Cal-Maine Foods ( NASDAQ: CALM ) stock carried higher in Tuesday’s extended session after reporting a strong earnings result for its fiscal fourth quarter.
The Mississippi-based egg distributor posted record net income for its fiscal fourth quarter, notching $110M for the period. This translated to EPS of $2.25, $0.29 above the bar set by Wall Street, which came alongside $592.96M in revenue, a figure $16.9M above consensus. For the full year, net sales rose to $1.8B, a 31.7% jump from 2021.
“We continue to perform at the top of our industry as an efficient operator, despite inflationary market conditions in North America and economic uncertainties globally,” CEO Dolph Baker said. “We have built an exceptional management team that drives our commitment to be the most reliable producer and distributor of fresh shell eggs and egg products in the United States.”
Indeed, despite inflationary pressures, gross margin for the full year rose to 19% as compared with 11.9% in fiscal 2021.
While feed and labor costs are expected to remain elevated into fiscal 2023, Baker voiced confidence in the company’s ability to execute in coming quarters and maintain demand. Additionally, he noted that Cal-Maine Foods’ ( CALM ) has not been hit by the bird flu that culled hen stocks across the globe due to its strong biosecurity policies.
Shares of Cal-Maine rose 2.24% in after hours trading shortly after the results were posted.
Dig into the company’s valuation .
For further details see:
Cal-Maine Foods stock ticks higher on record net income, pricing power