Executive Summary
CalMaine Foods (CALM) delivered a profitable Q4 2024 despite a year-over-year revenue decline. For the quarter, reported revenue of $640.8 million, gross profit of $186.4 million and operating income of $142.2 million, translating to a gross margin of 29.1% and an operating margin of 22.2%. Net income totaled $113.2 million with EPS of $2.32. EBITDA stood at $201.7 million, supporting an EBITDAR ratio of 0.315. Cash flow generation remained robust, with $215.8 million of cash from operating activities and free cash flow of $164.6 million (FCF per share $3.38). The company held a strong liquidity position, ending the period with $237.9 million in cash and cash equivalents and $574.5 million in short-term investments, for a net cash position of approximately $237.9 million.
Key Performance Indicators
QoQ: -14.70% | YoY:-5.88%
Key Insights
Revenue: $640.8M (YoY -6.95%; QoQ -8.86%) | Gross Profit: $186.4M (YoY -5.88%; QoQ -14.70%) | Operating Income: $142.2M (YoY +4.38%; QoQ -12.65%) | Net Income: $113.2M (YoY +2.08%; QoQ -22.81%) | EPS: $2.32 (YoY +1.75%; QoQ -22.92%) | EBITDA: $201.7M | Gross Margin: 29.09% | Net Margin: 17.67% | ROA: 5.15% | ROE: 6.29% | FCF: $164.6M | FCFps: $3.38 | Operating Cash Flow: $215.8M | Free Cash Flow Yield and Payout: Dividend Payout 43.2%; Dividend Yield 1.63%. | Balance Sheet: Total Assets $2.20B; ...
Financial Highlights
Revenue: $640.8M (YoY -6.95%; QoQ -8.86%) | Gross Profit: $186.4M (YoY -5.88%; QoQ -14.70%) | Operating Income: $142.2M (YoY +4.38%; QoQ -12.65%) | Net Income: $113.2M (YoY +2.08%; QoQ -22.81%) | EPS: $2.32 (YoY +1.75%; QoQ -22.92%) | EBITDA: $201.7M | Gross Margin: 29.09% | Net Margin: 17.67% | ROA: 5.15% | ROE: 6.29% | FCF: $164.6M | FCFps: $3.38 | Operating Cash Flow: $215.8M | Free Cash Flow Yield and Payout: Dividend Payout 43.2%; Dividend Yield 1.63%. | Balance Sheet: Total Assets $2.20B; Total Liabilities $0.40B; Equity $1.80B | Liquidity: Cash & ST Investments $812.4M; Net Cash Position ~$237.9M | Leverage: Net Debt / Cash Position negative (net cash). | Efficiency: DSO ~22.8 days; DIO ~51.9 days; CCC ~74.7 days.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
640.79M |
-6.95% |
-8.86% |
| Gross Profit |
186.44M |
-5.88% |
-14.70% |
| Operating Income |
142.19M |
4.38% |
-12.65% |
| Net Income |
113.24M |
2.08% |
-22.81% |
| EPS |
2.32 |
1.75% |
-22.92% |
Key Financial Ratios
operatingProfitMargin
22.2%
operatingCashFlowPerShare
$4.43
freeCashFlowPerShare
$3.38
dividendPayoutRatio
43.2%
Management Commentary
Note: The earnings transcript is not provided in the data set. As a result, no management quotes or thematic transcript highlights can be reproduced from the supplied material. Summary observations are drawn from the reported financials and known quarter-over-quarter trends.
If transcript access is provided, we would group quotes by themes (strategy, operations, market conditions) with context and significance for investors.
Forward Guidance
No formal forward-looking guidance was included in the QQ4 2024 data. Based on management’s reported profitability and cash generation, the company appears positioned to fund ongoing dividends and capital needs from operating cash flow while maintaining a net cash balance. Key factors to monitor include egg price volatility, input costs (feed, energy), disease-related supply disruptions (e.g., avian health events), and any shifts in demand for premium or private-label eggs. If management revisits guidance, potential targets to watch would include sustaining mid-to-high single-digit revenue trends, maintaining EBITDA/margin discipline, and optimizing working capital to preserve robust FCF generation.