6% dip. It has also outperformed the S&P 500’s rise of 6.1% over the same period. The Basic Materials sector has declined 3.4% in the same time frame.  Image Source: Zacks Investment Research Let us take a look into the factors that are driving CALM stock.CALM Posts Solid 1Q25 Results on Higher Pricing & SalesCa ...

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Core Insights - The stock performance of Tyson Foods and Cal-Maine Foods has diverged significantly, with Tyson experiencing a decline while Cal-Maine has seen substantial gains [2][14]. Tyson Foods - Tyson Foods, the largest beef and chicken producer in the U.S., reported a 1.6% year-over-year revenue increase to $13.35 billion in Q3 2024, surpassing consensus estimates of $13.21 billion [3][4]. - The beef segment generated $5.24 billion in revenue, up 1.4% year-over-year, while pork revenue grew by 12.6% year-over-year to $1.46 billion. Chicken revenue was $4.07 billion, down 3.7% year-over-year [4]. - Chicken remains the most profitable segment for Tyson, generating $244 million in GAAP profit, compared to losses in beef and pork [4]. - The USDA forecasts a slight increase in domestic protein production for 2023, with Tyson expecting a 2% decline in beef production and an adjusted operating loss of $300 million to $400 million for fiscal 2024 [5][6]. - Chicken consumption in the U.S. reached a record high of 101.1 pounds per person in 2023, projected to rise to 103.2 pounds in 2024 [6]. - Tyson's stock has a forward price-earnings ratio of 20.86, with a consensus price target of $59.00, indicating potential upside [7][14]. Cal-Maine Foods - Cal-Maine Foods, the largest egg producer in the U.S., reported a 71.1% year-over-year revenue increase to $785.9 million in its fiscal Q1 2025, exceeding consensus estimates [11]. - The company faced challenges due to avian influenza, leading to the depopulation of 3.1 million laying hens, which affected egg supply [10]. - Cal-Maine is expanding its cage-free egg production capacity with a $40 million investment to add five new layer houses, expected to increase capacity by 1 million cage-free hens by summer 2025 [12]. - Despite impressive stock gains, Cal-Maine's stock may be overvalued, trading at $90, with a consensus price target of $67.00, indicating a potential downside [13][14].

Core Insights - Cal-Maine Foods, Inc. (NASDAQ: CALM) reported better than expected quarterly results, attributed to higher egg prices and recent inorganic growth efforts [1] - The company effectively managed recent outbreaks of Highly Pathogenic Avian Influenza (HPAI) [1] Financial Performance - The quarterly results exceeded market expectations, indicating strong financial health [1] - Higher egg prices contributed significantly to the revenue growth [1] Strategic Actions - Recent inorganic efforts have positively impacted the company's performance, suggesting a proactive approach to growth [1] - The company's response to HPAI outbreaks demonstrates effective risk management and operational resilience [1]

Core Insights - Cal-Maine Foods, the largest egg producer in the U.S., reported a significant increase in quarterly sales, driven by rising egg prices and reduced production costs [1][2] - The company achieved sales of $786 million in the first quarter of fiscal 2025, up from $489 million a year ago, exceeding expectations of $705 million [2] - The ongoing avian flu outbreak has reduced the U.S. egg supply, contributing to inflation, with the net average selling price for a dozen eggs rising to $2.392 from $1.589 [3] Financial Performance - Cal-Maine Foods reported a net income of $150 million, or $3.06 per share, compared to $9.26 million, or $0.02 per share, in the same quarter last year [4] - The company's stock price has increased approximately 34% year-to-date, outperforming the S&P 500 index's gain of around 20% [4] Market Conditions - The rise in egg prices has become a significant factor in inflation, influenced by the avian flu outbreak [3] - A decline in production costs, mainly due to lower feed ingredient prices, has positively impacted the company's financial performance [3] Operational Resilience - Despite the severe impact of Hurricane Helen on the southeastern U.S., the company stated that it is unlikely to significantly affect its operations and business [4]

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) This section details the company's financial performance, operational analysis, market risk, and internal controls [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's financial statements for Q1 FY2025 reflect substantial growth in assets, sales, and net income, driven by favorable market conditions and operational efficiency [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows total assets increased to $2.39 billion, with corresponding rises in liabilities and stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands USD) | Account | August 31, 2024 | June 1, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $1,343,479 | $1,241,839 | | **Property, Plant & Equipment, net** | $960,070 | $857,234 | | **Total Assets** | **$2,390,008** | **$2,184,761** | | **Total Current Liabilities** | $325,415 | $227,743 | | **Total Liabilities** | $490,945 | $387,718 | | **Total Stockholders' Equity** | $1,899,063 | $1,797,043 | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The income statement reveals a significant profitability turnaround with net sales surging to $785.9 million and net income reaching $150.0 million Income Statement Summary (in thousands USD, except per share data) | Metric | Thirteen Weeks Ended Aug 31, 2024 | Thirteen Weeks Ended Sep 2, 2023 | | :--- | :--- | :--- | | **Net Sales** | $785,871 | $459,344 | | **Gross Profit** | $247,218 | $45,433 | | **Operating Income (Loss)** | $186,957 | $(6,757) | | **Net Income Attributable to Cal-Maine** | $149,976 | $926 | | **Diluted EPS** | $3.06 | $0.02 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow significantly increased to $117.5 million, while investing activities, including an acquisition, led to a net decrease in cash Cash Flow Summary (in thousands USD) | Cash Flow Activity | Thirteen Weeks Ended Aug 31, 2024 | Thirteen Weeks Ended Sep 2, 2023 | | :--- | :--- | :--- | | **Net cash provided by operations** | $117,452 | $23,685 | | **Net cash provided by (used in) investing** | $(135,871) | $80,880 | | **Net cash used in financing** | $(37,792) | $(37,046) | | **Net change in cash** | $(56,211) | $67,519 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail a significant business acquisition, revenue segmentation by product, ongoing legal proceedings, and a subsequent strategic investment - Effective June 28, 2024, the company acquired substantially all commercial shell egg production and processing assets of ISE America, Inc. for cash consideration of **$111.5 million**, including facilities with a capacity of approximately **4.7 million laying hens**[23](index=23&type=chunk)[24](index=24&type=chunk) Revenue by Product Category (in thousands USD) | Product Category | Q1 FY2025 | Q1 FY2024 | | :--- | :--- | :--- | | Conventional shell egg sales | $484,736 | $225,280 | | Specialty shell egg sales | $256,777 | $208,681 | | Egg products | $35,175 | $22,223 | | Other | $9,183 | $3,160 | | **Total** | **$785,871** | **$459,344** | - Subsequent to the quarter end, on September 9, 2024, the company completed a strategic investment in Crepini LLC, capitalizing a new venture, Crepini Foods LLC, with **$6.75 million in cash** for a **51% interest**[48](index=48&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=17&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A highlights strong Q1 FY2025 performance driven by higher egg prices, increased sales volume, and reduced feed costs, maintaining robust liquidity [Executive Overview](index=19&type=section&id=Executive%20Overview) The executive overview highlights a significant increase in gross profit driven by higher egg prices, increased sales volume, and lower feed costs - Net average selling price per dozen increased to **$2.392** in Q1 FY2025 from **$1.589** in the prior-year period, primarily due to HPAI outbreaks decreasing the national layer hen flock and thus reducing supply[66](index=66&type=chunk) - Total dozens sold increased by **13.5%** compared to the prior year, boosted by the acquisitions of ISE and Fassio, which offset temporary production losses from HPAI outbreaks at Cal-Maine's Kansas and Texas facilities[67](index=67&type=chunk) - Farm production costs per dozen decreased by **11.7%** year-over-year, mainly due to a **17.3%** reduction in feed costs per dozen produced[68](index=68&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) Results of operations show net sales surged to $785.9 million, driven by price and volume increases, leading to expanded gross profit margins Shell Egg Sales Analysis (Q1 FY2025 vs Q1 FY2024, per dozen) | Category | Net Average Selling Price per Dozen | Dozens Sold (thousands) | | :--- | :--- | :--- | | **Conventional** | $2.424 (up 95.3%) | 199,989 (up 10.2%) | | **Specialty** | $2.335 (up 2.5%) | 109,990 (up 20.1%) | | **All Shell Eggs** | **$2.392 (up 50.5%)** | **309,979 (up 13.5%)** | Farm Production Costs (per dozen produced, USD) | Cost Component | Q1 FY2025 | Q1 FY2024 | % Change | | :--- | :--- | :--- | :--- | | Feed | $0.494 | $0.597 | (17.3)% | | Other | $0.421 | $0.439 | (4.1)% | | **Total** | **$0.915** | **$1.036** | **(11.7)%** | - Costs for outside egg purchases increased significantly due to a **71.5%** rise in the average cost per dozen and a **67.5%** increase in the volume of dozens purchased, necessitated by HPAI-related production losses[83](index=83&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $1.0 billion in working capital, no long-term debt, and sufficient resources for future operations and capital projects - Working capital remained strong at **$1.0 billion** at the end of the quarter, with a current ratio of **4.1**[94](index=94&type=chunk) - A cash dividend of approximately **$50.0 million**, or **$1.019 per share**, will be paid for the first fiscal quarter of 2025[100](index=100&type=chunk) Material Construction Projects (as of Aug 31, 2024, in thousands USD) | Project Type | Projected Completion | Projected Cost | Remaining Cost | | :--- | :--- | :--- | :--- | | Cage-Free Layer & Pullet Houses | Fiscal 2025 | $81,429 | $7,484 | | Dexter, MO Renovations | Fiscal 2025 | $6,204 | $1,500 | | Feed Mills | Fiscal 2026 | $16,593 | $12,028 | | Cage-Free Layer & Pullet Houses | Fiscal 2026 | $135,905 | $20,485 | | **Total** | | **$240,131** | **$41,497** | [Quantitative and Qualitative Disclosures About Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its exposure to market risk during the first quarter of fiscal 2025 from prior disclosures - There have been no material changes in the company's exposure to market risk during the thirteen weeks ended August 31, 2024[105](index=105&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The company's CEO and CFO concluded that disclosure controls and procedures were effective as of August 31, 2024[106](index=106&type=chunk) - There were no material changes to the company's internal control over financial reporting during the quarter[107](index=107&type=chunk) [Part II. Other Information](index=27&type=section&id=Part%20II.%20Other%20Information) This section covers legal proceedings, risk factors, equity sales, and exhibits [Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to the detailed discussion of its legal proceedings as disclosed in Note 10 of the Notes to Condensed Consolidated Financial Statements - For information on legal proceedings, the report refers to Note 10 in the financial statements section of the Form 10-Q[108](index=108&type=chunk) [Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes in risk factors were reported compared to the company's 2024 Annual Report[109](index=109&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=27&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 FY2025, the company repurchased 502 shares of common stock at an average price of $66.86 per share to satisfy tax withholding obligations Q1 FY2025 Share Repurchases (USD) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | 06/30/24 to 07/27/24 | 502 | $66.86 | | **Total** | **502** | **$66.86** | [Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the quarterly report, including corporate documents and officer certifications - The report includes standard exhibits such as officer certifications and Inline XBRL data files[112](index=112&type=chunk)

Financial Performance - Quarterly net sales reached $785.9 million, a significant increase from $459.3 million in the same period last year[5] - Net income for the first quarter was $150.0 million, or $3.06 per diluted share, compared to $926,000, or $0.02 per diluted share, for the first quarter of fiscal 2024[6] - The net average selling price per dozen of shell eggs was $2.392, compared to $1.589 in the prior year, reflecting a year-over-year increase of 50.5%[6] Sales and Production - Total dozens of shell eggs sold increased to 310.0 million, up from 273.1 million dozens sold in the first quarter of fiscal 2024, representing a growth of 13.5%[5] - Specialty egg volumes increased by 20.1%, with 110.0 million dozens sold compared to 91.6 million dozens in the first quarter of fiscal 2024[5] - Farm production costs per dozen were 11.7% lower compared to the prior-year period, primarily due to favorable commodity pricing for key feed ingredients[6] Strategic Investments - Cal-Maine Foods has made strategic investments in Meadowcreek Foods and Crepini Foods to enhance its product portfolio with value-added egg products[2] - The company plans to expand capacity for cage-free and specialty egg production through investments in innovative products and facilities[10] Dividends and Shareholder Returns - The company declared a cash dividend of approximately $50.0 million, or $1.02 per share, reflecting its established dividend policy[1] Asset and Liability Changes - Total assets increased to $2,390,008 thousand, up from $2,184,761 thousand year-over-year, representing a growth of approximately 9.4%[16] - Cash and short-term investments decreased to $753,590 thousand from $812,377 thousand, a decline of about 7.2%[16] - Accounts payable and accrued expenses rose to $275,444 thousand, compared to $189,983 thousand, reflecting an increase of approximately 45%[16] - Stockholders' equity increased to $1,899,063 thousand from $1,797,043 thousand, showing a growth of about 5.7%[16] - Current liabilities increased to $325,415 thousand from $227,743 thousand, marking an increase of approximately 43%[16] - Dividends payable rose to $49,971 thousand from $37,760 thousand, an increase of about 32%[16] - Receivables, net increased significantly to $282,551 thousand from $162,442 thousand, representing a growth of approximately 74%[16] - Inventories, net increased to $293,182 thousand from $261,782 thousand, reflecting an increase of about 11.9%[16] - Deferred income taxes and other liabilities increased slightly to $165,530 thousand from $159,975 thousand, a growth of about 3.5%[16] - Prepaid expenses and other current assets increased to $14,156 thousand from $5,238 thousand, a significant increase of approximately 169%[16] Impact of Hurricane Helene - The impact of Hurricane Helene is being evaluated, but initial assessments indicate minimal loss of production assets[3]