Cal-Maine Foods Inc (NASDAQ:CALM) reported upbeat results for its second quarter on Tuesday.
Net sales for the second quarter of fiscal 2021 were $347.3 million, an 11.5% increase compared to $311.5 million for the second quarter of fiscal 2020. The Company reported net income of $12.2 million, or $0.25 per basic and diluted share, for the second quarter of fiscal 2021, compared to a net loss of $10.1 million, or $0.21 per basic and diluted share, for the second quarter of fiscal 2020.
CEO Dolph Baker, “Our results for the second quarter of fiscal 2021 reflect favorable demand trends for shell eggs, primarily at the retail level as consumers continue to prepare more meals at home during the COVID-19 pandemic. Demand from food service customers has been less consistent and remains well below pre-pandemic levels, due in part to various restrictions on restaurants in place for different areas of the country.”
Following a quarter for which CALM 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 last quarter for which a dividend was paid.
Therefore, the Company will not pay a dividend with respect to the second quarter of fiscal 2021. As of November 28, 2020, the amount of cumulative losses to be recovered before payment of a dividend was $8.6 million.
CALM leaped $2.08, or 5.6%, to $39.36.