Exhibit 99.1

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Contacts:

Sherman Miller, President and CEO

Max P. Bowman, Vice President and CFO

(601) 948-6813

CAL-MAINE FOODS REPORTS RESULTS

FOR THIRD QUARTER FISCAL 2023

ANNOUNCES QUARTERLY CASH DIVIDEND OF $2.20 PER SHARE

RIDGELAND, Miss. (March 28, 2023) - Cal-Maine Foods, Inc. (NASDAQ: CALM) (“Cal-Maine

Foods” or the “Company”), the largest producer and distributor of fresh shell eggs in the United

States, today reported results for the third quarter of fiscal 2023 (thirteen weeks) ended February

25, 2023.

Third Quarter Fiscal 2023 Highlights

●

Quarterly net sales of $997.5 million, driven by strong conventional egg prices 

●

Quarterly net income of $323.2 million, or $6.64 per basic and $6.62 per diluted common

share

●

Cash dividend of $107.7 million, or $2.20 per share, pursuant to the Company’s

established dividend policy

Overview

Sherman Miller, president and chief executive officer of Cal-Maine Foods, Inc. stated, “Cal-

Maine Foods delivered a solid performance for the third quarter of fiscal 2023. Our results are

reflective of a dynamic market environment with higher average selling prices and favorable

demand. Elevated market pricing continues, primarily due to the impact of the ongoing epidemic

of highly pathogenic avian influenza (“HPAI”), which has significantly reduced the nation’s egg-

laying capacity. At the same time, consumer demand for shell eggs remained robust in the third

quarter, which included the peak winter holiday season. We are grateful that the Cal-Maine Foods’

team delivered more eggs to meet the needs of our customers during the quarter and continued to

successfully focus on our goal of expanding our specialty egg production capacity. 

“The domestic egg market has always been intensely competitive and highly volatile even

under normal market circumstances. At Cal-Maine Foods, we sell our eggs to a diverse group of

retail customers, including national and regional grocery chains, club stores, companies that supply

to independent supermarkets, food service distributors and egg product customers. The majority

of our conventional eggs are sold based on market quotes published by Urner Barry, an

independent, third-party market reporter. We are a producer and distributor and do not sell eggs

directly to consumers.

“We have worked hard to respond to the challenging operating environment, targeting optimal

management of every aspect of our business within our control. As always, we are focused on the

long-term, working within the proven operating model that has served us well throughout the

various cycles that characterize our industry. In combination with the current inflationary

environment, the HPAI epidemic has created additional challenges for all producers, with

Cal-Maine Foods Reports Record Results for Third Quarter 2023

Page 2

March 28, 2023

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increasing costs and supply chain disruptions. We are grateful to our dedicated managers and

employees across our production facilities who have efficiently managed our operations during this

time. We have invested substantial capital and management resources in our biosecurity measures,

and these investments, along with our employees’ diligent adherence to our robust biosecurity

protocols, have allowed us to continue to produce and bring more quality eggs to the market. There

have been no positive tests for HPAI at any Cal-Maine Foods’ owned or contracted production

facility as of March 28, 2023. Together, we are committed to our mission – to be the most

sustainable producer and reliable supplier of fresh shell eggs and egg products in the United States,”

added Miller.

Sales Performance & Operating Highlights

Max Bowman, chief financial officer of Cal-Maine Foods, added, “Our financial results for

the quarter were led by net sales of $997.5 million compared with $477.5 million for the same period

last year. Net income for the third quarter of fiscal 2023 was $323.2 million, or $6.62 per diluted

share, compared with $39.5 million, or $0.81 per diluted share, for the third quarter of fiscal 2022. 

These results reflect the significantly higher market prices and favorable demand boosted by the

busy holiday season. We remained focused on disciplined management of our costs during the

quarter despite continued inflationary pressures and a tight labor market.”

Conventional egg net average selling price per dozen increased to $3.678 for the third

quarter of fiscal 2023 compared with $1.458 the prior-year quarter. Net average selling price for

specialty eggs rose to $2.616 per dozen, compared with $1.923 per dozen for the third quarter of

fiscal 2022. Specialty dozens sold were 35.7% of total dozens sold compared with 33.1% in the prior-

year period.

For the third quarter of fiscal 2023, total dozens sold increased 1.3% to 291.4 million versus

287.7 million in the prior-year quarter, driven by higher sales volumes in the specialty eggs category. 

Conventional egg volumes sold decreased 2.7% compared with third quarter fiscal 2022, while

specialty egg volumes sold increased by 9.4%. 

This increase in demand for specialty eggs was positively affected by the higher conventional

egg prices as compared to the same period in the prior year. Conventional egg prices exceeding

specialty egg prices has occurred for the past four quarters but is atypical historically. Cal-Maine

Foods plans to continue to focus on the expansion of the Company’s specialty egg production

capacity in line with changing customer demand. At the same time, the Company understands the

importance of the continued ability to provide conventional eggs in order to offer customers a

variety of egg choices with a long-term goal to address hunger in more communities. 

The Company reported operating income of $407.8 million for the third quarter of fiscal

2023 amidst a challenging environment with higher costs across various inputs including feed,

labor, packaging, and distribution. Overall, farm production costs per dozen increased 18.2%, or

$0.166, compared with the prior-year period, primarily tied to significantly higher feed costs. For

the third quarter of fiscal 2023, feed costs per dozen were $0.679, a 20.8% increase compared with

the third quarter of fiscal 2022. 

Supplies of corn and soybean remained tight relative to demand in

the third quarter of fiscal 2023, as evidenced by a low stock-to-use ratio for corn, due to weather-

related shortfalls in production and yields, ongoing supply-chain disruptions and the Russia-Ukraine

war and its impact on the export markets. For fiscal 2023, the Company expects continued corn and

soybean upward pricing pressures and further market volatility to affect feed costs. 

Cal-Maine Foods Reports Record Results for Third Quarter 2023

Page 3

March 28, 2023

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13 Weeks Ended

39 Weeks Ended

February 25, 2023

February 26, 2022

February 25, 2023

February 26, 2022

Dozen Eggs Sold (000)

291,416

287,651

850,819

811,821

Conventional Dozen Eggs Sold (000)

187,357

192,511

555,045

568,511

Specialty Dozen Eggs Sold (000)

104,059

95,140

295,774

243,310

Dozen Eggs Produced (000)

263,174

264,433

782,186

757,677

% Specialty Sales (dozen)

35.7

%

33.1

%

34.8

%

30.0

%

% Specialty Sales (dollars)

28.2

%

39.4

%

29.6

%

40.2

%

Net Average Selling Price (per dozen)

$

3.298

$

1.612

$

2.771

$

1.412

Net Average Selling Price Conventional

Eggs (per dozen)

$

3.678

$

1.458

$

2.984

$

1.203

Net Average Selling Price Specialty

Eggs (per dozen)

$

2.616

$

1.923

$

2.369

$

1.900

Feed Cost (per dozen)

$

0.679

$

0.562

$

0.677

$

0.546

Product Mix & Cage-Free Eggs

As demand for specialty eggs, particularly cage-free eggs, has evolved, the Company has

focused on meeting current and expected customer demand. A significant number of Cal-Maine

Foods’ customers previously announced goals to offer cage-free eggs exclusively on or before 2026. 

While some of these customers have extended those timelines to the end of 2030, the Company’s

priority is to work with its customers to facilitate a smooth transition to their announced timelines

for cage-free egg sales. Cal-Maine Foods has made significant investments in its production and

distribution capabilities as cage-free eggs are expected to comprise a larger share of the Company’s

product mix. Cage-free dozens sold increased 14.9% in the third quarter of fiscal 2023 as compared

to the third quarter of fiscal 2022.

Table Egg Supply Outlook

The current HPAI epidemic has surpassed the prior 2014-2015 outbreak in terms of its

duration and the number of affected hens in the U.S., and HPAI continues to circulate throughout

the wild bird population in the U.S. and abroad. Cal-Maine Foods has followed strict biosecurity

protocols across all locations and facilities since the previous outbreak and continues to closely

monitor the current outbreak. The USDA division of Animal and Plant Health Inspection Service

(“APHIS”) reported on March 27, 2023, that approximately 43.3 million commercial layer hens and

1.0 million pullets have been depopulated due to HPAI since February 2022. According to the U.S.

Centers for Disease Control and Prevention, these detections do not present an immediate public

health concern. Outbreaks in commercial poultry flocks in the U.S. have most recently occurred

during March 2023. There have been no positive tests for HPAI at any Cal-Maine Foods’ owned or

contracted production facility as of March 28, 2023. The Company is working closely with federal,

state and local government officials, and focused industry groups to mitigate the risk of future

outbreaks, and effectively manage a response, if needed.

The Company believes the HPAI outbreak will continue to exert downward pressure on the

overall supply of eggs, and the duration of these effects will depend in part on the timing of

replenishment of the U.S. layer hen flock. Prior to the outbreak of HPAI in February 2022, the layer

hen flock five-year average from 2017 through 2021 was comprised of approximately 328 million

hens. According to a LEAP Market Analytics report dated March 21, 2023, the layer hen inventory

is not projected to exceed 328 million again until January of 2024. Layer hen numbers reported by

Cal-Maine Foods Reports Record Results for Third Quarter 2023

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March 28, 2023

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the USDA as of March 1, 2023, were 312.9 million, which represents a decrease of 3.8% compared

with the layer hen inventory a year ago. However, the USDA also reported that the hatch from

October 2022 through February 2023 increased 4.5% as compared with the prior-year period,

indicating that layer flocks may increase in the future. 

Dividend Payment

For third quarter of fiscal 2023, Cal-Maine Foods will pay a cash dividend of approximately

$2.20 per share to holders of its common and Class A common stock. Pursuant to Cal-Maine Foods’

variable dividend policy, for each quarter in which the Company reports net income, the Company

pays a cash dividend to shareholders in an amount equal to one-third of such quarterly income.

Following a quarter for which the Company does not report net income, the Company will not pay

a dividend with respect to that quarter or for a subsequent profitable quarter until the Company is

profitable on a cumulative basis computed from the date of the most recent quarter for which a

dividend was paid. The amount paid per share will vary based on the number of outstanding shares

on the record date. The dividend is payable on May 11, 2023, to holders of record on April 26, 2023.

About Cal-Maine Foods

Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing, marketing

and distribution of fresh shell eggs, including conventional, cage-free, organic, brown, free-range,

pasture-raised and nutritionally enhanced eggs. The Company, which is headquartered in

Ridgeland, Mississippi, is the largest producer and distributor of fresh shell eggs in the United

States and sells the majority of its shell eggs in states across the southwestern, southeastern, mid-

western and mid-Atlantic regions of the United States.

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 SEC filings (including its Annual Reports on

Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K), (ii) the risks and

hazards inherent in the shell egg business (including disease, pests, weather conditions and

potential for recall), including but not limited to the most recent outbreak of highly pathogenic

avian influenza affecting poultry in the U.S., Canada and other countries that was first detected

in commercial flocks in the U.S. in February 2022, (iii) changes in the demand for and market

prices of shell eggs and feed costs, (iv) our ability to predict and meet demand for cage-free and

other specialty eggs, (v) risks, changes or obligations that could result from our future acquisition

of new flocks or businesses and risks or changes that may cause conditions to completing a

pending acquisition not to be met, (vi) risks relating to increased costs, rising inflation and interest

rates, which generally have been exacerbated by Russia’s invasion of Ukraine starting in

February 2022, (vii) our ability to retain existing customers, acquire new customers and grow

our product mix and (viii) adverse results in pending litigation matters and (ix) the evolving

COVID-19 pandemic. SEC filings may be obtained from the SEC or the Company’s website

,

www.calmainefoods.com. Readers are cautioned not to place undue reliance on forward-looking

Cal-Maine Foods Reports Record Results for Third Quarter 2023

Page 5

March 28, 2023

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statements because, while we believe the assumptions on which the forward-looking statements

are based are reasonable, there can be no assurance that these forward-looking statements will

prove to be accurate. Further, the forward-looking statements included herein are only made as

of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise

required by law, we disclaim any intent or obligation to publicly update these forward-looking

statements, whether as a result of new information, future events or otherwise.

Cal-Maine Foods Reports Record Results for Third Quarter 2023

Page 6

March 28, 2023

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CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

(In thousands, except per share amounts)

SUMMARY STATEMENTS OF OPERATIONS

13 Weeks Ended

39 Weeks Ended

February 25, 2023

February 26, 2022

February 25, 2023

February 26, 2022

Net sales

$

997,493

$

477,485

$

2,457,537

$

1,184,195

Cost of sales

534,467

385,903

1,459,172

1,042,221

Gross profit

463,026

91,582

998,365

141,974

Selling, general and administrative

58,489

52,686

170,048

146,991

Insurance recoveries

(3,220)

(1,095)

(3,220)

(3,225)

(Gain) loss on disposal of fixed assets

(26)

421

36

370

Operating income (loss)

407,783

39,570

831,501

(2,162)

Other income, net

17,104

13,478

21,134

21,814

Income before income taxes

424,887

53,048

852,635

19,652

Income tax expense (benefit)

102,118

13,594

206,438

(2,921)

Net income

322,769

39,454

646,197

22,573

Less: Loss attributable to noncontrolling

interest

(450)

(63)

(896)

(91)

Net income attributable to Cal-Maine

Foods, Inc.

$

323,219

$

39,517

$

647,093

$

22,664

Net income per common share:

Basic

$

6.64

$

0.81

$

13.31

$

0.46

Diluted

$

6.62

$

0.81

$

13.25

$

0.46

Weighted average shares outstanding:

Basic

48,653

48,886

48,634

48,888

Diluted

48,842

49,036

48,832

49,035

Cal-Maine Foods Reports Record Results for Third Quarter 2023

Page 7

March 28, 2023

-END-

CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

(In thousands)

SUMMARY BALANCE SHEETS

February 25, 2023

May 28, 2022

ASSETS

Cash and short-term investments

$

645,032

$

174,513

Receivables, net

249,867

219,404

Inventories, net

290,869

263,316

Prepaid expenses and other current assets

7,599

4,286

Current assets

1,193,367

661,519

Property, plant and equipment, net

712,512

677,796

Other noncurrent assets

86,604

88,174

Total assets

$

1,992,483

$

1,427,489

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable and accrued expenses

$

205,340

$

148,018

Dividends payable

107,720

36,656

Current liabilities

313,060

184,674

Deferred income taxes and other liabilities

144,535

138,470

Stockholders' equity

1,534,888

1,104,345

Total liabilities and stockholders' equity

$

1,992,483

$

1,427,489