JACKSON, Miss. (AP) — Cal-Maine Foods Inc. said Monday that its fiscal first-quarter net income fell 6 percent as feed and production costs climbed.
The egg producer earned $8.8 million, or 36 cents per share, for the period ended Aug. 31. That compares with $9.4 million, or 39 cents per share, a year earlier.
Revenue for the Jackson, Miss., company rose 17 percent to $319.5 million from $272.9 million as the average selling price for a dozen eggs increased.
Feed costs climbed about 7 percent from the prior-year period, but the company anticipates lower feed costs for the rest of fiscal 2014 because favorable summer growing conditions led to better corn and soybean crops.
Cal-Maine said it will pay a first-quarter dividend of about 6.8 cents per share. The dividend will be paid on Nov. 14 to shareholders of record on Oct. 30.
Cal-Maine shares finished at $48.91 on Friday. Its shares are down 7 percent since hitting a high of $52.43 in late July. They traded as low as $38.51 on the last of 2012.