CALM 8-K
Cal-Maine Foods Inc (CALM)
8-K
2025-04-08
For: 2025-04-08
View Original
Added on
April 11, 2026
UNITED STATES
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FORM
CURRENT REPORT
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Item 2.02. Results of Operations
On April 8, 2025, Cal-Maine Foods, Inc. (the “Company”) issued a press release announcing its financial results for the third
quarter ended March 1, 2025. A copy of the Company’s press release is attached hereto as Exhibit 99.1 to this Current Report.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K,
including Exhibit 99.1 hereto, which are furnished herewith pursuant to and relate to this Item 2.02, shall not be deemed "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise be subject
to the liabilities of Section 18 of the Exchange Act. The information in this Item 2.02 of this Current Report on Form 8-K and
Exhibit 99.1 hereto shall not be incorporated by reference into any filing or other document filed by the Company with the SEC
pursuant to the Securities Act of 1933, as amended, the rules and regulations of the SEC thereunder, the Exchange Act, or the
rules and regulations of the SEC thereunder except as shall be expressly set forth by specific reference to this Form 8-K in such
filing or document.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number
Description
104
Cover Page Interactive Data File, (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements for the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
CAL-MAINE FOODS, INC.
Date:
April 8, 2025
By:
/s/ Max P. Bowman
Max P. Bowman
Director, Vice President, and Chief Financial Officer
Exhibit 99.1
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Contacts:
Sherman Miller, President and CEO
Max P. Bowman, Vice President and CFO
(601) 948-6813
CAL-MAINE FOODS REPORTS FINANCIAL AND OPERATIONAL RESULTS
FOR THIRD QUARTER FISCAL 2025 AND ANNOUNCES DEFINITIVE
AGREEMENT TO ACQUIRE ECHO LAKE FOODS, INC.
RIDGELAND, Miss. (April 8, 2025) - Cal-Maine Foods, Inc. (NASDAQ: CALM) (“Cal-Maine Foods” or the
“Company”), today reported financial and operational results for the third quarter of fiscal 2025 (thirteen
weeks) ended March 1, 2025. Subsequent to the end of the fiscal quarter, the Company also announced it
entered into a definitive agreement to acquire Echo Lake Foods, Inc. (“Echo Lake Foods”).
Third Quarter Fiscal 2025 Financial, Operational and Business Highlights
●
Quarterly net sales of $1.4 billion and net income of $508.5 million, or $10.38 per diluted share
●
Strong consumer demand during the quarter led to record total dozens sold, as the Company
honored long-standing pricing frameworks with valued customers
●
Significant progress on proactive steps to help mitigate the tight egg supply situation across the
country, resulting in:
o
A 14% increase in the average number of layer hens during the quarter compared to the
prior-year quarter, reflecting both organic and inorganic expansion
o
A 33% increase in the Company’s breeder flocks as of the end of the third quarter of fiscal
2025 compared to the end of the prior-year quarter
o
A 24% increase in total chicks hatched during the third quarter of fiscal 2025 compared to
the prior-year quarter
o
Expected completion in calendar 2025 of approximately $60 million in ongoing expansion
projects within the Company’s current operations that are expected to add approximately
1.1 million cage-free layer hens and 250,000 pullets
o
Recovery from highly pathogenic avian influenza (HPAI)-related shutdowns of the
Company’s Kansas and Texas facilities
o
Successful conversion of a new egg processing facility and hatchery in Dexter, Missouri,
projected to add additional capacity of 1.2 million free range hens by calendar year end
o
Rapid integration and expected continued production ramp up from recently acquired
assets, including the processing facilities from ISE America, Inc. and feed mills from Deal-
Rite Feeds, Inc.
o
Continued investments in best-in-class biosecurity technology, equipment, procedures,
and training, with over $70 million spent since 2015 to address ongoing HPAI threats
●
Approved a $500 million share repurchase program to expand the options for uses of capital under
the Company’s disciplined capital allocation strategy
●
Declared a cash dividend of approximately $170 million, or approximately $3.46 per share,
pursuant to the Company’s established dividend policy
●
Announced an agreement with the Company’s Founding Family for a process for possible share
conversions that, if executed, will result in the Company becoming a non-controlled company
Commenting on the third quarter of fiscal 2025 results, Sherman Miller, president and chief
executive officer of Cal-Maine Foods, stated, “Dynamic market conditions and HPAI-related supply
shortages persisted this quarter. However, the entire Cal-Maine Foods team did an outstanding job in
Cal-Maine Foods Reports Third Quarter Fiscal 2025 Results and Announces Definitive Agreement to Acquire Echo
Lake Foods
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April 8, 2025
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maximizing production through a period of high demand, while operating safely and maintaining diligence
on biosecurity measures. We were fortunate to have the ability to utilize our existing operational scale and
to benefit from recent acquisitions, which helped increase our production capacity in this challenging
supply environment. Above all, we stayed focused on meeting the needs of our valued customers, while
honoring our long-standing pricing frameworks.
“Alongside our own efforts to address the current supply situation, we greatly appreciate the current
administration’s recently announced plan to address the volatility in our vital industry. It is clear the
administration recognizes the importance of eggs as a low-cost, high-value, unprocessed protein for feeding
our nation’s families. Cal-Maine Foods’ unwavering mission is to be the country’s most sustainable
producer and reliable supplier of this valuable source of nutrition,” added Miller.
Definitive Agreement to Acquire Echo Lake Foods, Inc.
Subsequent to the end of the third quarter, the Company signed a definitive agreement to acquire
Echo Lake Foods for approximately $258 million, excluding expected tax assets resulting from the
transaction, to be funded with available cash on hand. Echo Lake Foods was founded in 1941 and acquired
by the Meinerz family in 1981. Based in Burlington, Wisconsin, Echo Lake Foods produces, packages,
markets and distributes ready-to-eat egg products and breakfast foods, including waffles, pancakes,
scrambled eggs, frozen cooked omelets, egg patties, toast and diced eggs. Echo Lake Foods had annual
revenues of approximately $240 million in 2024 with a five-year CAGR of approximately 10%. The
transaction has been approved by both companies’ boards of directors and is expected to close by the end
of fiscal 2025 following completion of regulatory approvals and subject to customary closing conditions.
The transaction is not subject to shareholder approval.
Highlights of the Transaction:
Compelling Strategic Rationale
●
Allows Cal-Maine Foods to enter the large, growing and highly stable value-added food
portion of the egg category
●
Expands strategic customer relationships with retail, quick service restaurant and other
foodservice customers
●
Leverages Cal-Maine Foods’ extensive sales and supply chain distribution capabilities
●
Echo Lake Foods will operate as a stand-alone component of Cal-Maine Foods’ integrated
operations with its four production facilities strategically located across the Midwest
●
Kathy Brodhagen, current chief executive officer of Echo Lake Foods, to join Cal-Maine
Foods’ senior management team as President of Echo Lake Foods
Attractive Financial Returns
●
Provides access to additional long-term growth opportunities, while reducing earnings
volatility
●
Expect significant synergies from egg purchasing and other operational efficiencies
●
Expect to be at least mid-single digit accretive to Cal-Maine Foods’ earnings starting in fiscal
2026, with a return on equity in excess of the Company’s cost of capital
Cal-Maine Foods Reports Third Quarter Fiscal 2025 Results and Announces Definitive Agreement to Acquire Echo
Lake Foods
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April 8, 2025
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Commenting on the proposed transaction with Echo Lake Foods, Miller stated, “This transaction
represents an exciting growth opportunity and important inflection point for Cal-Maine Foods, advancing
our strategy to expand and diversify our product portfolio and customer mix. Echo Lake Foods is a leading
innovator with a long history of providing quality ready-to-eat egg products and breakfast foods to a blue-
chip customer base. The combined product lines and capabilities of the two companies are highly
complementary and, importantly, we share similar values of pursuing operating excellence and meeting
the needs of our customers. We believe the potential acquisition of Echo Lake Foods meets our disciplined
set of investment criteria, including relevant geographic markets, operating synergies, product mix,
proximity to customers and expected financial returns.
“The addition of Echo Lake Foods will supplement our other ready-to-eat egg product offerings,
including hard-cooked eggs for retail, quick service restaurant and other foodservice needs from our
expanded MeadowCreek Foods operation, and ready-to-eat egg products including egg wraps, protein
pancakes, crepes, and wrap-ups from our joint venture with Crepini Foods LLC. Importantly, diversifying
our product portfolio offers a strong, high-return potential that complements our existing organic growth
opportunities. The Echo Lake Foods team has built a terrific business, and we look forward to working
together on a successful integration and delivering on a unique opportunity for our customers and
shareholders,” added Miller.
Kathy Brodhagen, chief executive officer of Echo Lake Foods, added, “We are excited to have the
opportunity for Echo Lake Foods to join Cal-Maine Foods and continue to expand our market reach for
quality ready-to-eat egg products and breakfast foods. This business combination will benefit everyone
associated with Echo Lake Foods, especially our dedicated employees and valued customers. As the leading
producer and distributor of fresh shell eggs in the nation, Cal-Maine Foods has an excellent reputation with
a proven record of success. We are extremely proud to join their team, and we look forward to the
significant growth opportunities ahead of us.”
Goldman Sachs & Co LLC is serving as Cal-Maine Foods, Inc.’s exclusive financial advisor and Sidley
Austin LLP and Jones Walker LLP as its legal advisors.
Key Third Quarter Fiscal 2025 Financial Drivers
Net income attributable to Cal-Maine Foods for the third quarter of fiscal 2025 was $508.5 million,
or $10.38 per diluted share, compared with $146.7 million, or $3.00 per diluted share, for the third quarter
of fiscal 2024. Net sales for the third quarter of fiscal 2025 were $1.4 billion compared with $703.1 million
for the same period last year. The higher net sales were primarily driven by an increase in the net average
selling price of shell eggs and also by higher volumes. The higher market prices are a direct result of the
reduced supply of shell eggs across the industry due to HPAI during a period of peak seasonal demand for
eggs and egg products.
For the third quarter of fiscal 2025, the net average selling price per dozen was $4.060 compared
with $2.247 a year ago. The net average selling price generally reflects a blend of higher market-based
prices for most conventional eggs with lower negotiated-price arrangements for specialty eggs, based on
long-standing pricing frameworks with customers that the Company has honored throughout the various
cycles that characterize the egg industry.
The Company sold a record 331.4 million dozen shell eggs, representing a 10.2% increase, including
the contribution from acquisitions, compared with 300.8 million dozens for the third quarter of fiscal 2024.
Sales of conventional eggs totaled 213.2 million dozens, compared with 192.2 million dozens for the prior-
year period, an increase of 11.0%. Specialty egg volumes also increased by 8.8% to 118.1 million dozens sold
for the third quarter of fiscal 2025 compared with 108.6 million dozens sold for the prior-year period.
Cal-Maine Foods Reports Third Quarter Fiscal 2025 Results and Announces Definitive Agreement to Acquire Echo
Lake Foods
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April 8, 2025
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Demand was strong during the third fiscal quarter, which is typically a period of higher seasonal demand.
The Company believes that other factors positively impacting demand included severe weather events
during the quarter, including the historic snowstorms in the southern U.S. in January 2025, which
prompted families to stock up on staples including eggs, and reported recommendations of eggs as a good
source of lean protein for individuals taking GLP-1 medications.
Third quarter farm production costs per dozen were 5.7% lower than the prior-year period,
primarily due to more favorable commodity pricing for key feed ingredients. For the third quarter of fiscal
2025, feed costs per dozen were down 9.6% compared with the third quarter of fiscal 2024. Costs for outside
egg purchases increased significantly quarter-over-quarter, primarily due to higher shell egg prices and an
increase in dozens of shell eggs purchased to satisfy customer demand while the nation experienced lower
overall supply due to HPAI.
Max Bowman, vice president and chief financial officer of Cal-Maine Foods, commented, “Our
industry has always been prone to volatility due to external factors such as disease outbreaks, fluctuating
feed and other production costs, and changes in consumer demand. At Cal-Maine Foods, we emphasize the
importance of managing the aspects of our business that we can directly impact operationally. During the
quarter, our team did an outstanding job with our focused efforts to help mitigate the egg supply constraint
and prevent the spread of HPAI to our facilities. All of these underlying activities made a significant
contribution to our results for the quarter.”
Additional details on the third quarter fiscal 2025 financial drivers are shown in the chart below.
Third Quarter Fiscal 2025 and Year-To-Date Fiscal 2025 Key Statistics
13 Weeks Ended
39 Weeks Ended
March 1, 2025
March 2, 2024
March 1, 2025
March 2, 2024
Dozen Eggs Sold (000)
331,395
300,779
971,218
862,078
Conventional Dozen Eggs Sold (000)
213,247
192,182
622,833
566,174
Specialty Dozen Eggs Sold (000)
118,148
108,597
348,385
295,904
Dozen Eggs Produced (000)
293,087
259,527
847,962
774,984
% Specialty Sales (dozen)
35.7
%
36.1
%
35.9
%
34.3
%
% Specialty Sales (dollars)
24.4
%
38.8
%
29.2
%
42.8
%
Net Average Selling Price (per dozen)
$
4.060
$
2.247
$
3.079
$
1.866
Net Average Selling Price Conventional
Eggs (per dozen)
$
4.766
$
2.152
$
3.401
$
1.624
Net Average Selling Price Specialty Eggs
(per dozen)
$
2.784
$
2.415
$
2.505
$
2.328
Feed Cost (per dozen)
$
0.492
$
0.544
$
0.489
$
0.564
HPAI Comments
Outbreaks of HPAI have continued to occur in U.S. poultry flocks. In calendar year 2024, 40.2
million commercial layer hens and pullets were depopulated due to HPAI, and in calendar year 2025, an
additional 32.9 million commercial layer hens and pullets have been depopulated through March. The
USDA reported that the estimated table-egg layer flock was approximately 285 million as of March 1, 2025,
the lowest level since September 2015. HPAI is currently widespread in the wild bird population worldwide
and no farm is immune from HPAI. The extent of possible future outbreaks in commercial laying hens,
with heightened risk during migration seasons, cannot be predicted. The widely reported spread of HPAI
in dairy cattle increases risks to Cal-Maine Foods’ operations and those of other egg producers. According
Cal-Maine Foods Reports Third Quarter Fiscal 2025 Results and Announces Definitive Agreement to Acquire Echo
Lake Foods
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April 8, 2025
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to the U.S. Centers for Disease Control and Prevention, the human health risk to the U.S. public from the
HPAI virus is considered to be low. Also, according to the USDA, HPAI cannot be transmitted through
safely handled and properly cooked eggs. There is no known risk related to HPAI associated with eggs that
are currently in the market and no eggs have been recalled.
Dividend Payment and Share Repurchases
For the third quarter of fiscal 2025, Cal-Maine Foods will pay a cash dividend of approximately
$3.46 per share to holders of its Common Stock and Class A Common Stock. The dividend is payable on
May 15, 2025, to holders of record on April 30, 2025. The final amount paid per share will be based on the
number of outstanding shares on the record date.
Pursuant to Cal-Maine Foods’ variable dividend policy, for each quarter in which the Company
reports net income, the Company pays a cash dividend to shareholders in an amount equal to one-third of
such quarterly income. Following a quarter in which the Company does not report net income, the
Company will not pay a dividend with respect to that quarter or for a subsequent profitable quarter until
the Company is profitable on a cumulative basis computed from the date of the most recent quarter for
which a dividend was paid.
On February 25, 2025, the Company announced that its Board of Directors approved a new share
repurchase program that authorizes repurchases of up to $500 million of Cal-Maine Foods’ Common Stock.
The actual timing, value, and manner of share repurchases will be determined by management in its
discretion. The Company expects to opportunistically repurchase shares from time to time in the open
market, subject to market conditions and other factors. The Company could also use a portion of the new
share repurchase program to repurchase some of the Founding Family members’ Common Stock as part of
the family’s portfolio diversification efforts. Any repurchases from the family members would require
approval from a Special Committee of Cal-Maine Foods’ Board of Directors.
The Company did not repurchase any shares pursuant to the share repurchase program during the
third quarter of 2025.
Civil Investigative Demand
In March 2025, the Company received a civil investigative demand in connection with a widely
publicized investigation by the Antitrust Division of the Department of Justice into the causes behind
nationwide increases in egg prices. The Company is cooperating with the investigation.
Looking Ahead
Miller added, “We are proud of our team’s ability to manage our operations and navigate through a
very tough environment. We are encouraged by the support of the United States Department of Agriculture
(USDA), which recently announced up to $1.0 billion of investments across the industry to address HPAI,
including supporting expanded biosecurity measures, regulatory relief for farmers, increased vaccine
research and other options to support the domestic egg supply. While these measures will require further
study and take time to implement, we believe they represent an important first step toward reaching a more
favorable balance of supply and demand.
“We have learned many things from being in the cyclical shell egg business for over 60 years, but
especially the importance of consistently managing our operations in a safe, efficient and sustainable
manner, while doing everything we can to align production capacity with customer demand and staying
disciplined in our investments. Our proven operating model has sustained our business in a dynamic
environment, and this quarter was no exception. Our shell egg business will remain the core of Cal-Maine
Cal-Maine Foods Reports Third Quarter Fiscal 2025 Results and Announces Definitive Agreement to Acquire Echo
Lake Foods
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Foods, but we are excited to diversify our product mix, reduce financial volatility and add another growth
opportunity to the Company with the proposed Echo Lake Foods transaction. This addition represents a
terrific fit with our existing business, and we look forward to welcoming the Echo Lake Foods team to the
Cal-Maine Foods family,” concluded Miller.
About Cal-Maine Foods
Cal-Maine Foods, Inc. is primarily engaged in the production, packaging, marketing and
distribution of fresh shell eggs, including conventional, cage-free, organic, brown, free-range, pasture-
raised and nutritionally enhanced eggs, as well as a variety of ready-to-eat egg products. The Company,
which is headquartered in Ridgeland, Mississippi, is the largest producer and distributor of fresh shell eggs
in the nation and sells most of its shell eggs throughout the majority of the United States.
Forward Looking Statements
Statements contained in this press release that are not historical facts are forward-looking
statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-
looking statements are based on management’s current intent, belief, expectations, estimates and
projections regarding our Company and our industry. These statements are not guarantees of future
performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict
and may be beyond our control. The factors that could cause actual results to differ materially from those
projected in the forward-looking statements include the following, among others:
General Cautionary Statements
With respect to the Company’s business generally (i) the risk factors set forth in the Company’s
SEC filings (including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K), (ii) the impact on the trading price of the Company’s Common Stock as a result of
the sale or marketing, or potential sale or marketing, of a significant number of shares of the Company’s
Common Stock held by the family of our late founder, Fred R. Adams Jr., as part of their potential
portfolio diversification efforts, (iii) the risks and hazards inherent in the shell egg business (including
disease, pests, weather conditions and potential for recall), including but not limited to the current
outbreak of highly pathogenic avian influenza affecting poultry in the U.S., Canada and other countries
that was first detected in commercial flocks in the U.S. in February 2022 and that first impacted our
flocks in December 2023, (iv) changes in the demand for and market prices of shell eggs and feed costs,
(v) the impacts and potential future impacts of government, customer and consumer reactions to recent
high market prices for eggs, including but not limited to efforts to increase imports of eggs and egg
products, pressure to change long-standing pricing frameworks, lower consumer demand for eggs, and
the pending DOJ antitrust investigation (vi) our ability to predict and meet demand for cage-free and
other specialty eggs, (vii) risks, changes or obligations that could result from our recent or future
acquisitions of new flocks or businesses and risks or changes that may cause conditions to completing a
pending acquisition, such as the pending acquisition of Echo Lake Foods, not to be met, (viii) risks relating
to changes in inflation and interest rates, (ix) our ability to retain existing customers, acquire new
customers and grow our product mix, (x) adverse results in pending litigation and other legal matters,
and (xi) global instability, including as a result of the war in Ukraine, the conflicts in Israel and
surrounding areas and attacks on shipping in the Red Sea.
Cautionary Statements Relating to the Pending Echo Lake Acquisition
With respect to the pending acquisition of Echo Lake Foods, (i) conditions to the closing of the
proposed transaction may not be satisfied, (ii) antitrust clearance required for the proposed transaction
Cal-Maine Foods Reports Third Quarter Fiscal 2025 Results and Announces Definitive Agreement to Acquire Echo
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may not be obtained, or required antitrust clearance may delay the proposed transaction or result in the
imposition of conditions that could have a material adverse effect on the Company or Echo Lake Foods
or cause certain conditions to closing not to be satisfied, which could result in the termination of the
acquisition agreement, (iii) the timing of completion of the proposed transaction is uncertain, (iv) the
business of the Company or Echo Lake Foods may suffer as a result of uncertainty surrounding the
proposed transaction, (v) events, changes or other circumstances could occur that could give rise to the
termination of the acquisition agreement, (vi) there are risks related to disruption of management’s
attention from the ongoing business operations of the Company or Echo Lake Foods due to the proposed
transaction, (vii) the announcement or pendency of the proposed transaction could affect the
relationships of the Company or Echo Lake Foods with its customers, suppliers, operating results and
business generally, including the ability of the Company or Echo Lake Foods to retain employees, and
(viii) the Company or Echo Lake Foods may be adversely affected by other economic, business, and/or
competitive factors as well as management’s response to any of the aforementioned factors. In addition,
the Company may experience unexpected challenges in integrating and managing the business of Echo
Lake Foods. Integrating Echo Lake Foods’ business may be more costly or time consuming than expected.
Even if the acquisition is completed and the business of Echo Lake Foods is successfully integrated, the
Company may not realize the benefits it expects from the acquisition, including the synergies, cost
savings, reduction in earnings volatility, margin expansion, financial returns, expanded customer
relationships, or sales or growth opportunities.
SEC filings may be obtained from the SEC or the Company’s website, www.calmainefoods.com.
Readers are cautioned not to place undue reliance on forward-looking statements because, while we
believe the assumptions on which the forward-looking statements are based are reasonable, there can be
no assurance that these forward-looking statements will prove to be accurate. Further, the forward-
looking statements included herein are made only as of the respective dates thereof, or if no date is stated,
as of the date hereof. Except as otherwise required by law, we disclaim any intent or obligation to publicly
update these forward-looking statements, whether as a result of new information, future events or
otherwise.
Cal-Maine Foods Reports Third Quarter Fiscal 2025 Results and Announces Definitive Agreement to Acquire Echo
Lake Foods
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April 8, 2025
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CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
SUMMARY STATEMENTS OF INCOME
13 Weeks Ended
39 Weeks Ended
March 1, 2025
March 2, 2024
March 1, 2025
March 2, 2024
Net sales
$
1,417,685
$
703,076
$
3,158,227
$
1,685,654
Cost of sales
701,570
484,504
1,838,852
1,330,519
Gross profit
716,115
218,572
1,319,375
355,135
Selling, general and administrative
79,967
66,020
219,532
194,844
(Gain) Loss on involuntary conversions
-
(9,929)
156
(9,929)
(Gain) loss on disposal of fixed assets
478
(306)
(1,001)
(44)
Operating income
635,670
162,787
1,100,688
170,264
Other income, net
27,359
22,372
49,255
37,746
Income before income taxes
663,029
185,159
1,149,943
208,010
Income tax expense
154,876
38,796
273,841
44,658
Net income
508,153
146,363
876,102
163,352
Less: Loss attributable to noncontrolling
interest
(380)
(349)
(1,471)
(1,295)
Net income attributable to Cal-Maine Foods,
Inc.
$
508,533
$
146,712
$
877,573
$
164,647
Net income per common share:
Basic
$
10.42
$
3.01
$
17.99
$
3.38
Diluted
$
10.38
$
3.00
$
17.92
$
3.37
Weighted average shares outstanding:
Basic
48,798
48,727
48,774
48,702
Diluted
48,971
48,884
48,962
48,865
Cal-Maine Foods Reports Third Quarter Fiscal 2025 Results and Announces Definitive Agreement to Acquire Echo
Lake Foods
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April 8, 2025
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CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)
SUMMARY BALANCE SHEETS
March 1, 2025
June 1, 2024
ASSETS
Cash and short-term investments
$
1,240,373
$
812,377
Receivables, net
428,398
162,442
Inventories, net
307,291
261,782
Prepaid expenses and other current assets
7,220
5,238
Current assets
1,983,282
1,241,839
Property, plant and equipment, net
1,005,464
857,234
Other noncurrent assets
92,823
85,688
Total assets
$
3,081,569
$
2,184,761
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses
$
344,155
$
189,983
Dividends payable
169,503
37,760
Current liabilities
513,658
227,743
Deferred income taxes and other liabilities
180,403
159,975
Stockholders' equity
2,387,508
1,797,043
Total liabilities and stockholders' equity
$
3,081,569
$
2,184,761