by Christopher Freeburn | July 30, 2012 12:32 pm
Cal-Maine Foods (NASDAQ:CALM) said on Monday that it earned $37.3 million during its fiscal fourth quarter, more than five times the $7.3 million in the same period last year. That profit spike was driven by a $27 million gain from its joint venture with Land O’ Lakes.
The egg supply company’s sales jumped 14% during the quarter to $275.2 million. Adjusted EPS was 44 cents.
Investors liked the results. Shares of Cal-Maine rose more than 2% in Monday trading.
The company reported 2012 full-year earnings of $89.7 million, up 48% from $60.8 million last year. EPS for the year was $3.75.
Revenue for the year topped $1 billion for the first time, hitting $1.11 billion, up from $942 million in fiscal 2011.
Company officials noted that feed costs had increased 7.3% over last year during the final quarter and would likely increase in coming quarters due to a predicted weak U.S. corn harvest, the Associated Press noted.
Cal-Maine acquired Pilgrim’s Pride’s commercial egg business in July. CEO Dolph Baker indicated that the egg producer and distributor was seeking other acquisitions as part of its growth strategy.
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