View printer-friendly version |
<< Back |
Third Quarter Fiscal Year 2024 Highlights
-
Quarterly net sales of
$703.1 million -
Quarterly net income of
$146.4 million , or$3.01 per basic common share - Record quarterly sales volume of total dozens sold and specialty dozens sold
-
Cash dividend of
$48.9 million , or$1.00 per share, pursuant to the Company’s established dividend policy
Overview
“In addition to our strong organic growth opportunities, we are pleased with the operational performance and successful integration of our acquisition of assets of
Sales Performance & Operating Highlights
“Our overall sales volumes improved 3.2% compared to the same period last year as we sold 300.8 million dozens compared with 291.4 million dozens for the third quarter of fiscal 2023. Conventional eggs sold reached 192.2 million dozens, up 2.6%, while specialty eggs sold were 108.6 million dozens, a 4.4% increase over the prior-year period. These results represent the highest total dozens sold and highest specialty dozens sold in any quarter for
“Net income attributable to
“The net average selling price per dozen was
“We reported operating income of
“Current indications for corn supply project an overall better stocks-to-use ratio, implying potentially lower prices in the near term. However, as we continue to face uncertain external forces including weather patterns and global supply chain disruptions, price volatility could remain. Soybean meal supply has remained tight relative to demand in the third quarter of fiscal 2024.”
|
13 Weeks Ended |
|
39 Weeks Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Dozen Eggs Sold (000) |
|
300,779 |
|
|
|
291,416 |
|
|
|
862,078 |
|
|
|
850,819 |
|
Conventional Dozen Eggs Sold (000) |
|
192,182 |
|
|
|
187,357 |
|
|
|
566,174 |
|
|
|
555,045 |
|
Specialty Dozen Eggs Sold (000) |
|
108,597 |
|
|
|
104,059 |
|
|
|
295,904 |
|
|
|
295,774 |
|
Dozen Eggs Produced (000) |
|
259,527 |
|
|
|
263,174 |
|
|
|
774,984 |
|
|
|
782,186 |
|
% Specialty Sales (dozen) |
|
36.1 |
% |
|
|
35.7 |
% |
|
|
34.3 |
% |
|
|
34.8 |
% |
% Specialty Sales (dollars) |
|
38.5 |
% |
|
|
28.2 |
% |
|
|
42.5 |
% |
|
|
29.6 |
% |
Net Average Selling Price (per dozen) |
$ |
2.247 |
|
|
$ |
3.298 |
|
|
$ |
1.866 |
|
|
$ |
2.771 |
|
Net Average Selling Price Conventional Eggs (per dozen) |
$ |
2.152 |
|
|
$ |
3.678 |
|
|
$ |
1.624 |
|
|
$ |
2.984 |
|
Net Average Selling Price Specialty Eggs (per dozen) |
$ |
2.415 |
|
|
$ |
2.616 |
|
|
$ |
2.328 |
|
|
$ |
2.369 |
|
Feed Cost (per dozen) |
$ |
0.544 |
|
|
$ |
0.679 |
|
|
$ |
0.564 |
|
|
$ |
0.677 |
|
HPAI & Table Egg Supply Outlook
Outbreaks of HPAI have continued to occur in
During the third quarter of fiscal 2024,
The Company remains dedicated to robust biosecurity programs across its locations; however, no farm is immune from HPAI. HPAI is still present in the wild bird population and the extent of possible future outbreaks, with heightened risk during the migration seasons, cannot be predicted. According to the
Looking Ahead
Miller added, “We are proud of our ability to manage our operations effectively and deliver favorable results to date for fiscal 2024. Like other producers, we have navigated significant challenges related to HPAI, and we remain diligent in our efforts to mitigate any future risks. We commend our team of managers and employees who have worked through these challenges with minimal disruption to our overall production and distribution. Importantly, we remain committed to meeting the needs of our valued customers with a diverse offering of quality products. Demand for shell eggs has remained strong as consumers look for an affordable and nutritious protein option. Across our operations, we are focused on meeting this demand, as we continue to identify opportunities to extend our market reach. We are also making significant investments in our operations to drive innovation and more efficient production and support our ability to add capacity, including cage-free opportunities. We have a strong balance sheet that provides us with the flexibility to fund our growth initiatives, including potential acquisitions. We believe fiscal 2024 will be another successful year for the Company, and we look forward to the opportunities ahead for
Dividend Payment
For the third quarter of fiscal 2024,
About
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
|
||||||||||||||||
FINANCIAL HIGHLIGHTS |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||
SUMMARY STATEMENTS OF INCOME |
||||||||||||||||
|
|
13 Weeks Ended |
|
39 Weeks Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
703,076 |
|
|
$ |
997,493 |
|
|
$ |
1,685,654 |
|
|
$ |
2,457,537 |
|
Cost of sales |
|
|
484,504 |
|
|
|
534,467 |
|
|
|
1,330,519 |
|
|
|
1,459,172 |
|
Gross profit |
|
|
218,572 |
|
|
|
463,026 |
|
|
|
355,135 |
|
|
|
998,365 |
|
Selling, general and administrative |
|
|
66,020 |
|
|
|
58,489 |
|
|
|
194,844 |
|
|
|
170,048 |
|
Gain on involuntary conversions |
|
|
(9,929 |
) |
|
|
(3,220 |
) |
|
|
(9,929 |
) |
|
|
(3,220 |
) |
(Gain) loss on disposal of fixed assets |
|
|
(306 |
) |
|
|
(26 |
) |
|
|
(44 |
) |
|
|
36 |
|
Operating income |
|
|
162,787 |
|
|
|
407,783 |
|
|
|
170,264 |
|
|
|
831,501 |
|
Other income, net |
|
|
22,372 |
|
|
|
17,104 |
|
|
|
37,746 |
|
|
|
21,134 |
|
Income before income taxes |
|
|
185,159 |
|
|
|
424,887 |
|
|
|
208,010 |
|
|
|
852,635 |
|
Income tax expense |
|
|
38,796 |
|
|
|
102,118 |
|
|
|
44,658 |
|
|
|
206,438 |
|
Net income |
|
|
146,363 |
|
|
|
322,769 |
|
|
|
163,352 |
|
|
|
646,197 |
|
Less: Loss attributable to noncontrolling interest |
|
|
(349 |
) |
|
|
(450 |
) |
|
|
(1,295 |
) |
|
|
(896 |
) |
Net income attributable to |
|
$ |
146,712 |
|
|
$ |
323,219 |
|
|
$ |
164,647 |
|
|
$ |
647,093 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
3.01 |
|
|
$ |
6.64 |
|
|
$ |
3.38 |
|
|
$ |
13.31 |
|
Diluted |
|
$ |
3.00 |
|
|
$ |
6.62 |
|
|
$ |
3.37 |
|
|
$ |
13.25 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
48,727 |
|
|
|
48,653 |
|
|
|
48,702 |
|
|
|
48,634 |
|
Diluted |
|
|
48,884 |
|
|
|
48,842 |
|
|
|
48,865 |
|
|
|
48,832 |
|
|
|
|
|
|
|
|
|
|
|
||||||
FINANCIAL HIGHLIGHTS |
||||||
(Unaudited) |
||||||
(In thousands) |
||||||
SUMMARY BALANCE SHEETS |
||||||
|
|
|
|
|
||
ASSETS |
|
|
|
|
||
Cash and short-term investments |
|
$ |
694,843 |
|
$ |
647,914 |
Receivables, net |
|
|
246,622 |
|
|
187,213 |
Inventories, net |
|
|
269,244 |
|
|
284,418 |
Prepaid expenses and other current assets |
|
|
6,883 |
|
|
5,380 |
Current assets |
|
|
1,217,592 |
|
|
1,124,925 |
|
|
|
|
|
||
Property, plant and equipment, net |
|
|
826,573 |
|
|
744,540 |
Other noncurrent assets |
|
|
89,364 |
|
|
85,060 |
Total assets |
|
$ |
2,133,529 |
|
$ |
1,954,525 |
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||
Accounts payable and accrued expenses |
|
$ |
166,798 |
|
$ |
145,601 |
Dividends payable |
|
|
48,891 |
|
|
37,130 |
Current liabilities |
|
|
215,689 |
|
|
182,731 |
|
|
|
|
|
||
Deferred income taxes and other liabilities |
|
|
196,881 |
|
|
162,211 |
Stockholders' equity |
|
|
1,720,959 |
|
|
1,609,583 |
Total liabilities and stockholders' equity |
|
$ |
2,133,529 |
|
$ |
1,954,525 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240402210813/en/
(601) 948-6813
Source: