Cal-Maine Foods reported results for the third quarter and nine months ended February 27, 2016. Q3 2016 net sales were $449.8 million, a 2.8 percent increase compared to $437.6 million for the third quarter of fiscal 2015.
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Cal-Maine Foods reported net income of $64.2 million, or $1.33 per basic and diluted share, for the third quarter of fiscal 2016 compared to $50.9 million, or $1.06 per basic share and $1.05 per diluted share, for the third quarter of fiscal 2015.
For the first nine months of fiscal 2016, net sales were $1,605.6 million compared to $1,173.1 million for the prior-year period.
The company reported net income of $316.4 million, or $6.57 per basic share and $6.54 per diluted share, for the first nine months of fiscal 2016 compared to net income of $115.1 million, or $2.39 per basic share and $2.38 per diluted share, for the year-earlier period.
Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods, Inc., stated, "Cal-Maine Foods delivered another solid performance for the third quarter of fiscal 2016, demonstrating consistent execution of our strategy in changing market conditions.
"Our sales were up 2.8 percent for the third quarter and up 36.9 percent for the first nine months of fiscal 2016. These increases primarily reflect higher average selling prices compared with the same periods last year.
"While average selling prices for shell eggs for the third quarter of fiscal 2016 have dropped considerably from the historically high record levels we experienced earlier in the fiscal year, they were still up 4.3 percent over the third quarter of fiscal 2015.
"For the fiscal year-to-date period, average selling prices were up 35.6 percent over the same period a year ago. Our sales volumes have continued to trend higher each quarter of fiscal 2016; however, they were down 1.9 percent in the third quarter compared with the prior-year period. ■
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