Cal-Maine Foods第四财季转亏且收入低于预期，蛋价低迷拖累利润

Cal-Maine Foods Reports Fourth Quarter and Fiscal 2026 Results
Financial Highlights
| (in thousands except per share amounts and percentages) | ||||||||||||||||||||||||||||||
| Fourth Quarter | Fiscal Year | |||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | |||||||||||||||||||||||
| Net sales | $ | 552,581 | $ | 1,103,658 | $ | (551,077 | ) | (49.9 | ) | % | $ | 2,911,632 | $ | 4,261,885 | $ | (1,350,253 | ) | (31.7 | ) | % | ||||||||||
| Gross profit | $ | 34,066 | $ | 531,510 | $ | (497,444 | ) | (93.6 | ) | % | $ | 672,049 | $ | 1,850,885 | $ | (1,178,836 | ) | (63.7 | ) | % | ||||||||||
| Operating income (loss) | $ | (58,811 | ) | $ | 435,851 | $ | (494,662 | ) | (113.5 | ) | % | $ | 350,186 | $ | 1,536,539 | $ | (1,186,353 | ) | (77.2 | ) | % | |||||||||
| Net income attributable to |
$ | (35,876 | ) | $ | 342,475 | $ | (378,351 | ) | (110.5 | ) | % | $ | 316,682 | $ | 1,220,048 | $ | (903,366 | ) | (74.0 | ) | % | |||||||||
| Income (loss) per share - diluted | $ | (0.76 | ) | $ | 7.01 | $ | (7.77 | ) | (110.8 | ) | % | $ | 6.63 | $ | 24.95 | $ | (18.32 | ) | (73.4 | ) | % | |||||||||
Strategic Execution Highlights
- Continued focus on sales diversification and mix shift, expected to strengthen earnings durability and predictability over time
- In the fourth quarter of fiscal 2026:
Prepared Foods accounted for 10.9% of net sales- Combined,
Specialty Shell Eggs and Prepared Foods increased to 53.0% of net sales
- In fiscal 2026:
Prepared Foods accounted for 8.4% of net sales- Combined,
Specialty Shell Eggs and Prepared Foods grew to 44.4% of net sales
- In the fourth quarter of fiscal 2026:
- Acquired certain assets of
Creighton Brothers LLC and its affiliates, intended to further enhance vertically integrated operating model and strengthen connectivity across shell egg and prepared foods value chain - Acquired the Van’s® brand, aimed at accelerating strategic evolution into value-added, consumer-facing prepared foods and further diversifying earnings profile
- Subsequent to fiscal year-end:
- Acquired additional Eggland’s Best® franchise territory in Northeast, expanding the company's distribution footprint and increasing its specialty shell egg category penetration across one of the nation’s largest, highest-income consumer markets
- Announced new
$54 million investment to further expandPrepared Foods production capacity:- Expected to add approximately 30% incremental production capacity beginning in the first half of fiscal 2028
- Builds on previously announced 30% organic capacity growth and 6% Van’s® acquisition-driven capacity growth
Prepared Foods production capacity projected to increase by over 60% from the end of fiscal 2026 through the first half of fiscal 2028
Commentary
“During the quarter, industry oversupply drove wholesale shell egg prices to historically low inflation-adjusted levels. This dynamic was largely supply-driven rather than demand-driven, and we continue to see favorable long-term demand fundamentals across our end markets. The sustained trough pricing environment in the quarter provides a valuable stress-case reference point, demonstrating the resilience built through our strategic actions to date while highlighting the meaningful upside opportunity as our initiatives continue to mature.
“We are proud of the progress we have made this year executing our strategy. We are advancing our
New Reportable Operating Segments
Cal-Maine Foods’ reportable operating segments now consist of the following:
- Conventional Shell Eggs
- Specialty Shell Eggs
Prepared Foods
Cal-Maine Foods’ remaining operations, which include co-pack shell eggs, egg products, hard-cooked eggs and other business activities, are not reportable segments, as defined by the applicable accounting standard. All prior fiscal year periods have been recast to reflect the new reportable segments, and such recast information is included in the schedules accompanying this release.
Segment Results Summary
| Segment Sales | ||||||||||||||||||||||||||||||
| (in thousands except percentages) | ||||||||||||||||||||||||||||||
| Fourth Quarter | Fiscal Year | |||||||||||||||||||||||||||||
| 2026 | 2025 | Volume Change | Avg. Price Change | 2026 | 2025 | Volume Change | Avg. Price Change | |||||||||||||||||||||||
| Conventional Shell Eggs | $ | 210,765 | $ | 702,069 | 3.1 | % | (70.9 | ) | % | $ | 1,348,076 | $ | 2,755,859 | (0.3 | ) | % | (50.9 | ) | % | |||||||||||
| Specialty Shell Eggs | 239,731 | 305,142 | (5.9 | ) | % | (16.5 | ) | % | 1,070,458 | 1,154,951 | 2.4 | % | (9.5 | ) | % | |||||||||||||||
| 60,403 | 1,565 | N.M. | % | N.M. | % | 244,802 | 4,050 | N.M. | % | N.M. | % | |||||||||||||||||||
| Total Reportable Segments | $ | 510,899 | $ | 1,008,776 | $ | 2,663,336 | $ | 3,914,860 | ||||||||||||||||||||||
N.M. – Not Meaningful
| Operating Income (Loss) | ||||||||||||||||||||||||||||||
| (in thousands except percentages) | ||||||||||||||||||||||||||||||
| Fourth Quarter | Fiscal Year | |||||||||||||||||||||||||||||
| Operating Margin | Operating Margin | |||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Conventional Shell Eggs | $ | (40,587 | ) | $ | 370,499 | (19.3 | ) | % | 52.8 | % | $ | 216,641 | $ | 1,290,003 | 16.1 | % | 46.8 | % | ||||||||||||
| Specialty Shell Eggs | 17,538 | 87,129 | 7.3 | % | 28.6 | % | 181,544 | 333,602 | 17.0 | % | 28.9 | % | ||||||||||||||||||
| 8,820 | (647 | ) | 14.6 | % | (41.3 | ) | % | 33,882 | (2,119 | ) | 13.8 | % | (52.3 | ) | % | |||||||||||||||
| Total Reportable Segments | $ | (14,229 | ) | $ | 456,981 | (2.8 | ) | % | 45.3 | % | $ | 432,067 | $ | 1,621,486 | 16.2 | % | 41.4 | % | ||||||||||||
| Other - Segment Income (Loss) | (7,394 | ) | 25,535 | N/A | N/A | 19,044 | 42,091 | N/A | N/A | |||||||||||||||||||||
| Unallocated Corporate SG&A | (37,897 | ) | (45,923 | ) | N/A | N/A | (108,353 | ) | (127,141 | ) | N/A | N/A | ||||||||||||||||||
| Gain (Loss) on Involuntary Conversion | 851 | — | N/A | N/A | 8,819 | (156 | ) | N/A | N/A | |||||||||||||||||||||
| Gain (Loss) Disposal of Fixed Assets | (142 | ) | (742 | ) | N/A | N/A | (1,391 | ) | 259 | N/A | N/A | |||||||||||||||||||
| Operating Income (Loss) | $ | (58,811 | ) | $ | 435,851 | (10.6 | ) | % | 39.5 | % | $ | 350,186 | $ | 1,536,539 | 12.0 | % | 36.1 | % | ||||||||||||
N/A – Not Applicable
Conventional Shell Eggs
Fourth quarter and full-year performance reflected an egg pricing environment that deteriorated throughout fiscal 2026, with egg prices reaching historically low inflation-adjusted levels in the fourth quarter and remaining well below the record-high prices of the prior fiscal year. Market conditions were driven by elevated supply, resulting in low pricing. During fiscal 2026, supply increased to levels that left the market abundantly supplied, a sharp contrast to the severe shortages experienced in the prior fiscal year. In addition, the fourth and first fiscal quarters are typically the seasonally lowest periods for pricing, even under more normal supply conditions.
These headwinds were partially offset by the benefits of existing grain-based and hybrid pricing arrangements with certain customers and rigorous commercial execution. Volume increased 3.1% in the fourth quarter and was relatively flat for the fiscal year, indicating that lower results were driven by pricing rather than demand. Average selling price per dozen decreased 70.9% in the fourth quarter and 50.9% for the fiscal year. Margins declined due to substantially lower pricing, partially offset by improved price realization relative to both the prior-year fourth quarter and preceding quarter.
Specialty Shell Eggs
Fourth quarter volumes were more consistent with historical seasonal patterns, underlying demand, and typical pricing relationships across adjacent categories. Volumes decreased 5.9% in the fourth quarter primarily due to an unusually strong prior-year compariso