Cal Maine Foods (CALM), a marketer and distributer of shell eggs, has reported an 18.74 percent rise in profit for the quarter ended Feb. 28, 2015. The company has earned $50.88 million, or $1.05 a share in the quarter, compared with $42.85 million, or $0.89 a share for the same period last year. Revenue during the quarter grew 10.63 percent to $437.56 million from $395.52 million in the previous year period. Gross margin for the quarter expanded 248 basis points over the previous year period to 25.71 percent. Total expenses were 83.54 percent of quarterly revenues, down from 88.22 percent for the same period last year. This has led to an improvement of 468 basis points in operating margin to 16.46 percent.
Operating income for the quarter was $72.02 million, compared with $46.60 million in the previous year period.
Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods, Inc., stated, 'Cal-Maine Foods delivered a very solid performance for the third quarter of fiscal 2015 with our net sales up 10.6 percent over the same period last year. The higher sales reflect improved volumes through the holiday season with total dozen shell eggs sold up 5.2 percent over the same period last year.'
Working capital increases Cal Maine Foods has recorded an increase in the working capital over the last year. It stood at $357.93 million as at Feb. 28, 2015, up 15.01 percent or $46.72 million from $311.21 million on Mar. 01, 2014. Current ratio was at 3.63 as on Feb. 28, 2015, up from 3.42 on Mar. 01, 2014.
Days sales outstanding were almost stable at 23 days for the quarter, when compared with the last year period.
Debt comes down
Cal Maine Foods has recorded a decline in total debt over the last one year. It stood at $53.37 million as on Feb. 28, 2015, down 16.56 percent or $10.59 million from $63.96 million on Mar. 01, 2014. Total debt was 5.92 percent of total assets as on Feb. 28, 2015, compared with 8.02 percent on Mar. 01, 2014. Debt to equity ratio was at 0.08 as on Feb. 28, 2015, down from 0.11 as on Mar. 01, 2014.
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