Cal-Maine Foods reported results for the fourth quarter and fifty-two weeks ended June 2, 2018.
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Net sales for the fourth quarter of fiscal 2018 were $443.1 million, a 61.4 percent increase, compared with $274.6 million for the fourth quarter of fiscal 2017.
The company reported net income of $71.8 million, or $1.48 per basic and diluted share, for the fourth quarter of fiscal 2018, compared with a net loss of $24.5 million, or $0.51 per basic and diluted share, for the fourth quarter of fiscal 2017.
The fourth quarter of fiscal 2018 was a 13-week period compared with 14 weeks for the same period in fiscal 2017.
For the fiscal year ended June 2, 2018, net sales were $1,502.9 million compared with $1,074.5 million for the prior-year period.
The company reported net income of $125.9 million, or $2.60 per basic and diluted share, for fiscal 2018, compared with net loss of $74.3 million, or $1.54 per basic and diluted share, for the year-earlier period. Fiscal 2018 included 52 weeks compared with 53 weeks for fiscal 2017.
Results for fiscal 2018 were favorably affected by a $43.0 million, or $0.89 per basic and diluted share, tax benefit related to the Tax Cuts and Jobs Act (TCJA) tax reform legislation and the subsequent revaluation of the company’s deferred tax liabilities at the new, lower corporate tax rate.
The company recorded provisional adjustments related to the TCJA in the third quarter and recorded adjustments related to the completed analysis in the company’s fourth quarter.
These results also include an after-tax charge of $54.8 million, or $1.13 per basic and diluted share, recorded in the second quarter of fiscal 2018, related to the settlement of certain previously disclosed antitrust litigation. ■
Residents in coastal North Carolina and Virginia braced for potential flooding after Tropical Storm Ophelia made landfall near a North Carolina barrier island on Saturday morning, bringing rain, damaging winds and dangerous surges of water.