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Cal-Maine Foods Q3 net sales $384.0 million, 11.9 percent decrease

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Christian Fernsby | Monday April 1, 2019 3:43PM ET
Cal-Maine Foods
Cal-Maine Foods   Results for the third quarter of fiscal 2018 were favorably affected by TCJA

Cal-Maine Foods reported results for the third quarter ended March 2, 2019.


Net sales for the third quarter of fiscal 2019 were $384.0 million, an 11.9 percent decrease, compared to $435.8 million for the third quarter of fiscal 2018.

Cal-Maine Foods reported net income of $39.8 million, or $0.82 per basic and diluted share, for the third quarter of fiscal 2019, compared to net income of $96.3 million, or $1.99 per basic and diluted share, for the third quarter of fiscal 2018.

Results for the third quarter of fiscal 2018 were favorably affected by a $35.0 million, or $0.72 per basic and diluted share, discrete tax benefit related to the Tax Cuts and Jobs Act (TCJA) tax reform legislation enacted during the period, and the subsequent revaluation of Cal-Maine Foods' deferred tax liabilities at the new, lower corporate tax rate.

For the thirty-nine weeks ended March 2, 2019, net sales were $1,080.6 million compared to $1,059.8 million for the prior-year period.

Cal-Maine Foods reported net income of $74.0 million, or $1.53 per basic and $1.52 diluted share, for the thirty-nine weeks ended March 2, 2019, compared to net income of $54.2 million, or $1.12 per basic and diluted share for the year-earlier period.

Results for the thirty-nine week period of fiscal 2018 were favorably affected by the TCJA tax reform legislation noted above.

The results for both year-to-date periods also include after-tax charges of $1.7 million and $52.8 million, respectively, related to previously disclosed antitrust claims that several large direct- action purchasers had asserted against the Company.

 

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