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Cal-Maine Foods Q3 net sales up 10.6 percent

Staff writer |
Cal-Maine Foods reported results for the third quarter ended February 28, 2015. Q3 net sales were $437.6 million compared with net sales of $395.5 million for Q3 2014.

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The company reported $1.06 per basic share and $1.05 per diluted share.
The company reported net income of $50.9 million, or $1.06 per basic share and $1.05 per diluted share, for the third quarter of fiscal 2015 compared with $42.9 million, or $0.89 per basic and diluted share, for Q3 2014. The third quarter of fiscal 2014 included $4 million in other income and a $4.8 million tax reduction related to the company's purchase of the remaining 50 percent interest in Delta Egg Farm, LLC.

Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods, Inc., stated, "Cal-Maine Foods delivered a very solid performance for the third quarter of fiscal 2015 with our net sales up 10.6 percent over the same period last year. The higher sales reflect improved volumes through the holiday season with total dozen shell eggs sold up 5.2 percent over the same period last year."

For the first nine months of fiscal 2015, net sales were $1,173.1 million compared with net sales of $1,069.3 million for the prior-year period. The company reported net income of $115.1 million, or $2.39 per basic share and $2.38 per diluted share, for the first nine months of fiscal 2015 compared with net income of $77.7 million, or $1.61 per basic and diluted share, for the same period in fiscal 2014.

The net income per share numbers for the third quarter and nine month periods for fiscal 2015 and fiscal 2014 reflect the two-for-one stock split for shares of the company's common stock and Class A common stock, effective October 31, 2014.

For the third quarter of fiscal 2015, Cal-Maine Foods will pay a cash dividend of approximately $0.350 per share to holders of its common and Class A common stock.

Pursuant to Cal-Maine Foods' variable dividend policy, in each quarter for 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. No dividends are paid in a quarter for which the company does not report net income.

The amount paid could vary slightly based on the amount of outstanding shares on the record date. The dividend is payable May 14, 2015, to shareholders of record on April 29, 2015.

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