Cal-Maine Foods Inc.
04/01/2026 | Press release | Distributed by Public on 04/01/2026 04:09
Business/Financial Results (Form 8-K)
Cal-Maine Foods ReportsThird Quarter Fiscal 2026Results
RIDGELAND,Miss., Apr.1,2026-Cal-MaineFoods,Inc.(NASDAQ:CALM)("Cal-MaineFoods,"
"we," "us,""our" or the"company"), thelargest egg companyin the UnitedStates anda leading playerin
the egg-based food industry, today reported resultsfor its fiscal2026 third quarter, ended February 28, 2026
.
Unless otherwise indicated,all comparisons areto the comparable periodof fiscal 2025.
Strategic Execution Highlights
●
Continuedfocus onsales diversificationand mixshift, expectedto strengthenearningsdurabilityand
predictability overtime
●
In the third quarter of fiscal2026:
o
Specialty eggs salesincreased to 50.5% oftotal shell egg sales, up 2,610basis points
o
Prepared foodsaccounted for 9.5% of net sales, up870 basis points
o
Combined,specialty eggsand preparedfoods accountedfor 52.9%of net sales,up 2,890basis
points
●
In the first three quarters offiscal 2026:
o
Specialty eggs increasedto 42.7% of total shell egg sales,up 1,350 basispoints
o
Prepared foodsaccounted for 9.3% of net sales, up830 basis points
o
Combined,specialty eggsand preparedfoods accountedfor 45.7%of net sales,up 1,710basis
points
●
Subsequenttothirdquarter,acquiredcertainassetsofCreightonBrothersLLCanditsaffiliates,
increasing integrationacross value chain
Third Quarter Fiscal 2026Highlights
●
Net sales of $667.0million, down 53.0%
o
Shell egg sales of $572.3million, down 57.5%
◾
Conventional eggsales of $283.2 million, down72.1%
◾
Specialty egg sales of$289.1 million, down12.1%
◾
Averagenumberoflayerhensandbreedingflockgrew2.0%and13.0%,respectively
and total chicks hatchedrose 41.7%
o
Prepared foodssales of $63.6 million, up 441.2%
●
Gross profit of $119.3 million,down 83.3%, andgross profit margin of 17.9%
●
Operating incomeof $35.9 million, down 94.3%, andoperating income marginof 5.4%
●
Net income attributableto Cal-Maine Foodsof $50.5 million, down90.1%
●
Diluted earnings pershare of $1.06, down89.8%
●
Net cash flow from operationsof $103.6 million, down81.9%
●
Cashdividendofapproximately$16.8million,orapproximately$0.36pershare,pursuanttothe
company's establisheddividend policy
First Three Quarters of Fiscal2026 Highlights
●
Net sales of $2.4 billion, down25.3%
o
Shell egg sales of $2.0billion, down 32.8%
◾
Conventional eggsales of $1.2 billion, down45.6%
◾
Specialty egg sales of$858.3 million, down1.6%
◾
Averagenumberoflayerhensandbreedingflockgrew4.6%and18.5%,respectively
and total chicks hatchedrose 59.6%
●
Prepared foodssales of $219.2 million, up 604.1%
●
Gross profit of $638.0million, down 51.6%, andgross profit margin of 27.0%
●
Operating incomeof $409.0 million, down62.8%, and operatingincome margin of 17.2%
●
Net income attributableto Cal-Maine Foodsof $352.6 million, down59.8%
●
Diluted earnings pershare of $7.34, down59.0%
●
Net cash flow from operationsof $476.9 million, down41.2%
Commentary
"Theshell eggmarket inthe thirdquarterprovidedan importantreal-timetest ofour strategy.Periodsof
egg price softnesshighlighted that ourperformanceis not simply afunction of spotmarket conditions,but
of how effectively we manage mix, pricing structures, costs, and capital across the cycle. Despite materially
lowereggpricescomparedtothehistoriclevelsseenintheprioryear,ourdiversifiedportfolioand
operationalexecutionenabledustodeliversolidresultsandmaintainmomentum.Inourview,this
reinforcesthe resilience ofthe model weare buildingthat we expectwill lead tomore durablenormalized
earnings power" saidSherman Miller, president andchief executiveofficer of Cal-Maine Foods.
He continued,"Webelievethe recentdecline inwholesaleegg pricesreflects improvedsupply following
prior-year HPAI disruptions,during our last fiscal quarter, depopulationsreported by the USDA were down
70.6%andtheaveragenationallayerflockincreased2.2%,yearoveryear.Inparallel,morestable
purchasingpatternsacrossretail andfoodservicehave contributedto lowerwholesaleprices, whileretail
pricing continues to adjustmore gradually."
"Atthesametime,wecontinuetoinvestinstrengtheningthelong-termstructureofthebusiness.The
acquisitionofcertainassetsofCreightonBrothersandCrystalLakeadvancesseveralelementsofour
strategysimultaneously:expandingthescaleandgeographicreachofourshelleggplatform,increasing
internal sourcingcapabilities for egg-basedingredients, andenhancing ourability to supportthe growth of
our preparedfoods business.By integratingshell eggproduction,egg products,andpreparedfoodsmore
tightly withinour valuechain, we believewe can improvesupply security,increase operationalefficiency,
and reinforce the economics of our prepared foods platform. Deployingcapital into assets that deepen these
structural advantagesis central to our disciplinedcapital allocation framework,"Mr. Miller said.
Review of Financial Results
13 Weeks Ended
(in thousands)
February 28, 2026
March 1, 2025
$ Variance
% Variance
Net sales
$
666,951
$
1,417,685
$
(750,734)
(53.0)
%
Conventional egg sales
$
283,173
$
1,016,438
$
(733,265)
(72.1)
%
Conventional egg price perdozen
$
(70.1)
%
Conventional sales volume
(6.7)
%
Specialty egg sales
$
289,141
$
328,944
$
(39,803)
(12.1)
%
Specialty egg price per dozen
$
(16.9)
%
Specialty egg sales volume
5.8
%
Prepared foods sales
$
63,626
$
11,757
$
51,869
441.2
%
Gross profit
$
119,283
$
716,115
$
(596,832)
(83.3)
%
Third Quarter Fiscal 2026Results Overview
Net sales were $667.0million, comparedto $1.4 billion, down53.0%.
Conventional eggsales decreased72.1%, with 70.1%lower selling pricesand 6.7% lower salesvolume. A
higher proportionof conventional egg sales wereexecuted under hybrid pricingmodels, supporting greater
stability through cycles.
Specialty egg salesdecreased 12.1%, with16.9% lowerselling prices and 5.8%higher sales volume. Volume
growthwasbroad-basedacrossthemajorityofspecialtyeggsubcategories,includingfree-rangeand
pasture-raised.
Preparedfoodssales were$63.6million, up441.2%,witha 834.3%volumeincrease.The acquisitionof
Echo Lake wasthe primary driverof theincreased prepared foods salesvolume aswell asa ninefold increase
from Crepini.
Gross profitwas $119.3 million, compared to$716.1 million, down 83.3%,primarily driven by 56.5% lower
shell eggselling pricespartiallyoffset bya decreasein the priceand volumeof outsideegg purchases,as
the percent producedto sold increased3.1 percentage points to91.5%.
Outlook
"Lookingforward,weexpectaprogressiverecoveryinpreparedfoods,withvolumesreboundingas
capacity comes online and utilization improves, supported by steady underlying demand. Importantly, these
dynamics position the business for more stable, higher-quality earnings over thelong term," Mr. Millersaid.
"WebelieveCal-MaineFoodsis wellpositionedto benefitfrom durableshiftsshapingthe eggcategory.
Our strategy is designed to strengthen the quality and consistency of our earnings over time. By building on
thestructuralstrengthofourcoreshelleggplatformwhileexpandingspecialtyeggs,eggproducts,and
preparedfoods,we areenhancingtheresilienceanddiversificationofour business.Theprogresswe are
seeing acrossthe portfolioreflects theeffectivenessof this strategy-improvingmix, deepeningcustomer
partnerships,reinforcingoperationalefficiency, andstrengtheningthe long-termeconomicsof ourmodel,
positioning Cal-MaineFoods for sustainablegrowth and long-term valuecreation," he concluded.
Share Repurchase Update
Cal-MaineFoodsrepurchased329,830sharesofitscommonstockunderthecompany'scurrentshare
repurchase authorization during the quarter for a total of $24.3 million. The repurchase program permits the
company to repurchaseup to $500 million, of which$350.8 million remains available.
Dividend Payment
For the thirdquarter offiscal 2026,Cal-Maine Foodswill pay acash dividendof approximately$0.36 per
share toholders ofits commonstock, pursuantto the company'svariable dividendpolicy. The dividendis
payableon May 14,2026, toholders ofrecordon April 29, 2026.The final amountpaid pershare will be
based on thenumber of outstandingshares on the record date.
Conference Call and Webcast
Managementwill hostaconferencecallandwebcastat9:00a.m.ET onApril1,2026.Participantscan
accessthelivewebcastontheInvestorRelationspageoftheCal-MaineFoodswebsiteat
https://www.calmainefoods.com/events-presentations.To joinby telephone,participantscanregister here.
Upon registration, participants will receive a confirmation email with detailed instructions, including a dial-
innumber,uniquepasscode,andregistrantID. Areplayofthewebcastwillbeavailablefor30days
followingthecallontheInvestorRelationspageoftheCal-MaineFoodswebsiteat
https://www.calmainefoods.com/events-presentations.
About Cal-Maine Foods
Cal-MaineFoods, Inc.(NASDAQ:CALM) isthe largestegg companyin the UnitedStates anda leading
player in theegg-based food industry. Witha strong national footprint,Cal-Maine Foods provides nutritious,
affordable, and sustainableprotein to millions of householdsevery day.
The company'sportfolio spansthe fullegg valueladder-fromconventionalto specialty,includingcage-
free,organic,brown,free-range,pasture-raised,andnutritionallyenhanced-servingbothretailand
foodservice customers nationwide. Cal-Maine Foods also participates in the growing prepared foodssector,
withofferingssuchaspre-cookedeggpatties,omelets,foldedandscrambledeggformats,hard-cooked
eggs,pancakes,waffles,andspecialtywraps.ItsbrandedportfolioincludesEggland'sBest®,Land
O'Lakes®,FarmhouseEggs®,4Grain®,Sunups®,SunnyMeadow®,MeadowCreekFoods®,and
Crepini®.
Headquartered in Ridgeland, Mississippi, Cal-Maine's strategy combines scale, operationalexcellence, and
financialdisciplinewith acommitmentto innovationand sustainability,toenablethe companyto deliver
trusted nutrition, enduringpartnerships, andlong-term value for its stakeholders.
Cal-Maine Foods Inc. published this content on April 01, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 01, 2026 at 10:10 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]