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Cal-Maine Foods Inc. (CALM-0.28%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $954,671,000 from $523,234,000 in the same quarter the previous year. This increase is attributed to higher net average selling prices for shell eggs and increased sales volumes, especially in specialty eggs.
Cost of sales for the quarter was $598,629,000, representing 62.7% of sales, compared to 82.6% in the same quarter of the previous year. The decrease in cost ratio is due to lower feed costs.
The company reported a gross profit of $356,042,000 for the quarter, compared to $91,130,000 in the previous year, with the increase attributed to higher selling prices and lower feed costs.
Selling, general, and administrative expenses were $77,633,000, up slightly from $76,578,000, primarily due to increased delivery and marketing expenses.
Net income for the quarter was $219,064,000, up from $17,009,000 in the previous year. Basic net income per common share was $4.49, compared to $0.35 in the previous year.
Cash provided by operating activities was $240,151,000, while cash used in investing and financing activities was $247,422,000 and $90,311,000, respectively.
Cal-Maine had a working capital of $1,163,844,000 as of November 30, 2024. The company continues to focus on expanding its cage-free egg production capacity to meet increasing demand.
The filing also details acquisitions completed during the quarter, including the acquisition of ISE America, Inc.'s assets and a strategic investment in Crepini Foods LLC.
Cal-Maine does not anticipate any significant changes in its financial position or operations in the near future.
The company identified no material weaknesses in its internal controls over financial reporting during the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cal-Maine Foods Inc. quarterly 10-Q report dated January 7, 2025. To report an error, please email earnings@qz.com.