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Record fourth quarter net income of
$110.0 million , or$2.25 per diluted common share -
Fourth quarter net sales of
$593.0 million , up 69.5% year-over-year -
Fiscal year 2022 net income of
$132.7 million , or$2.72 per diluted share, versus net income of$2.1 million in fiscal 2021 -
Fiscal 2022 net year sales increased to nearly
$1.8 billion , up 31.7% versus fiscal 2021 -
Announces fourth quarter fiscal 2022 cash dividend of
$0.75 per share -
Approved
$55.3 million capital project subsequent to the quarter end to convert existing layer capacity to cage-free capacity for approximately 1.5 million cage-free hens
“We continue to perform at the top of our industry as an efficient operator, despite inflationary market conditions in
Sales Performance & Operational Highlights
Net sales in fourth quarter 2022 increased 69.5% to
In fourth quarter 2022, total dozens sold increased 6.3% to 272.0 million versus 255.9 million in the prior-year quarter, supported by higher demand for specialty eggs. Conventional egg volumes decreased 3.5% compared with fourth quarter 2021, while specialty egg volumes increased by 32.2%. Fourth quarter 2022 volume increases were driven by a 4.7% increase to the retail channel and a 19.4% increase to the food service channel versus the prior-year period.
In fiscal 2022, the Company reported net sales of
Fiscal year 2022 results reflect stable demand and an improved shell egg net average selling price, up 29.7%, to
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13 Weeks Ended |
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52 Weeks Ended |
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Dozen Eggs Sold (000) |
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271,968 |
|
|
|
255,851 |
|
|
|
1,083,789 |
|
|
|
1,073,211 |
|
Dozen Eggs Produced (000) |
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264,650 |
|
|
|
239,632 |
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|
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1,022,327 |
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|
|
970,837 |
|
% Specialty Sales (dozen) |
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34.0 |
% |
|
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27.4 |
% |
|
|
31.0 |
% |
|
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26.8 |
% |
% Specialty Sales (dollars) |
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32.9 |
% |
|
|
38.7 |
% |
|
|
37.8 |
% |
|
|
41.1 |
% |
Net Average Selling Price (per dozen) |
$ |
2.069 |
|
|
$ |
1.318 |
|
|
$ |
1.579 |
|
|
$ |
1.217 |
|
Net Average Selling Price Conventional Eggs
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$ |
2.098 |
|
|
$ |
1.109 |
|
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$ |
1.420 |
|
|
$ |
0.976 |
|
Net Average Selling Price Specialty Eggs
|
$ |
2.015 |
|
|
$ |
1.874 |
|
|
$ |
1.932 |
|
|
$ |
1.876 |
|
Feed Cost (per dozen) |
$ |
0.641 |
|
|
$ |
0.517 |
|
|
$ |
0.571 |
|
|
$ |
0.446 |
|
In fourth quarter 2022, the Company reported operating income of
Product Mix & Cage-Free Eggs
Subsequent to the end of fourth quarter 2022, the Company’s Board of Directors approved a capital project to expand the Company’s cage-free production capabilities. The proposed project at
Table Egg Supply Outlook
Layer hen numbers reported by the
The Company continues to monitor the latest outbreak of HPAI that was first reported in commercial flocks in the
Dividend Payment
For fourth quarter 2022,
About us and forward-looking statements
Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current intent, belief, expectations, estimates and projections regarding our company and our industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include, among others, (i) the risk factors set forth in the Company’s
1 |
FINANCIAL HIGHLIGHTS (Unaudited) (In thousands, except per share amounts)
SUMMARY STATEMENTS OF OPERATIONS |
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13 Weeks Ended |
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52 Weeks Ended |
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Net sales |
|
$ |
592,964 |
|
|
$ |
349,798 |
|
|
$ |
1,777,159 |
|
|
$ |
1,348,987 |
|
Cost of sales |
|
|
397,879 |
|
|
|
311,869 |
|
|
|
1,440,100 |
|
|
|
1,188,326 |
|
Gross profit |
|
|
195,085 |
|
|
|
37,929 |
|
|
|
337,059 |
|
|
|
160,661 |
|
Selling, general and administrative |
|
|
51,640 |
|
|
|
48,449 |
|
|
|
198,631 |
|
|
|
183,943 |
|
(Gain) loss on disposal of fixed assets |
|
|
(2,254 |
) |
|
|
2,506 |
|
|
|
(5,109 |
) |
|
|
2,982 |
|
Operating income (loss) |
|
|
145,699 |
|
|
|
(13,026 |
) |
|
|
143,537 |
|
|
|
(26,264 |
) |
Other income, net |
|
|
664 |
|
|
|
853 |
|
|
|
22,478 |
|
|
|
16,315 |
|
Income (loss) before income taxes |
|
|
146,363 |
|
|
|
(12,173 |
) |
|
|
166,015 |
|
|
|
(9,949 |
) |
Income tax expense (benefit) |
|
|
36,495 |
|
|
|
(7,929 |
) |
|
|
33,574 |
|
|
|
(12,009 |
) |
Net income (loss) |
|
|
109,868 |
|
|
|
(4,244 |
) |
|
|
132,441 |
|
|
|
2,060 |
|
Less: Loss attributable to noncontrolling interest |
|
|
(118 |
) |
|
|
— |
|
|
|
(209 |
) |
|
|
— |
|
Net income (loss) attributable to |
|
$ |
109,986 |
|
|
$ |
(4,244 |
) |
|
$ |
132,650 |
|
|
$ |
2,060 |
|
|
|
|
|
|
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Net income (loss) per common share: |
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Basic |
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$ |
2.26 |
|
|
$ |
(0.09 |
) |
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$ |
2.73 |
|
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$ |
0.04 |
|
Diluted |
|
$ |
2.25 |
|
|
$ |
(0.09 |
) |
|
$ |
2.72 |
|
|
$ |
0.04 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
48,622 |
|
|
|
48,501 |
|
|
|
48,581 |
|
|
|
48,522 |
|
Diluted |
|
|
48,791 |
|
|
|
48,608 |
|
|
|
48,734 |
|
|
|
48,656 |
|
FINANCIAL HIGHLIGHTS (Unaudited) (In thousands)
SUMMARY BALANCE SHEETS |
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ASSETS |
|
|
|
|
|
|
Cash and short-term investments |
|
$ |
174,513 |
|
$ |
169,510 |
Receivables, net |
|
|
219,404 |
|
|
126,639 |
Inventories, net |
|
|
263,316 |
|
|
218,375 |
Prepaid expenses and other current assets |
|
|
4,286 |
|
|
5,407 |
Current assets |
|
|
661,519 |
|
|
519,931 |
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
677,796 |
|
|
589,417 |
Other noncurrent assets |
|
|
88,174 |
|
|
119,826 |
Total assets |
|
$ |
1,427,489 |
|
$ |
1,229,174 |
|
|
|
|
|
|
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LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
148,018 |
|
$ |
90,097 |
Dividends payable |
|
|
36,656 |
|
|
- |
Current liabilities |
|
|
184,674 |
|
|
90,097 |
|
|
|
|
|
|
|
Deferred income taxes and other liabilities |
|
|
138,470 |
|
|
126,296 |
Stockholders' equity |
|
|
1,104,345 |
|
|
1,012,781 |
Total liabilities and stockholders' equity |
|
$ |
1,427,489 |
|
$ |
1,229,174 |
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