Cal-Maine Foods Q3 Profit Rises

(RTTNews) - Shell eggs producer Cal-Maine Foods, Inc. (CALM) posted higher profit for the third quarter, with sales growth of 10 percent, reflecting improved volumes through the holiday season and higher average selling prices.

The company's net income for the third quarter rose to $42.9 million or $1.77 per share from last year's $30.6 million or $1.27 per share. On average, 2 analysts polled by Thomson Reuters expected earnings per share of $1.41 for the quarter. Analysts' estimates typically exclude one-time items.

The company said its operating income grew more than 50 percent to $46.6 million, as it benefited from lower feed costs during the quarter.

For the third quarter, net sales increased to $395.5 million from $360.4 million a year ago.

Dolph Baker, chairman, president and chief executive officer, said, "Consumer demand for shell eggs has been strong at the retail level for both generic and specialty eggs, supported by below average temperatures across the country."

Cal-Maine Foods added that it would pay a third-quarter cash dividend of about $0.591 per share to holders of its common and Class A common stock. The dividend is payable May 15, 2014, to shareholders of record on April 30, 2014.