Cal-Maine Net Off 35% on Higher Feed Costs

Cal-Maine Foods Inc., the Jackson, Miss., egg producer, reported that fiscal first-quarter net income fell 35% on 28% higher sales.

For the quarter ended Aug. 27, earnings were $3.1 million, or 13 cents a share, against $4.8 million, or 20 cents, in the year-earlier quarter.

Sales reached $243.8 million from $190.4 million. The first quarter is seasonally the company's slowest, President and Chief Executive Dolph Baker said in a Monday statement.

Selling prices rose from a year earlier and retail demand was "favorable," he said. "Feed costs were up 15 cents per dozen" from a year earlier "and we expect feed costs will remain very high and volatile for the year ahead," he said.

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- Posted: 2011-09-26 09:17:42

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