Investors Cheer Cal-Maine's (CALM) Q2 Results, Shares Up ~5%
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Price: $44.60 +0.20%
EPS Growth %: +16.5%
Financial Fact:
Income before income taxes and noncontrolling interest: 45.88M
Today's EPS Names:
LBIX, ESEA, ISS, More
EPS Growth %: +16.5%
Financial Fact:
Income before income taxes and noncontrolling interest: 45.88M
Today's EPS Names:
LBIX, ESEA, ISS, More
Trade CALM Now!
Cal-Maine Foods, Inc. (NASDAQ: CALM) announced results for the second quarter and ended November 26, 2011 Tuesday morning. Shares are trading up 4.7 percent on the day following the release.
Net sales rose 24 percent year over year to $290.4 million and topped the Street’s consensus of $272.2 million. The increase in sales reflects a 4 percent increase in egg production and a 6 percent growth in egg sales.
Gross profit grew 36 percent from the same quarter last year to $61.5 million as operating income increased 57 percent to $35.7 million.
The company reported net income of $23.3 million, or $0.97 per basic share, compared with net income of $15.2 million, or $0.64 per basic share, for the second quarter of fiscal 2011.
“Our production costs have been materially affected by our feed costs, which were up 20 percent compared with the second quarter of fiscal 2011. Prices for corn and soybean meal, our primary feed ingredients, have continued to escalate this fiscal year. However, we are pleased with the efficiency of our operations and our ability to absorb these higher costs and improve our profitability for the quarter. While we have recently seen some easing in grain prices, we still expect our feed costs to be high and volatile for the rest of the fiscal year,” added Baker.
The company increased its cash and short-term investments by 13.4 percent from the end of May to the end of November as it finished the quarter with $200.14 million in cash and short-term investments.
Management at Cal-Maine also announced plans to pay a quarterly cash dividend of approximately $0.325 per share to holders of its common and Class A common stock. The amount paid could vary slightly based on the amount of outstanding shares on the record date. The dividend is payable February 9, 2012, to shareholders of record on January 25, 2012.
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Net sales rose 24 percent year over year to $290.4 million and topped the Street’s consensus of $272.2 million. The increase in sales reflects a 4 percent increase in egg production and a 6 percent growth in egg sales.
Gross profit grew 36 percent from the same quarter last year to $61.5 million as operating income increased 57 percent to $35.7 million.
The company reported net income of $23.3 million, or $0.97 per basic share, compared with net income of $15.2 million, or $0.64 per basic share, for the second quarter of fiscal 2011.
“Our production costs have been materially affected by our feed costs, which were up 20 percent compared with the second quarter of fiscal 2011. Prices for corn and soybean meal, our primary feed ingredients, have continued to escalate this fiscal year. However, we are pleased with the efficiency of our operations and our ability to absorb these higher costs and improve our profitability for the quarter. While we have recently seen some easing in grain prices, we still expect our feed costs to be high and volatile for the rest of the fiscal year,” added Baker.
The company increased its cash and short-term investments by 13.4 percent from the end of May to the end of November as it finished the quarter with $200.14 million in cash and short-term investments.
Management at Cal-Maine also announced plans to pay a quarterly cash dividend of approximately $0.325 per share to holders of its common and Class A common stock. The amount paid could vary slightly based on the amount of outstanding shares on the record date. The dividend is payable February 9, 2012, to shareholders of record on January 25, 2012.
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