Cal-Maine Foods(CALM)2024-10-01 20:05Financial 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]