Cal-Maine Foods posts Q3 fiscal 2010 results

Cal-Maine Foods Inc. has reported results for the third quarter and nine months ended February 27, 2010.

Net sales for the third quarter of fiscal 2010 were US$271.2 million, compared with net sales of US$270 million for the same quarter of fiscal 2009. The company reported net income of US$34.5 million, or US$1.45 per basic share, for the third quarter of fiscal 2010 compared with net income of US$30.8 million, or US$1.30 per basic share, for the third quarter of fiscal 2009.

For the first nine months of fiscal 2010, net sales were US$688.1 million compared with net sales of US$715.2 million for the prior year period. The company reported net income of US$46.8 million, or US$1.97 per basic share, for the first nine months of fiscal 2010 compared with net income of US$69.2 million, or US$2.91 per basic share, for the year-earlier period.

Fred Adams Jr., chairman and CEO said the company benefited from a favourable balance of supply and demand for eggs during the quarter, and sales at the retail level were very good.

However, egg product sales were fairly good. Feed costs were also lower for the quarter compared with the prior-year period, improving profitability.

Adams hopes to see continued favorable balance between egg supply and egg demand for the coming year, feed costs to be volatile as well.