Cal-Maine Foods Inc (CALM) 2026 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Cal-Maine Foods second quarter fiscal 2026 earnings conference call. (Operator Instructions) Please note that this call is being recorded.

各位早安，歡迎參加 Cal-Maine Foods 2026 財年第二季財報電話會議。（操作員指示）請注意，本次通話正在錄音。

I will now turn the call over to Sherman Miller, President and Chief Executive Officer of Cal-Maine Foods. Please go ahead, sir.

現在我將把電話交給 Cal-Maine Foods 的總裁兼執行長 Sherman Miller。請繼續，先生。

Good morning. Thank you for joining us today. I want to remind everyone that today's remarks may include forward-looking statements. These are based on management's current expectations and are subject to risks and uncertainties described in our SEC filings.

早安.感謝您今天蒞臨。我想提醒大家，今天的演講可能包含前瞻性陳述。這些預測是基於管理層目前的預期，並受到我們在提交給美國證券交易委員會的文件中所描述的風險和不確定性的影響。

Looking at our performance in the second quarter and first half of the year, the story is clear. We built real momentum. We delivered solid results even against a tough comparison to last year, which is marked by supply-demand imbalances and historically high prices.

從我們第二季和上半年的業績來看，結果很明顯。我們取得了真正的進展。即使與去年相比面臨嚴峻的挑戰（去年受供需失衡和歷史高物價的影響），我們仍然取得了穩健的業績。

With lower egg prices, our increasingly diversified business model, combined with effective execution has proven to be a source of resilience and that positions us uniquely today, a rare combination of both value and growth with the potential to strengthen even further over time.

由於雞蛋價格走低，我們日益多元化的商業模式，加上有效的執行，已被證明是韌性的源泉，這使我們今天處於獨特的地位，成為價值和增長的罕見組合，並且隨著時間的推移，還有可能進一步加強。

Our specialty egg business maintained strong prices and volumes despite challenging comparisons and delivered growth in the first half of the fiscal year. At the same time, our recently announced expansions are positioning our Prepared Foods business to deliver sustained double-digit volume growth.

儘管面臨嚴峻的同比挑戰，我們的特種雞蛋業務仍保持了強勁的價格和銷量，並在本財年上半年實現了成長。同時，我們近期宣布的擴張計劃將使我們的預製食品業務實現持續兩位數的銷售成長。

Another key trend we're seeing is the ongoing shift in our sales mix across the portfolio. This shift was visible throughout the second quarter and first half of the fiscal year, and we expect it will steadily enhance the durability and predictability of our earnings. It's a direct reflection of the deliberate execution of our long-term strategy, and we believe our results continue to reinforce just how effective that approach will be in pursuit of operational and financial excellence.

我們看到的另一個關鍵趨勢是，我們整個產品組合的銷售結構正在不斷轉變。這一轉變在本財年第二季和上半年都很明顯，我們預計這將穩步提高我們盈利的持久性和可預測性。這直接反映了我們長期策略的精心執行，我們相信，我們的成果將繼續鞏固這項方法在追求卓越營運和財務方面的有效性。

Let me share a few strategic highlights from the second quarter and first half of the year that show how we're driving continued sales diversification and favorable mix shifts. In the second quarter of fiscal 2026, shell egg sales represented 84.4% of total net sales compared to 94.7%.

讓我分享今年第二季和上半年的一些策略亮點，這些亮點展示了我們如何推動銷售持續多元化和有利的產品組合轉變。2026 財年第二季度，帶殼雞蛋銷售額佔總淨銷售額的 84.4%，而上一季為 94.7%。

Specialty eggs drove a greater portion of shell egg sales accounting for 44% of total shell egg sales compared to 31.7%, and Specialty Eggs and Prepared Foods combined accounted for 46.4% of net sales compared to 31.2%.

特種雞蛋在雞蛋銷售中所佔比例較大，佔雞蛋總銷售額的 44%，而普通雞蛋的銷售額為 31.7%；特種雞蛋和預製食品合計佔淨銷售額的 46.4%，而普通雞蛋的淨銷售額為 31.2%。

In the first half of fiscal 2026, shell egg sales represented 85% of total net sales compared to 94.5% in the first half of fiscal 2025. Specialty eggs drove a greater portion of shell egg sales accounting for 39.6% of total shell egg sales compared to 33% and Specialty Eggs and Prepared Foods combined accounted for 42.8% net sales compared to 32.4%.

2026 財年上半年，帶殼雞蛋銷售額佔總淨銷售額的 85%，而 2025 財年上半年這一比例為 94.5%。特種雞蛋在雞蛋銷售中所佔比例更大，佔雞蛋總銷售額的 39.6%，而普通雞蛋的這一比例為 33%；特種雞蛋和預製食品合計佔淨銷售額的 42.8%，而普通雞蛋的這一比例為 32.4%。

None of this happens without our people. I want to sincerely thank our teams across the organization whose disciplined focus and commitment to excellence drive the operational and financial performance that underpins everything we do. Their hard work and dedication continue to set us apart, and these results are a direct reflection of their efforts.

這一切都離不開我們人民的支持。我衷心感謝公司各團隊，正是他們嚴謹的紀律和對卓越的不懈追求，推動了我們一切工作的營運和財務表現。他們的辛勤工作和奉獻精神使我們脫穎而出，這些成果正是他們努力的直接體現。

Before Max walks you through our results in detail and provides additional color on our financial performance, I'd like to take a few minutes to focus on the long-term strategic direction of the company, how we're positioning our sales for sustainable growth and where we see the most compelling opportunities ahead.

在 Max 詳細向您介紹我們的業績並進一步闡述我們的財務表現之前，我想花幾分鐘時間重點談談公司的長期戰略方向，我們如何定位銷售以實現可持續增長，以及我們認為未來最有吸引力的機會在哪裡。

Cal-Maine enters this moment from a position of strength. Our core shell egg platform is durable, proven and built through decades of effective execution. That foundation gives us something rare in today's market, structural integrity at the base of our business paired with powerful avenues for growth.

加州緬因大學目前處於強勢地位。我們的核心蛋殼平台經久耐用、久經考驗，並透過數十年的有效執行而建立起來。這種基礎賦予了我們在當今市場上難得的優勢：業務基礎的結構完整性，以及強大的成長途徑。

What makes this platform particularly compelling is how the category and consumer behavior are evolving. Across the US, eggs remain an affordable protein source. Consumers are seeking complete high-quality proteins. GLP-1 users are gravitating towards satisfying nutrient-dense foods, younger consumers and families are treating eggs as an everyday staple. And across the board, convenience is a major tailwind with rising interest in ready-to-eat and ready-to-heat formats.

這個平台最引人注目之處在於，它展現了品類和消費者行為的演變過程。在美國各地，雞蛋仍然是一種價格實惠的蛋白質來源。消費者正在尋找完整的高品質蛋白質。GLP-1 使用者傾向於選擇營養豐富的食物，而年輕的消費者和家庭則將雞蛋視為日常主食。整體而言，便利性是一個重要的推動因素，即食和即加熱型食品越來越受歡迎。

We see consumers trading up. Specialty and premium segments are showing stronger repeat usage and alignment with the attributes people care about: wellness, taste, simplicity and clean labels. Put simply, eggs are leading on health, convenience and quality, and that combination is reshaping category growth in a way that we believe plays directly to our strengths.

我們看到消費者正在購買更高檔次的產品。特色產品和高端產品細分市場表現出更強的重複使用率，並且與人們關心的屬性（健康、口味、簡單和清潔標籤）更加契合。簡而言之，雞蛋在健康、便利和品質方面處於領先地位，這種組合正在重塑類別成長，我們相信這直接發揮了我們的優勢。

This is why we're intentionally evolving Cal-Maine into a more resilient, strategically diversified portfolio, growing Specialty Eggs and accelerating value-added Prepared Foods. It's not a pivot. It's a progression. We're taking a well-established business and expanded into multiple growth engines that we believe would deliver high-quality earnings, deeper customer partnerships and a stronger alignment with the long-term consumer trends.

這就是為什麼我們要有意識地將 Cal-Maine 發展成為一個更具韌性、策略多元化的投資組合，發展特種雞蛋業務，並加速增值預製食品業務。這不是轉型。這是一個循序漸進的過程。我們正在對一家成熟的企業進行拓展，使其發展成為多個成長引擎，我們相信這些引擎將帶來高品質的收益、更深入的客戶合作關係，並與長期消費趨勢更加契合。

A major part of that progression is our Prepared Foods platform. Sitting on the acquisition of Echo Lake Foods, we're investing to meaningfully expand our Prepared Foods capabilities. We've launched a $15 million network optimization and capacity expansion project that is expected to add 17 million pounds of annual scrambled egg production by mid-fiscal 2027. This project consolidates all scrambled egg manufacturing into a single modernized facility, eliminating redundancy across sites, streamlining workflows and strengthening supply reliability.

這一發展過程中一個重要的部分是我們的預製食品平台。憑藉對 Echo Lake Foods 的收購，我們正在投資以實際擴大我們的預製食品能力。我們啟動了一項耗資 1500 萬美元的網路優化和產能擴張項目，預計到 2027 財年中期，每年將增加 1700 萬磅炒雞蛋的產量。該專案將所有炒蛋生產整合到一個現代化工廠中，消除了各生產點之間的冗餘，簡化了工作流程，並提高了供應可靠性。

It also adds a new production line and upgraded automation that will improve yields, reduce labor requirements and increase throughput. In short, we believe it positions Echo Lake Foods to support both near-term customer demand and long-term organic growth with greater efficiency and precision.

它還新增了一條生產線，並升級了自動化系統，這將提高產量，減少勞動力需求，並提高生產效率。簡而言之，我們相信這將使 Echo Lake Foods 能夠以更高的效率和更精準的方式支援近期客戶需求和長期有機成長。

This builds on our previously announced $14.8 million high-speed pancake line which is expected to add another 12 million pounds of capacity through early fiscal 2027. As these projects ramp, Echo Lake Foods has and will experience temporary lower volumes and higher costs which began late in the second quarter of fiscal 2026 and are expected to continue through the remainder of the fiscal year.

這是在我們之前宣布投資 1,480 萬美元建造高速煎餅生產線的基礎上進行的，預計到 2027 財年初，該生產線將增加 1,200 萬磅的產能。隨著這些項目的推進，Echo Lake Foods 已經並將繼續經歷暫時的產量下降和成本上升，這種情況從 2026 財年第二季末開始，預計將持續到本財年結束。

But we believe the short-term impact will be outweighed by the long-term benefits, higher output, improved efficiency and a more agile modernized platform. We're also scaling our joint venture Crepini Foods, which is investing $7 million through the fiscal 2028 to add 18 million pounds of capacity expanding production more than sevenfold.

但我們相信，短期影響將被長期效益所抵消，更高的產量、更高的效率和更靈活的現代化平台。我們也正在擴大合資企業 Crepini Foods 的規模，該公司將在 2028 財年之前投資 700 萬美元，增加 1,800 萬磅的產能，使產量擴大七倍以上。

When you combine Echo Lake and Crepini, we expect total Prepared Foods capacity to increase more than 30% over the next 18 to 24 months. We believe this will position us to meet accelerating demand for high-protein, ready-to-eat, convenience forward formats that are aligned with changing consumer preferences.

將 Echo Lake 和 Crepini 合併後，我們預計未來 18 至 24 個月內，預製食品的總產能將成長 30% 以上。我們相信這將使我們能夠滿足消費者對高蛋白、即食、便利型產品的日益增長的需求，這些產品符合不斷變化的消費者偏好。

In addition to accelerating value-added Prepared Foods, we're growing Specialty Eggs. In the second quarter, we acquired certain production assets, Clean Egg, LLC, in Texas, which expands our specialty cage-free and free-range egg capacity and supports local sourcing, captures accelerating market growth and optimizes our supply chain.

除了加速發展高附加價值預製食品外，我們還在發展特種雞蛋業務。第二季度，我們收購了位於德克薩斯州的 Clean Egg, LLC 公司，該公司擁有一定的生產資產，擴大了我們特種非籠養和散養雞蛋的產能，支持本地採購，抓住了市場快速增長的機遇，並優化了我們的供應鏈。

These investments are expected to have strengthened our mid-cycle earnings profile and build a more resilient business over time. They also reinforce what makes Cal-Maine unique among agriculture producers. We're a pure-play leader in one essential category, settling roughly one out of every six eggs consumed in the US with full vertical integration from feed and flock to processing, distribution and customer delivery. And we're using that scale strategically designing solutions that make egg consumption easier, more valuable and more accessible across all channels.

這些投資有望增強我們中期獲利能力，並隨著時間的推移打造更具韌性的業務。它們也強化了卡爾-緬因州在農業生產者中的獨特之處。我們是一家專注於重要領域的純粹領導者，透過從飼料和家禽到加工、分銷和客戶交付的完全垂直整合，我們供應了美國消費的大約六分之一的雞蛋。我們正在利用這種規模優勢，策略性地設計解決方案，使雞蛋消費在所有管道上都更容易、更有價值、更容易獲得。

This is a long-term investment story, not a short-term trade. The egg industry has always been cyclical, supply-driven and headline sensitive. The object has never been to avoid cycles, is to manage through them effectively, and that is where we have consistently differentiated ourselves.

這是一項長期投資，而非短期交易。雞蛋產業歷來具有週期性、供應驅動性和對新聞報導敏感的特質。我們的目標從來都不是避免週期性波動，而是有效地應對它們，而這正是我們一直以來與眾不同的地方。

We have been in environments like this many times before, periods of supply disruption and price volatility are not new to this industry. And each time we have navigated them, we have emerged stronger. Importantly, the supply challenges related to High Path AI are not behind us. The current epi curve closely resembles prior years include 2022.

我們以前也多次經歷過類似的環境，供應中斷和價格波動對這個行業來說並不陌生。每一次克服困難，我們都變得更強大。重要的是，與 High Path AI 相關的供應挑戰尚未結束。目前的疫情曲線與往年（包括 2022 年）非常相似。

Global outbreaks continue and recovery remains uneven and unpredictable rather than linear. This is not a short-term dislocation. It's a structural reality that reinforces the importance of scale and operational execution.

全球疫情持續爆發，復甦進程仍不平衡且難以預測，且非線性發展。這不是短期的混亂局面。這是結構性現實，它強化了規模和營運執行的重要性。

Looking long-term, one of the most compelling opportunities in eggs is increasing USA consumption, and that growth does not occur without reliable supply. Reliability builds trust with retailers, food service partners and consumers.

從長遠來看，雞蛋行業最引人注目的機會之一是提高美國雞蛋的消費量，而沒有可靠的供應，這種增長是不可能實現的。可靠性能夠建立零售商、餐飲服務夥伴和消費者的信任。

Increasing hen numbers over time is not a negative. It's a prerequisite for sustainable growth. Customers consistently value consistency over spot pricing and in an environment where volatility is the norm, reliability becomes a durable competitive advantage. Our strategy is intentionally designed to perform across cycles.

隨著時間的推移，增加母雞數量並不是壞事。這是實現永續成長的先決條件。顧客始終更重視價格的穩定性而非現貨價格，在波動性成為常態的環境中，可靠性成為持久的競爭優勢。我們的策略經過精心設計，旨在跨越週期性波動。

We maintained a strong balance sheet to preserve flexibility in all environments, pursue accretive growth with disciplined capital allocation and continue expanding our portfolio across egg types and adjacent categories.

我們保持了穩健的資產負債表，以在各種環境下保持靈活性，透過嚴格的資本配置追求增值成長，並繼續擴大我們在雞蛋類型和相關類別中的產品組合。

We remain relentlessly focused on cost drivers and efficiency to protect margins through cycles or earning trust by doing the right thing with customers, employees and partners. This is not a strategy for a single cycle. It's a strategy built for durability. Demand in this category is real, but it is also complex.

我們始終不懈地專注於成本驅動因素和效率，以在週期性波動中保護利潤率，並透過對客戶、員工和合作夥伴做正確的事來贏得信任。這並非針對單一週期的策略。這是一項旨在長期有效的策略。這一類別的需求是真實存在的，但同時也很複雜。

What is often labeled as demand reflects a wide range of dynamic variables including the timing and geography of bird gains or losses, shifts in where consumers shop, media-driven panic buying, weather patterns, wholesale market movements, promotional activity and holiday timing, navigating that complexity effectively is a core operational capability.

人們通常所說的需求反映了廣泛的動態變量，包括鳥類數量增減的時間和地點、消費者購物地點的變化、媒體引發的恐慌性購買、天氣模式、批發市場動態、促銷活動和節假日安排，有效應對這種複雜性是一項核心運營能力。

Finally, this is a fundamentally different company than the last time we experienced similar market conditions. Today, we have a stronger balance sheet, meaningful growth, both organically and through acquisitions, greater diversification into Specialty Eggs and Prepared Foods, deeper bench strength across the organization and reduced exposure to pure commodity pricing through specialty mix, hybrid pricing models and value-added products. We are more diversified and more resilient and better positioned to compound value over the long term.

最後，這家公司與我們上次經歷類似市場狀況時的公司有著本質上的不同。如今，我們擁有更強勁的資產負債表、有意義的成長（包括內生成長和收購成長）、在特種雞蛋和預製食品領域更加多元化、整個組織擁有更強大的後備力量，並透過特種產品組合、混合定價模式和增值產品降低了對純大宗商品定價的依賴。我們更加多元化，更具韌性，也更有能力在長期內實現價值成長。

With that, let me turn the call over to Max to drill down into our financial results and discuss our capital allocation framework.

接下來，我將把電話交給 Max，讓他深入分析我們的財務表現並討論我們的資本配置框架。

Max?

最大限度？

Thanks, Sherman, and good morning, everyone. As a reminder, we published our earnings release and 10-Q this morning. Additionally, we published a brief earnings presentation on our website. These documents contain detailed information on our financial results. I'll touch on the highlights for the second quarter and first half of fiscal 2026.

謝謝你，謝爾曼，大家早安。再次提醒大家，我們今天早上發布了獲利報告和 10-Q 季度報告。此外，我們也在網站上發布了一份簡短的業績報告。這些文件包含了我們財務表現的詳細資訊。我將重點介紹 2026 財年第二季和上半年的亮點。

Unless otherwise indicated, all comparisons are to the comparable period of fiscal 2025. For the second quarter of fiscal 2026, net sales were $769.5 million compared to $954.7 million, down 19.4%. Total shell egg sales were $649.6 million compared to $903.9 million, down 28.1% with 26.5% lower selling prices and 2.2% lower sales volumes.

除非另有說明，所有比較均與 2025 財年同期進行比較。2026 財年第二季淨銷售額為 7.695 億美元，而上一季為 9.547 億美元，下降了 19.4%。雞蛋總銷售額為 6.496 億美元，去年同期為 9.039 億美元，年減 28.1%，其中售價下降 26.5%，銷量下降 2.2%。

Conventional egg sales were $363.9 million compared to $616.9 million, down 41% with 38.8% lower selling prices and 3.6% lower sales volumes. Specialty egg sales were $285.7 million compared to $287 million, down 0.4% with relatively flat sales volume and selling prices.

傳統雞蛋銷售額為 3.639 億美元，而去年同期為 6.169 億美元，下降了 41%，其中售價下降了 38.8%，銷量下降了 3.6%。特種雞蛋銷售額為 2.857 億美元，而去年同期為 2.87 億美元，下降了 0.4%，銷售量和售價基本持平。

Breeder flocks grew 12.7%. Total chicks hatched rose 65.1% and the average number of layer hens expanded 2.6%. Prepared food sales were $71.7 million compared to $10.4 million in the second quarter of fiscal 2025 of 586.4% and compared to $83.9 million in the first quarter of fiscal 2026, down 14.5%. Echo Lake's Foods contributed $56.6 million of the sales in the second quarter of fiscal 2026 compared to $70.5 million in sales in the first quarter of fiscal 2026. As Sherman mentioned, the announced expansion initiatives had an impact on second quarter fiscal 2026.

種畜群增加了12.7%。雛雞總孵化量增加了 65.1%，蛋雞平均數量增加了 2.6%。預製食品銷售額為 7,170 萬美元，而 2025 財年第二季為 1,040 萬美元，成長 586.4%；而 2026 財年第一季為 8,390 萬美元，下降 14.5%。Echo Lake's Foods 在 2026 財年第二季貢獻了 5,660 萬美元的銷售額，而 2026 財年第一季的銷售額為 7,050 萬美元。正如謝爾曼所提到的，已宣布的擴張計劃對 2026 財年第二季產生了影響。

Gross profit was $207.4 million compared to $356 million, down 41.8%, primarily driven by 26.5% lower shell egg selling prices and 2.2% lower shell egg sales volumes, partially offset by lower egg prices for outside purchases and a 3% increase in percent of sold as well as contributions from Prepared Foods. Operating income was $123.9 million compared to $278.1 million, down 55.5% with an operating income margin of 16.1%.

毛利為 2.074 億美元，而去年同期為 3.56 億美元，下降了 41.8%，主要原因是雞蛋售價下降了 26.5%，雞蛋銷量下降了 2.2%，部分被外部採購雞蛋價格下降、銷售百分比增長 3% 以及預製食品的貢獻所抵消。營業收入為 1.239 億美元，而去年同期為 2.781 億美元，下降了 55.5%，營業收入率為 16.1%。

Net income attributable to Cal-Maine Foods was $102.8 million compared to $219.1 million, down 53.1%. Diluted earnings per share were $2.13 compared to $4.47, down 52.3%. Cost of sales decreased 6.1%, lower costs associated with egg purchases and egg products more than offset the increase in prepared food costs due to the acquisition of Echo Lake Foods as well as the increase in our farm production and processing, packaging and warehousing costs.

歸屬於 Cal-Maine Foods 的淨利潤為 1.028 億美元，而去年同期為 2.191 億美元，下降了 53.1%。稀釋後每股收益為 2.13 美元，而去年同期為 4.47 美元，下降了 52.3%。銷售成本下降了 6.1%，雞蛋採購和雞蛋製品相關成本的降低足以抵消因收購 Echo Lake Foods 而導致的預製食品成本增加，以及農場生產和加工、包裝和倉儲成本的增加。

SG&A expenses increased 6.8% due to the addition of Echo Lake Foods and increased professional and legal fees. This was partially offset by a reduced charge in the change in earnout liability recorded in the prior year period and lower employee-related costs. Net cash flows from operation was $94.8 million compared to $122.7 million, down 22.8%. We ended the quarter with cash and temporary cash investments of $1.1 billion, down 18.2%. We remain virtually debt free.

由於收購了 Echo Lake Foods 以及專業和法律費用增加，銷售、一般及行政費用增加了 6.8%。但這部分被上年同期記錄的獲利能力負債變動費用減少以及員工相關成本降低所抵銷。經營活動產生的淨現金流量為 9,480 萬美元，而去年同期為 1.227 億美元，下降了 22.8%。本季末，我們的現金及臨時現金投資為 11 億美元，下降 18.2%。我們幾乎沒有債務。

We purchased 846,037 shares of our common stock during the quarter for a total of $74.8 million. These transactions were completed under our current share repurchase authorization which permits the repurchase of up to $500 million, of which $375.2 million remains available.

本季我們以總計 7,480 萬美元的價格回購了 846037 股普通股。這些交易是在我們目前的股票回購授權範圍內完成的，該授權允許回購高達 5 億美元的股票，其中仍有 3.752 億美元可供回購。

For the second quarter of fiscal 2026, we will pay a cash dividend of approximately $0.72 per share to holders of our common stock pursuant to our variable dividend policy. The dividend is payable on February 12, 2026 to holders of record on January 28, 2026. The final amount paid per share will be based on the number of outstanding shares on the record date.

2026 財年第二季度，我們將根據我們的浮動股利政策，向普通股股東支付每股約 0.72 美元的現金股利。股利將於 2026 年 2 月 12 日支付給 2026 年 1 月 28 日登記在冊的股東。每股最終支付金額將根據股權登記日已發行股份的數量來決定。

Our capital allocation strategy is designed to balance disciplined stewardship with long-term value creation. We maintain a strong cash position and an unlevered balance sheet, giving us the flexibility to execute targeted and accretive acquisitions, reinvest through CapEx and return capital to shareholders. Recent operating cash flows have funded strong dividends under our longstanding policy of paying one third of net income and have also supported share repurchases to further enhance returns.

我們的資本配置策略旨在平衡嚴謹的資產管理和長期價值創造。我們保持著強勁的現金狀況和無槓桿的資產負債表，這使我們能夠靈活地執行有針對性的增值收購，透過資本支出進行再投資，並將資本返還給股東。近期的經營現金流為我們提供了資金，按照我們長期以來將淨利潤的三分之一用於派發股息的政策，也支持了股票回購，以進一步提高回報。

At the same time, reinvestment is focused on expanding Specialty Eggs and Prepared Foods for mix shift, scale efficiencies and vertical integration drive margin enhancement and higher quality earnings. Together, these actions are expected to create total shareholder return in which dividends, buybacks, earnings per share growth, improved mix and long-term multiple expansion all work together to compound value over time.

同時，再投資的重點是擴大特種雞蛋和預製食品業務，以實現產品組合轉變、規模效益和垂直整合，從而提高利潤率和獲利品質。這些舉措有望共同創造股東總回報，其中股息、股票回購、每股盈餘成長、產品組合改善和長期市盈率擴張共同作用，隨著時間的推移實現價值的複利增長。

Turning to the first half of fiscal 2026. Net sales were $1.7 billion, down 2.8% or $48.4 million. Total shell egg sales were $1.4 billion compared to $1.6 billion, down 12.5% with 12.6% lower selling prices as volumes remained relatively flat. Conventional egg sales were $869.8 million compared to $1.1 billion, down 21% with 19.4% lower selling prices and 2% lower sales volumes. Specialty egg sales were $569.2 million compared to $543.7 million, up 4.7% with 3.8% higher sales volumes and 0.8% higher selling prices.

展望2026財年上半年。淨銷售額為 17 億美元，下降 2.8% 或 4,840 萬美元。雞蛋總銷售額為 14 億美元，去年同期為 16 億美元，年減 12.5%，售價下降 12.6%，銷量保持相對穩定。傳統雞蛋銷售額為 8.698 億美元，而去年同期為 11 億美元，下降了 21%，其中售價下降了 19.4%，銷量下降了 2%。特種雞蛋銷售額為 5.692 億美元，去年同期為 5.437 億美元，成長 4.7%，其中銷量成長 3.8%，售價成長 0.8%。

Breeder flocks grew 21.6%. Total chicks hatched rose 71% and the average number of layer hens expanded 6%. Prepared food sales were $155.6 million compared to $19.4 million, up 702.9%. Echo Lake Foods contributed $127.1 million in sales. Gross profit was $518.7 million compared to $603.3 million, down 14%, primarily driven by 12.6% lower shell egg selling prices and partially offset by a decrease in the price and volume of outside egg purchases as dozens produced increased 3.1% as well as contributions from Prepared Foods.

種畜群增加了 21.6%。雛雞總孵化量增加了 71%，蛋雞平均數量增加了 6%。預製食品銷售額為 1.556 億美元，去年同期為 1,940 萬美元，成長了 702.9%。Echo Lake Foods貢獻了1.271億美元的銷售額。毛利為 5.187 億美元，而去年同期為 6.033 億美元，下降了 14%，主要原因是雞蛋售價下降了 12.6%，部分被外部雞蛋採購價格和數量的下降所抵消，儘管雞蛋產量增加了 3.1%，但預製食品的貢獻也起到了一定作用。

Operating income was $373.1 million compared to $465 million, down 19.8% with an operating income margin of 22.1%. Net income attributable to Cal-Maine Foods was $302.1 million compared to $369 million, down 18.1%.

營業收入為 3.731 億美元，而去年同期為 4.65 億美元，下降了 19.8%，營業收入率為 22.1%。歸屬於 Cal-Maine Foods 的淨利潤為 3.021 億美元，而去年同期為 3.69 億美元，下降了 18.1%。

Diluted earnings per share was $6.26 compared to $7.54, down 17%. Cost of sales increased 3.2% as our dozens produced increased 3.1% and our farm production cost per dozen increased 2.1%. Our Prepared Foods cost increased due to the acquisition of Echo Lake Foods.

稀釋後每股收益為 6.26 美元，而去年同期為 7.54 美元，下降 17%。銷售成本增加了 3.2%，因為我們的產量增加了 3.1%，而每打農產品的生產成本增加了 2.1%。由於收購了 Echo Lake Foods，我們的預製食品成本增加了。

These costs were partially offset by lower costs associated with outside egg purchases and egg products. SG&A expenses increased 9.2%, due to the addition of Echo Lake Foods and increased professional and legal fees. This was partially offset by a reduced charge in the change in earnout liability recorded in the prior year period. Net cash flow from operations was $373.4 million compared to $240.2 million, up 55.5%. That concludes my review of the financial results.

這些成本部分被外部雞蛋採購和雞蛋製品相關成本的降低所抵消。由於收購了 Echo Lake Foods 以及專業和法律費用增加，銷售、一般及行政費用增加了 9.2%。但這部分被上年同期記錄的獲利能力負債變動費用減少所抵銷。經營活動產生的淨現金流為 3.734 億美元，去年同期為 2.402 億美元，成長 55.5%。我的財務表現分析到此結束。

I will now turn the call back over to Sherman.

現在我將把電話轉回給謝爾曼。

Thanks, Max. Looking ahead, our priorities remain centered on execution as we expand Specialty Eggs and Prepared Foods, we're integrating new assets, scaling new capabilities and continuing to focus on the quality and consistency customers expect.

謝謝你，馬克斯。展望未來，隨著我們拓展特種雞蛋和預製食品業務，我們的工作重點仍然是執行，我們將整合新資產，擴大新能力，並繼續專注於滿足客戶對品質和一致性的期望。

We're pursuing innovation and selective acquisitions that are expected to expand consumer choice, strengthen channel reach and build a more reliable growth profile. Ultimately, our opportunity is to demonstrate where Cal-Maine is going, not just where it's been. We're building a business with strong base returns and multiple growth engines, one that compounds value over time by serving consumers across every preference at every wrong of the egg value ladder. That's the Cal-Maine we're creating, durable, diversified and positioned to lead the category's next decade of growth.

我們正在追求創新和選擇性地進行收購，以期擴大消費者的選擇範圍，加強通路覆蓋率，並建立更可靠的成長模式。歸根究底，我們的機會在於展現加州緬因州大學的未來發展方向，而不僅僅是它過去的成就。我們正在打造一家擁有強勁基礎回報和多個成長引擎的企業，透過滿足消費者在雞蛋價值階梯上的各種偏好，隨著時間的推移不斷創造價值。這就是我們正在打造的 Cal-Maine，它經久耐用、多元化，並有望引領該品類未來十年的成長。

With that, I'll turn the call back over to the operator to begin the Q&A portion of today's call.

接下來，我將把電話轉回給接線生，開始今天電話會議的問答環節。

(Operator Instructions) Heather Jones, Heather Jones Research.

（操作說明）Heather Jones，Heather Jones 研究公司。

Congratulations on a solid quarter. I wanted to ask about -- so given where current spot prices are for eggs. In the past, that would have translated to Cal-Maine generating losses at the EPS line. I was just talking about the changes that you all have made in the portfolio over the last few years to push into Prepared Foods and the higher percentage on cost-plus type models. Just wondering if you could walk through how you think about the earnings power or the earnings trajectory in depressed egg markets like this?

恭喜你們本季業績穩健。我想問一下——鑑於目前雞蛋的現貨價格。過去，這意味著 Cal-Maine 在 EPS 線路上會產生虧損。我剛才還在談論你們過去幾年在產品組合上所做的改變，例如進軍預製食品領域，以及提高成本加成模式的比例。我想請您談談您如何看待像現在這樣低迷的雞蛋市場中的盈利能力或盈利軌跡？

This is Sherman, and thank you for that question. And as you know, we don't give specific guidance, but I'll touch on each of those, especially something that we've been working on for a long time, and we've had double-digit growth, and we believe that will continue.

我是謝爾曼，謝謝你的提問。正如你們所知，我們不提供具體指導，但我會逐一談到這些方面，特別是我們長期以來一直在努力的方向，我們已經實現了兩位數的增長，我們相信這種增長勢頭將會繼續下去。

Prepared foods is exciting for us, and it's performing. We've committed to already a 30% growth over the next 18 to 24 months, and we're excited about also additional growth there, whether it's organic or M&A in the future. And also the hybrid pricing, we talked about it last quarter that there's trade-offs on the higher side, but the real benefit happens in lower markets.

預製食品讓我們感到興奮，而且表現出色。我們已經承諾在未來 18 至 24 個月內實現 30% 的成長，我們對未來透過內生成長或併購實現的進一步成長也感到興奮。還有混合定價，我們上個季度也討論過，高價位市場存在一些權衡取捨，但真正的好處體現在低價位市場。

So the point that you hit on is valid. And the real key there is us supporting our customers' go-to-market strategy and being a trusted supplier for the long term, and we believe that each of these will continue to improve our mid-cycle performance.

所以你提出的觀點是正確的。而真正的關鍵在於我們支持客戶的市場進入策略，並成為值得信賴的長期供應商，我們相信這些都將繼續改善我們的中期表現。

Max, do you want to add anything there?

馬克斯，你還有什麼要補充的嗎？

Sherman. I think you covered it, but what you said in your remarks about we're a different company than where we were the last time the market was at these levels, and you highlight those things just the growth we've had, even stronger balance sheet, more diversification, the growth of Prepared Foods, the continued emergence of specialty. All of those things, I think, make us a stronger, more durable company going forward.

謝爾曼。我認為你已經涵蓋了這一點，但你在演講中提到，我們與上次市場處於這種水平時相比，已經是一家不同的公司了，你強調了我們所取得的增長、更強勁的資產負債表、更多元化的業務、預製食品的增長以及特色產品的持續湧現。我認為，所有這些因素都會使我們成為更強大、更持久的公司。

Okay. And just to follow up on that, and I know there are always tail risk and things that could happen. But given these changes, do you think Cal-Maine is a position that it can weather down markets like this without generating losses, given these changes?

好的。我還要補充一點，我知道總是會有尾部風險和可能發生的情況。但考慮到這些變化，您認為 Cal-Maine 能否在這樣的市場環境下保持穩定而不產生虧損？

Once again, Heather, we don't give guidance, but Max just hit on the real strengths that make us completely different than what we was at last time we saw these market conditions, our balance sheet certainly is positioned better than it's ever been. And the growth that we've had, we've been very strategic to focus that growth in Specialty Eggs and also Prepared Foods, which carry a lot of weight in these lower market conditions.

Heather，我們再次重申，我們不提供業績指引，但Max剛才提到的正是我們真正的優勢，這些優勢使我們與上次遇到類似市場狀況時的情況截然不同，我們的資產負債表狀況也比以往任何時候都好。我們所取得的成長，得益於我們非常有策略地將成長重點放在特種雞蛋和預製食品上，這在當前低迷的市場環境下佔據了非常重要的地位。

And then on top of that, the hybrid pricing, we think, is going to be very beneficial to us. So in a much better position than we've ever been, Heather.

此外，我們認為混合定價模式對我們來說非常有利。所以我們現在的處境比以往任何時候都好得多，希瑟。

And those Prepared Foods -- and Heather, as we said before, Prepared Foods runs a little bit countercyclical. They're going to benefit from a lower egg market. So that's just another strength I think that we didn't have before.

還有那些預製食品——正如我們之前所說，Heather，預製食品的走勢有點反週期性。雞蛋市場價格下跌對他們有利。所以我覺得這是我們以前不具備的另一個優勢。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Wanted to start off with the Prepared Foods segment. Understanding you're making some adjustments there. So lighter volumes, maybe a little bit higher cost until the end of the year is what I'm understanding. You saw gross margins for that segment come down roughly 3% to around 19.6%. Is that a right kind of level to think about for the rest of this year? Or what kind of color can you give us in regards to gross margin for Prepared Foods?

想先從預製食品部分開始。我知道你那邊正在做一些調整。所以，我的理解是，銷量會減少，價格可能會略高一些，這種情況可能會持續到年底。該業務板塊的毛利率下降了約 3%，至 19.6% 左右。今年剩下的時間裡，我們應該把注意力放在這個層次上嗎？或者，您可以提供我們一下預製食品毛利率的具體數值嗎？

Thank you for that question. Prepared foods, we gave guidance right out of the gate with Echo Lake that we're looking at a 19% EBITDA margin. And we still think that holds true. There was some slippage in this quarter for the reasons you mentioned us preparing for a stronger future. And there will probably be a little additional slippage to that during the next quarter.

謝謝你的提問。對於預製食品，我們從一開始就給出了 Echo Lake 的業績指引，我們預計 EBITDA 利潤率將達到 19%。我們仍然認為這個觀點是正確的。正如你所說，由於我們為未來更強勁的發展做準備，本季業績出現了一些下滑。下一季可能還會出現一些額外的下滑。

But the year in a whole, we're still feeling good about the 19% EBITDA margin. So once again, well worth the time of us pulling back and preparing for the future, this growth of 30% over the next 18 to 24 months is really exciting to us.

但就全年而言，我們仍然對 19% 的 EBITDA 利潤率感到滿意。所以，我們再次意識到，花時間退後一步，為未來做好準備是完全值得的，未來 18 到 24 個月內 30% 的成長真的讓我們感到興奮。

And Max, what would you add to that?

馬克斯，你還有什麼要補充的嗎？

I think you covered it.

我覺得你已經說得很清楚了。

Great, great. I guess my follow-up would be, and you guys have talked about the M&A pipeline in the past, maybe opening up when egg markets are depressed. But just given your broader expansion into Prepared Foods, do you think that this would limit your opportunity or your M&A pipeline? Because I would think that for these businesses, a lower egg market would mean higher earnings potential and potentially higher valuation. So I just wanted to get your take on the broader M&A pipeline opportunity given the depressed egg markets and given the change in your business.

太好了，太好了。我想補充的是，你們過去也討論過併購管道，也許在雞蛋市場低迷的時候會開放。但考慮到貴公司已將業務拓展至預製食品領域，您認為這會限制貴公司的機會或併購計畫嗎？因為我認為對於這些企業來說，雞蛋市場低迷意味著更高的獲利潛力，也可能意味著更高的估值。鑑於雞蛋市場低迷以及貴公司業務的變化，我想聽聽您對更廣泛的併購機會有何看法。

Pooran, the attractiveness to that Prepared Foods business is tied back to stability and away from kind of what you're talking about the Easter famine. So we don't necessarily think that will be a huge influence to us. Growth is broader than it's ever been, all remaining egg centric to our core, but now growth in conventional specialty Prepared Foods, possible ingredients feeding Prepared Foods and even Prepared Foods brands are all possible avenues of growth for the future. So we will continue to use a very disciplined model to evaluate acquisitions and move forward at the right pace. Max?

Pooran，預製食品產業的吸引力在於其穩定性，而不是你所說的復活節飢荒之類的因素。所以我們認為這未必會對我們產生巨大影響。成長範圍比以往任何時候都更廣，核心仍然是雞蛋，但現在傳統特色預製食品、預製食品的配料，甚至預製食品品牌，都是未來可能的成長途徑。因此，我們將繼續採用非常嚴謹的模式來評估收購項目，並以適當的速度進行。最大限度？

Again, you covered it well, Sherman, I'll leave it there.

謝爾曼，你講得很好，我就說到這裡吧。

Veronica Augustin, Goldman Sachs.

維羅妮卡·奧古斯丁，高盛集團。

This is actually Leah Jordan with Goldman. So the shift to specialty and Prepared Foods is really the key part of your story here going forward. And it looked great on the quarter today. But just how are you thinking about capacity growth for Specialty Eggs over time? And given the Clean Egg acquisition we saw this quarter, how do you think about M&A versus organic growth to continue that capacity expansion? And ultimately, any color on how we should think about the cadence of the mix shift in your sales towards specialty over the longer term?

這其實是高盛的莉亞喬丹。因此，轉向特色食品和預製食品才是你們未來發展的關鍵。今天印在25美分硬幣上看起來很棒。但您是如何考慮特種雞蛋產能隨時間成長的呢？鑑於本季我們看到的 Clean Egg 收購案，您認為透過併購還是透過內生成長來繼續擴大產能更好？最後，您能否就長期銷售組合轉變為專業化的節奏提出一些看法？

As you said, our Specialty Eggs and Prepared Foods is exciting, made up 46% of our net sales for the quarter. And we've seen double-digit CAGR type growth in Specialty Eggs. We look forward to continuing to drive to those same type growth metrics and longer term, we can definitely see Specialty Eggs making up greater than 50% of our total shell egg net sales. So when you pair that with the 30% growth that we're targeting in Prepared Foods, we think it lends well to much more stable earnings here in the future.

正如您所說，我們的特色雞蛋和預製食品業務非常成功，佔本季淨銷售額的 46%。我們已經看到特種雞蛋實現了兩位數的複合年增長率。我們期待繼續朝著同樣的成長指標邁進，從長遠來看，我們完全可以預見特種雞蛋將占我們帶殼雞蛋淨銷售額的 50% 以上。因此，當我們把這一點與我們在預製食品領域設定的 30% 的成長目標結合起來時，我們認為這將有利於未來這裡更穩定的收益。

Leah, you brought up the Clean Egg acquisition. That was a small but very timely important acquisition for us. I mean if you look at the description we gave, it's composed of 677,000 brown cage-free and free-range layers of [pull] -- all specialty. We have market growth planned, occurring now and getting those eggs at this time and for what we anticipate upcoming was very important and critical to the continued growth of that specialty business.

莉亞，你提到了Clean Egg的收購案。對我們來說，這是一筆規模雖小但非常及時的重要收購。我的意思是，如果你看看我們給出的描述，它由 677,000 隻棕色放養蛋雞組成，全部都是特種蛋雞。我們已經制定了市場成長計劃，目前正在實施，而在這個時間點以及我們預期的未來獲得這些雞蛋對於該專業業務的持續成長至關重要。

That's very helpful. And just a follow-up on the Prepared Foods discussion just given the investments underway. Any more detail around the progress of the optimization and expansion efforts so far? Any -- and as well as any more color on just the related higher costs that we should think about in the back half of this year relative to kind of what we saw this quarter? And just as those investments come online kind of over the next 12 to 18 months, how should we think about that kind of cadence of the growth trend there?

那很有幫助。鑑於目前正在進行的投資，我想就預製食品的討論做個後續跟進。關於目前為止的優化和擴展工作進展，還有更多細節嗎？任何—以及關於今年下半年與本季相比，我們應該考慮的相關更高成本，是否有更多細節？隨著這些投資在未來 12 到 18 個月內陸續到位，我們該如何看待這種成長趨勢的節奏？

You pointed out the important piece that is a 18 to 24-month project, and we've announced the CapEx piece of it at $36 million for that 30% growth in the interim of pulling back some lines so that we can get all of our automation and all of our different lines in place. There's some volume efficiency penalties we received from that. But growth long term is certainly going to be good and all at the same time, still believing we'll hit that 19% EBITDA margin that we initially talked about.

您指出了其中重要的部分，這是一個為期 18 至 24 個月的項目，我們已經宣布了該項目的資本支出部分為 3600 萬美元，以實現 30% 的增長，同時暫停一些生產線，以便我們能夠將所有自動化和所有不同的生產線都到位。我們因此受到了一些產量效率上的損失。但從長遠來看，成長肯定會是好事，同時，我們仍然相信能夠實現我們最初討論過的 19% 的 EBITDA 利潤率。

And we're confident that we can continue over the long term to grow that business is what we call out when we acquired Echo Lake at that 9% to 10% CAGR. So again, we talked about in the first quarter about sort of letting it run. Let's see what it can do, and then we kind of assessed and now we're making the changes that we think position us the best for the long-term and for long-term growth and success in Prepared Foods.

我們有信心在長期內繼續發展這項業務，這就是我們當初以 9% 到 10% 的複合年增長率收購 Echo Lake 的原因。所以，我們在第一季又談到了要讓它順其自然。讓我們看看它能做什麼，然後我們進行了評估，現在我們正在做出我們認為最有利於我們在預製食品領域長期發展和成功的改變。

Ben Klieve, Benchmark StoneX.

Ben Klieve，Benchmark StoneX。

Congratulations on a good result here in a very dynamic period. First question is on the specialty volume. I'm wondering if you can hone in on specialty volumes within the second quarter. They were basically flat, given that -- they're basically flat and you noted that the small acquisition you had in the quarter and plus a general upward trend in specialty volumes. So I'm wondering if you can kind of break down the puts and takes that led to specialty volumes being, again, kind of roughly flat in the quarter.

恭喜你們在如此瞬息萬變的時期取得如此好成績。第一個問題是關於專業書籍的捲冊數量。我想知道你們能否在第二季重點關注特殊品類的銷售。有鑑於此，它們基本上持平——它們基本上持平，而且您也注意到本季度進行了小規模收購，加上特種產品銷售的整體上升趨勢。所以我想知道您能否分析一下導致本季特種產品銷售再次大致持平的買賣交易。

Ben, specialty last year was a tremendous year. So we're making a very tough comparison. If you remember, conventional eggs became extremely tight that put a lot of demand on Specialty Eggs. So to be flat is a huge win, we believe, and especially Specialty Eggs now accounting for 44% of total shell egg sales.

本，去年你的專業課成績非常優秀。所以，我們這是在進行一個非常艱難的比較。如果你還記得的話，普通雞蛋供應非常緊張，導致特種雞蛋的需求量很大。因此，我們認為，保持平穩銷售是一個巨大的勝利，尤其是特種雞蛋目前佔帶殼雞蛋總銷售額的 44%。

I did mention the free-range and pasture-raised both had double-digit growth, both in dollars and dozens. We don't formally break down that category. But as a whole, Specialty Eggs are solid in that the double-digit CAGR that we've been seeing, we think the mechanism is in place for us to continue to do that.

我的確提到過，放養和牧場飼養的牲畜，無論是美元或數量，都實現了兩位數的成長。我們沒有正式細分這個類別。但總體而言，特種雞蛋業務表現穩健，我們看到了兩位數的複合年增長率，我們認為我們已經具備了繼續保持這一成長的機制。

Yeah. I mean the comparative quarter is a tough part there. And just to expand a little further on what Sherman said, when conventional eggs are selling for higher than specialty, of course, the consumer is going to move towards specialty because they perceive it as a bargain. And that was the case that we had last year.

是的。我的意思是，比較季度的數據很難統計。Sherman 的話還可以再補充一點：當普通雞蛋的售價高於特種雞蛋時，消費者當然會轉向特種雞蛋，因為他們認為特種雞蛋更划算。去年的情況也是如此。

That is totally turned around in this quarter we're reporting and today, but yet we held on to flat volumes. And we still feel good and have said that we believe we can have double-digit specialty growth over time. So despite very difficult market comparison, we still have a lot of confidence in where our specialty business is and where it's going.

在本季以及今天公佈的報告中，情況已完全扭轉，但銷售量卻保持穩定。我們仍然感覺良好，並且已經表示，我們相信隨著時間的推移，我們的專業業務可以實現兩位數的成長。因此，儘管市場比較非常困難，但我們仍然對我們的專業業務現狀和未來發展方向充滿信心。

One additional point, Max, so we do participate across every major specialty egg subcategory, which means that we're serving all customers interested in specialty. So regardless of which type of specialty egg they're interested in, we take pride in producing that.

麥克斯，還有一點需要補充，我們參與了所有主要的特色雞蛋子類別，這意味著我們服務所有對特色雞蛋感興趣的客戶。所以無論他們對哪種特色雞蛋感興趣，我們都以生產這種雞蛋為榮。

Very good. That's very helpful across the Board. One more for me and then I'll get back in queue. Is this dynamic that you've talked about regarding pricing of commodity eggs and kind of evolving that from the market-based -- purely market-based to -- more towards cost plus contract base, however you want to characterize it?

非常好。這對於各方面都非常有幫助。我再吃一個，然後就重新排隊。您之前談到的關於商品雞蛋定價的動態，以及從純粹的市場定價向成本加成合約定價的轉變，無論您如何描述這種轉變，是指這種動態嗎？

Can you talk about kind of the receptivity of your retail customer for this dynamic like today in the face of kind of normalized egg pricing versus even several months ago when prices were elevated? I mean I would expect that the retailers are maybe less excited to engage in this conversation today than they were, but I'm wondering if you can elaborate on that dynamic in any way.

您能否談談您的零售客戶對這種市場動態的接受程度，例如在如今雞蛋價格趨於正常的情況下，與幾個月前價格高企時相比，他們的接受程度有何不同？我的意思是，我預計零售商們今天參與這個話題的熱情可能不如以前了，但我很想知道您能否就此做些詳細說明。

Yeah, be glad to. It really all centers on the particular customer's go-to-market strategy, whether they're a high-low customer or whether they're a everyday low price, they have different needs. And so that's the way these pricing structures are geared. And I think the model is performing exactly like there's supposed to be for the customer. It gives them some high side protection, which is very important.

是的，我很樂意。這一切都取決於特定客戶的市場進入策略，無論是追求高低價位的客戶還是追求日常低價的客戶，他們的需求都不同。所以，這些定價結構就是這樣設計的。我認為該模式對客戶而言完全符合預期。它能為他們提供一些高位防護，這非常重要。

And then also during these type periods, there's some benefit on the low side for us, which once again ties back to our mid-cycle earnings performance. So Max, what would you add to that?

此外，在這些類型的時期，我們也能從中受益，這再次與我們週期中期的獲利表現有關。那麼，Max，你還有什麼要補充的嗎？

I think you nailed it. I mean, it's just that long-term relationship, I think your thoughts are generally right Ben. But someone points out, different customers have slightly different priorities. And the other thing that was mentioned in some of our prepared remarks is just the reliability of supply. And what we're trying to do for the long term is demonstrate that even in times of tough production last year and even this year, Cal-Maine continues to get the egg to the customers that they want and demand, and we're going to work with them to build those long-term relationships to support their pricing priorities.

我覺得你說得太對了。我的意思是，就長期關係而言，我認為你的想法總體上是對的，本。但有人指出，不同的顧客有不同的優先事項。我們在事先準備好的演講稿中也提到了供應的可靠性問題。從長遠來看，我們努力的目標是證明，即使在去年和今年生產困難的情況下，Cal-Maine 仍然能夠將雞蛋送到客戶手中，滿足他們的需求。我們將與他們合作，建立長期的合作關係，以支持他們的定價策略。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones 研究公司。

I'm just trying to get a sense of how much of a step down we should anticipate for the Prepared Foods business for the second half of '26. Revenues came down significantly from Q1 to Q2, but some of that I would assume is due to egg pricing. But just how should we be thinking about the cadence of that business given its significance for your earnings for the second half?

我只是想了解一下，對於 2026 年下半年的預製食品業務，我們應該預期會出現多大的下滑。營收從第一季到第二季大幅下降，但我認為其中一部分原因是雞蛋價格上漲。但考慮到這項業務對貴公司下半年收益的重要性，我們該如何看待這項業務的節奏？

Heather, I think we indicated that we would expect Q3 to have a continued pullback as we make these changes that we believe are good for the long term. So quarter-over-quarter, Q3 compared to Q2, I think you'll see slightly different results there.

Heather，我認為我們已經表明，隨著我們做出這些我們認為對長期發展有利的改變，我們預計第三季將繼續回調。因此，從季度環比來看，第三季與第二季相比，我認為你會看到略有不同的結果。

But we're confident that we're positioning the business for the long term and Sherman called out that growth that we're looking for over the next 18 to 24 months. And so you won't see as much of that in the third quarter. I think it starts emerging in the fourth quarter and then builds from there over the next 12 months or so.

但我們有信心，我們正在為企業的長期發展做好準備，謝爾曼也指出了我們未來 18 至 24 個月所期望的成長。因此，第三季你不會看到太多這種情況。我認為它會在第四季度開始出現，然後在接下來的12個月左右的時間裡不斷發展壯大。

Okay. And then on the SG&A side, that came in somewhat higher than I was expecting for the quarter. And so just trying to think -- because last year, you had a contingency payment of like -- I think it was like $7 million. So the year-on-year increase was much more significant in Q2 than Q1 on an adjusted basis. So how should we think about SG&A expense for the rest of the year?

好的。另外，銷售、一般及行政費用方面，本季實際費用比我預期的要高一些。所以，我試著想想——因為去年，你們有一筆或有付款，我想大概是 700 萬美元。因此，經過調整後，第二季的年增幅比第一季顯著得多。那麼，我們該如何考慮今年剩餘時間的銷售、管理及行政費用呢？

Well, you're calling out that contingency payment that was associated with [Fabio] and we called that out. It was less this quarter than it was the same quarter last year, and that was just factor of egg prices being so high last year and down a bit now.

嗯，你提到了與法比奧相關的或有付款，我們也提到了這一點。本季比去年同期有所下降，這僅僅是因為去年雞蛋價格很高，而現在有所下降。

I think that's sort of -- that continues through October of this fiscal year -- or excuse me, this calendar year, so we'll be following that and completing that at the end of -- sort of the end of '26.

我認為這種情況會持續到本財政年度的 10 月份，或者抱歉，是本日曆年的 10 月份，所以我們會按照這個規律進行，並在 2026 年底完成。

What was the other part of your question? I lost my train of thought.

你問題的另一部分是什麼？我思路被打斷了。

Just trying to figure out what kind of number should we be using (multiple speakers) like a run rate.

我只是想弄清楚我們應該使用哪種數字（多位發言者），例如運行率。

Yeah. The other thing on the -- I think we called out increased professional fees. That seems to be the order of the day these days. So I think those numbers are going to run a little high.

是的。還有一點——我認為我們已經提到了專業費用上漲的問題。如今這似乎已成為一種常態。所以我認為這些數字會偏高一些。

And then I think the other thing that drives SG&A is particularly specialty volume sometimes. And we still are confident specialty volumes are going to grow. And when you do that, you're going to have some promotional expenses and some fees associated with that that will make SG&A be up a bit.

我認為，推動銷售、一般及行政費用成長的另一個因素有時是特殊商品的銷售。我們仍然相信特種藥品的銷售量將會成長。這樣做的話，就會產生一些促銷費用和相關的一些費用，這會導致銷售、一般及行政費用略有增加。

I suspect as our retailers get more comfortable with supply that we will see more promotional activity in the back half of the year, which will likely drive some increased cost on the SG&A line there.

我懷疑隨著零售商對供應越來越有信心，我們將在下半年看到更多的促銷活動，這可能會導致銷售、一般及行政費用增加。

Benjamin Mayhew, BMO Capital Markets.

Benjamin Mayhew，BMO資本市場。

Congratulations on the quarter. So it looks like you had a bit of a COGS benefit during the quarter as a result of lower priced outside egg purchases. So my questions are, has your volume outside egg purchases been on the decline sequentially as your company's supply recovers.

恭喜你本季取得佳績。看來由於外部雞蛋採購價格較低，你們本季在銷售成本方面獲得了一些收益。所以我的問題是，隨著貴公司供應的恢復，除雞蛋採購外，你們的銷售量是否逐年下降？

Can you remind us how you plan to utilize outside egg purchases moving forward as supplies reach more normalized levels and egg prices are at $1? So what I'm really trying to get is -- like should we expect ongoing benefits in future quarters from outside purchases? Or is this more of like a one-off item?

鑑於雞蛋供應量已恢復正常水平，價格也已達到每枚 1 美元，您能否提醒我們一下，您計劃如何利用未來從外部採購的雞蛋？所以我真正想了解的是——我們是否可以預期在未來幾季從外部採購中獲得持續收益？或者這更像是一次性事件？

Ben, last year was a certainly historic year, and our customers had some periods of extreme orders if the stores we serviced had eggs and the store across the road did not, then our orders were growing exponentially. And we cover those orders through our production plus outside sales, and we have been reporting our percent produced of sales for quite a while. And we've moved back to that right at that 90% mark, and we do see that growing a few percentage points going forward just because we plan adding supply to be able to ensure that our customers have the eggs that they need.

本，去年絕對是具有歷史意義的一年，如果服務商店有雞蛋，而馬路對面的商店沒有，那麼我們的客戶就會經歷訂單量激增的時期，我們的訂單量就會呈指數級增長。我們透過生產和外部銷售來滿足這些訂單，並且我們已經報告了我們的生產佔銷售額的百分比很長一段時間了。我們已經回到了 90% 的水平，我們預計未來還會成長幾個百分點，因為我們計劃增加供應，以確保我們的客戶能夠獲得他們需要的雞蛋。

So whenever we do that, that does force lower purchases on the outside, and that's some of the effect that you're seeing. But we plan our business well far ahead and short-term changes are difficult, whether up or down, but we do see that percent produced of sales to get back to that -- more of that 93%, 94%, 95% range here in the near term.

所以每當我們這樣做時，就會迫使外部購買力下降，這就是你所看到的一些影響。但我們對業務的規劃非常長遠，短期內的變化很困難，無論是上升還是下降，但我們確實看到銷售額的百分比會恢復到之前的水平——在短期內，銷售額會恢復到 93%、94%、95% 的範圍內。

Yeah. And Ben, just historically, we've called out before, those outside egg purchasers are, to a large degree, sort of gap filler or how we address changes in the market. And as Sherman said, if we were to see more disruption in the market for the same reasons as last year, that would likely drive additional purchases because we will do that to benefit our customers.

是的。Ben，從歷史角度來看，我們以前也指出過，那些外部雞蛋採購商在很大程度上起到了填補市場空白或應對市場變化的作用。正如謝爾曼所說，如果由於與去年相同的原因導致市場出現更多混亂，那可能會推動額外的購買，因為我們這樣做是為了讓我們的客戶受益。

And as we said before, to prove up markets, if you will, and try to develop longer-term customers for the future. So it's a little bit opportunistic there, and it's a little bit based on what market conditions are. But no doubt, egg prices has been down. We called out the percentages related to the decrease in the egg price as well as the volume. And so both of those factors affect it.

正如我們之前所說，為了驗證市場，並努力為未來發展長期客戶。所以這其中帶有一定的投機取巧的成分，也在一定程度上取決於市場狀況。但毫無疑問，雞蛋價格已經下降。我們列出了與雞蛋價格下降和銷量下降相關的百分比。因此，這兩個因素都會對其產生影響。

So at this point, with prices where they are, I think it will certainly be down. And as Sherman says, as our production comes more fully online, that should help mitigate it as well. But keep your eye for those other dynamics, it could drive more purchases as we go forward.

所以就目前的物價水準來看，我認為價格一定會下跌。正如謝爾曼所說，隨著我們的生產全面上線，這也應該有助於緩解這個問題。但也要密切注意其他因素，它們可能會在未來推動更多購買行為。

And that's a good segue to my last question here, other dynamics. So do you have any thoughts on why we have seen a rapid -- such a rapid decrease in bird flu cases across the industry? Is there any one thing that industry players are doing that is protecting against the spread? Or do you chalk it up more to maybe luck?

這正好引出了我的最後一個問題，其他因素。那麼，您對整個產業禽流感病例為何有如此迅速的下降有什麼看法？業內人士正在採取哪些措施來防止疫情擴散？還是你覺得這比較是運氣使然？

There's lots of ways of measuring that. If you're looking at just pure layer numbers, you would be correct. But if you look at what we think is a greater indicator and that's just presence of the virus, it's an absolute terrible situation. It's all over the US. And bigger than that, it's all over the globe.

有很多方法可以衡量這一點。如果你只看層數的話，你的判斷是正確的。但如果你看看我們認為更重要的指標──病毒的存在，那情況就非常糟糕了。美國各地都有這種情況。更重要的是，它遍布全球。

Back in 2015, when we saw the virus disappear. We also saw it disappear on a global scale slightly before it did here. And all the indicators say it's a huge global presence since October 1. 26 countries are reporting High Path AI losses in poultry. And the number outbreaks is 496. So the presence of the virus is extremely strong. 2025 was the worst year ever at 45.6 million layers in pullets that exceeded the next worst year of 2022 of 43.1 million.

回到 2015 年，我們親眼目睹了病毒的消失。我們也看到它在全球範圍內消失的時間比在這裡略早一些。所有指標都表明，自 10 月 1 日以來，該病毒已在全球範圍內造成巨大影響。 26 個國家報告了家禽高危險性禽流感造成的損失。疫情爆發次數為 496 次。因此，病毒的傳播非常嚴重。 2025年是有史以來最糟糕的一年，雛雞產蛋量達到4,560萬隻，超過了排名第二糟糕的2022年（4,310萬隻）。

So Ben, it's very difficult to estimate the magnitude. But all the indicators of the problem are still there. And it is certainly the incidence rates in November of this year is as high as 2022, just not the high bird numbers because smaller flocks were affected.

所以本，很難估計其嚴重程度。但所有問題的跡象依然存在。今年 11 月的發生率肯定和 2022 年一樣高，只是鳥類數量沒有那麼多，因為受影響的鳥群較小。

And usually, whenever big losses occur, there's some type of precursor, whether it's a major wild bird dial or where it's a turkey population in an area or a commercial duck population something increases that overall virus load in an area before we see these large bird explosions. So unfortunately, Ben, I would say that we're still on pins and needles watching this virus.

通常情況下，每當發生重大損失時，都會有一些先兆，無論是野生鳥類數量大幅下降，還是某個地區的火雞數量或商業鴨群數量下降，都會在我們看到這些大規模鳥類爆發之前，增加該地區的整體病毒載量。所以很遺憾，本，我想說我們仍然忐忑不安地關注著這種病毒。

I'd just add, I was reading last night a lead market analytics report that came out. And amongst the things he was doing in that report was sort of critiquing his own primarily forecasting ability over the last several years and how it was driven. But there are many points, and it's worth of reading if you have access to that.

我還要補充一點，我昨晚讀了一份新發布的市場分析報告。在那份報告中，他所做的其中一件事就是批評自己過去幾年的預測能力以及這種能力是如何產生的。但其中有很多要點，如果你有機會閱讀，還是值得一讀的。

But one of the things that he said, and I'll tie in to what Sherman said, the incidences are still there. So the potential is still there. And since '22, if you look at sort of the projections for flock numbers and those kind of things, for the most part, you've seen that they've been underestimated -- excuse me, they've been overestimated because of the influence of -- and the likelihood that we see for potential AI.

但他說的其中一點，我還要補充一點謝爾曼所說的話，就是這些事件仍然存在。所以潛力依然存在。自 2022 年以來，如果你看一下對鳥群數量之類的預測，你會發現，在大多數情況下，這些預測都被低估了——抱歉，應該說是被高估了，因為人工智慧的影響——以及我們看到的潛在人工智慧的可能性。

So we don't know what the future brings, and always the past isn't necessarily the best predictor for the future, but it does inform it. And I think it's worth consideration.

所以我們不知道未來會怎樣，過去也不一定是預測未來的最佳指標，但它確實能為未來提供參考。我認為這值得考慮。

(Operator Instructions) I'm showing no further questions at this time. I would like to hand the call -- I'm sorry, one moment.

（操作說明）目前我沒有其他問題。我想把電話轉接給對方——抱歉，請稍等片刻。

All right. I am showing no further questions at this time. I would like to hand the conference back over to Sherman for further remarks.

好的。我目前沒有其他問題要問。我謹將會議交還給謝爾曼先生，請他進一步發言。

All right. Well, thank you. Since there's no additional questions, operator, if you would, we're ready to conclude the call.

好的。謝謝。既然沒有其他問題了，接線員，我們可以結束通話了。

This concludes our question-and-answer session. A replay for today's webcast will be available following the call on the Investor Relations page of the Cal-Maine Foods website. In addition, a transcript of today's call will be posted on the Cal-Maine Foods' website in the Investor Relations section. Thank you for joining us today. You may now disconnect. Everyone, have a great day.

我們的問答環節到此結束。今天網路直播的錄影將在電話會議結束後發佈在 Cal-Maine Foods 網站的投資者關係頁面上。此外，今天電話會議的文字記錄將發佈在 Cal-Maine Foods 網站的投資者關係版塊。感謝您今天蒞臨。您現在可以斷開連線了。祝大家今天過得愉快。