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Cal-Maine Meals (NASDAQ:CALM) traded flat in after-hours motion on Tuesday after the corporate topped estimates with its FQ1 earnings report.
The corporate generated report income with larger common promoting costs and robust demand for specialty eggs contributing to the 103% year-over-year gross sales development.
The online common promoting worth per dozen was $2.275 vs. $1.235 a 12 months in the past with each specialty and traditional eggs seeing larger costs.
Specialty egg gross sales had been up 34.7% throughout the quarter by quantity.
Working earnings was $163.9M vs. -$39.7M a 12 months in the past. CALM famous that it continued to navigate by way of a decent labor market with larger wages and incurred larger distribution prices as a result of enhance in gas costs in comparison with the primary quarter a 12 months in the past.
Gross sales of cage-free eggs elevated 58% and represented roughly 19.4% of shell egg revenues in FQ1.
Egg provide outlook: “Layer hen numbers reported by the USDA as of September 21, 2022, had been 305.3 million, which represents a lower of 4.6% in contrast with the layer hen stock a 12 months in the past. The USDA additionally reported that the hatch from April 2022 by way of August 2022 decreased 0.5% as in contrast with the prior-year interval. As of September 1, 2022, nevertheless, eggs in incubators had been up 9.0% year-over-year, indicating that layer flocks might enhance sooner or later.”
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