Cal-Maine Foods, Inc. (CALM) 2026 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Cal-Maine Foods third-quarter fiscal 2026 earnings conference call. (Operator Instructions) Please note this call is being recorded. I will now turn the call over to Sherman Miller, President and Chief Executive Officer of Cal-Maine Foods. Please go ahead.

各位早安，歡迎參加 Cal-Maine Foods 2026 會計年度第三季財報電話會議。(接線員指示) 請注意，本通話將被錄音。現在我將把電話交給 Cal-Maine Foods 總裁兼執行長 Sherman Miller。請開始。

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 risk and uncertainties described in our SEC filings. Let me start by sincerely thanking our teams across the organization whose execution, focus, and commitment to excellence drive the operational and financial performance that underpins everything we do. The hard work and dedication continue to set us apart, and these results are a direct reflection of their efforts.

早安。感謝各位今天加入我們。我想提醒各位，今天的發言可能包含前瞻性陳述。這些陳述係基於管理層目前的預期，並受我們向 SEC 提交文件中所述之風險與不確定性影響。首先，我要由衷感謝全公司各團隊；正是他們的執行力、專注與對卓越的承諾，推動了支撐我們一切工作的營運與財務表現。他們的辛勤付出與奉獻持續讓我們脫穎而出，而這些成果正是其努力的直接反映。

In February, we shared the sad news of the passing of long-time Board member, Jim Poole. Over more than two decades, Jim made a lasting impact on the company, and we extend our heartfelt condolences to his family and loved ones. Today, we announce the appointment of Dudley Woolley to the Board to fill the vacancy left by Jim. Dudley brings deep expertise in risk management and governance along with a strong track record of leading growth-oriented organizations and driving operational performance. We look forward to the perspective he will add as we continue to strengthen our business, enhance earnings visibility, and focus on long-term value creation.

2 月，我們分享了令人悲痛的消息：長期董事會成員 Jim Poole 逝世。在超過二十年的時間裡，Jim 對公司產生了深遠影響；我們向他的家人與摯愛致上最深切的哀悼。今天，我們宣布任命 Dudley Woolley 加入董事會，以填補 Jim 所留下的空缺。Dudley 在風險管理與公司治理方面具備深厚專業，並擁有領導成長導向型組織與推動營運績效的卓越實績。隨著我們持續強化業務、提升獲利能見度並聚焦長期價值創造，我們期待他所帶來的觀點與貢獻。

Before Max walks you through our results in detail and provides additional color on our financial performance, I'd like to spend a few minutes discussing how we think about the long-term direction of the business and how the strategy we're executing is designed to create durable value over time. When investors evaluate Cal-Maine, they often focus on the consistency of our execution. That reputation has been built over time, not in any single quarter. It reflects the accountability, operational excellence, and continuous improvement embedded across the organization.

在 Max 帶各位詳細檢視我們的業績並就財務表現提供更多說明之前，我想先花幾分鐘談談我們如何看待公司業務的長期方向，以及我們正在執行的策略如何隨時間創造可持續的價值。投資人評估 Cal-Maine 時，往往會聚焦於我們執行的一致性。這樣的聲譽是長期累積而成，而非來自任何單一季度。它反映了全組織所內建的責任承擔、營運卓越與持續改善。

At Cal-Maine, our objective is straightforward. That compound intrinsic value per share over time through thoughtful portfolio evolution, efficient operations, and prudent capital allocation. While short-term earnings will naturally fluctuate in a cyclical industry, our focus remains on strengthening the long-term earnings power and resilience of the business.

在 Cal-Maine，我們的目標很明確。透過審慎的投資組合演進、高效率營運與謹慎的資本配置，隨時間提升每股內在價值的複利成長。在景氣循環型產業中，短期獲利自然會波動，但我們的重點仍是強化公司長期的獲利能力與韌性。

In practical terms, that strategy centers on several priorities. First, we continue to expand our specialty egg mix, and Specialty Eggs represent a larger portion of our portfolio. They support structurally stronger margins, more stable demand characteristics, and improved returns on invested capital.

就實務而言，該策略聚焦於數項優先事項。第一，我們持續擴大特種蛋（Specialty Eggs）產品組合，使特種蛋在我們的投資組合中占比提高。特種蛋有助於帶來結構性更強的毛利率、更穩定的需求特性，以及更佳的投入資本報酬率。

Second, we are continuing to evolve our pricing structures. Over time, we are increasing the share of our business that operates under structured pricing arrangements, which we believe helps improve the stability and predictability of realized pricing across the cycle. Third, we're expanding our Prepared Foods platform. Prepared Foods broadens our addressable market, leverages our vertically integrated shell egg inputs, and establishes a complementary long-term growth platform alongside our core shell egg business. At the same time, we continue to reinforce the operational strengths that have long defined the company. Investments in biosecurity, productivity, and vertical integration strengthen our cost leadership and support reliable operating performance across cycles.

第二，我們持續調整並演進定價結構。隨著時間推進，我們提高採用結構化定價安排的業務占比；我們相信這有助於在景氣循環中提升實現價格的穩定性與可預測性。第三，我們正在擴大即食／調理食品（Prepared Foods）平台。Prepared Foods 擴大了我們可服務的市場規模，運用我們垂直整合的帶殼蛋投入，並在核心帶殼蛋業務之外建立互補的長期成長平台。同時，我們也持續強化長期以來定義公司的營運優勢。在生物安全、生產力與垂直整合方面的投資，強化我們的成本領先地位，並支持跨景氣循環的可靠營運表現。

Together, we believe these actions will steadily improve the quality and durability of our normalized earnings power while strengthening the company's long-term competitive position. Against that backdrop, let me highlight a few key developments from the third quarter and the first three quarters of our fiscal year that reflect how this strategy is translating into execution. Unless otherwise indicated, all comparisons are to the comparable period of fiscal 2025.

我們相信，這些行動將穩步提升公司常態化獲利能力的品質與耐久性，同時強化公司的長期競爭地位。在此背景下，我想重點說明 2026 會計年度第三季以及本會計年度前三季的幾項關鍵進展，這些都反映了該策略如何轉化為具體執行。除非另有說明，所有比較皆以 2025 會計年度同期為基準。

In the third quarter of fiscal 2026, Specialty Eggs drove a greater portion of shell egg sales, accounting for 50.5% of total shell egg sales, compared to 24.4%. Prepared Foods accounted for 9.5% of net sales, compared to 0.8%. Specialty Eggs and Prepared Foods combined accounted for 52.9% of net sales compared to 24%.

在 2026 會計年度第三季，特種蛋帶動帶殼蛋銷售占比提高，特種蛋占帶殼蛋總銷售額的 50.5%，相較之下為 24.4%。Prepared Foods 占淨銷售額的 9.5%，相較之下為 0.8%。特種蛋與 Prepared Foods 合計占淨銷售額的 52.9%，相較之下為 24%。

In the first three quarters of fiscal 2026, Specialty Eggs drove a greater portion of shell egg sales, accounting for 42.7% of total shell egg sales compared to 29.2%. Prepared Foods accounted for 9.3% of net sales compared to 1%. Specialty Eggs and Prepared Foods combined accounted for 45.7% of net sales compared to 28.6%.

在 2026 會計年度前三季，特種蛋帶動帶殼蛋銷售占比提高，特種蛋占帶殼蛋總銷售額的 42.7%，相較之下為 29.2%。Prepared Foods 占淨銷售額的 9.3%，相較之下為 1%。特種蛋與 Prepared Foods 合計占淨銷售額的 45.7%，相較之下為 28.6%。

Importantly, the egg market in the third quarter of fiscal 2026 provided a real-time test of our strategy. Periods of price softness can create noise around near-term performance, but they also provide an opportunity to demonstrate that our results are not simply a function of spot-market conditions. Instead, our performance reflects how effectively we manage mix, pricing structures, cost, and capital across the cycle. What we're really seeing is a market that's still being impacted by high-path AI, but to a much lesser extent than last year. The disruption hasn't gone away. It's still a reality, but it's not driving the same level of supply shock or panic-driven purchasing.

重要的是，2026 會計年度第三季的蛋品市場為我們的策略提供了一次即時的驗證。價格走弱的期間可能會對短期表現造成雜訊，但也提供機會證明，我們的成果並非僅取決於現貨市場狀況。相反地，我們的表現反映了我們在景氣循環中管理產品組合、定價結構、成本與資本的有效程度。我們真正看到的是，市場仍受到高病原性禽流感（high-path AI）的影響，但程度遠低於去年。干擾並未消失。它仍是現實存在，但不再造成同等程度的供給衝擊或恐慌性採購。

Supply has improved, and retailers and food service operators aren't rushing to build inventory, which has put downward pressure on wholesale prices, with retail adjusting more gradually. The key data points for December to February make that clear. The average layer hen flock is up about 2.2% year over year, and depopulations are down 70.6% year over year. So while high-path AI is still present, the magnitude of disruption is meaningfully lower, and that's what's showing up in pricing.

供給已改善，零售商與餐飲服務業者也未急於建立庫存，這對批發價格造成下行壓力，而零售端調整則較為緩慢。12 月至 2 月的關鍵數據清楚顯示了這一點。平均產蛋母雞群規模年增約 2.2%，而撲殺（depopulations）年減 70.6%。因此，雖然高病原性禽流感仍然存在，但干擾幅度已顯著降低，而這也反映在價格上。

On the demand side, consumption remains stable to improving, with a few timing dynamics influencing near-term trends. And retail volumes are up about 3% year to date. What's important is that our market is broad-based. Growth is showing up across both value and premium segments. In food service, demand is beginning to recover, with increased traffic and egg servings increasing, particularly in quick service.

在需求端，消費量維持穩定至改善，且有一些時點因素影響短期趨勢。年初至今零售銷量約成長 3%。重要的是，我們的市場需求基礎廣泛。成長同時出現在平價與高端區隔。在餐飲服務方面，需求正開始復甦，來客量增加、蛋品供應份數上升，尤其是在速食餐飲。

More broadly, eggs continue to benefit from strong structural tailwinds. They align with high-protein and health-focused diets, fit well with convenience and portable meal formats, and remain a non-discretionary item once a consumer is in the channel. So overall, demand is holding up well, and what we're seeing in the market today is much more about supply recovery and timing shifts than any fundamental change in consumption.

更廣泛而言，雞蛋持續受惠於強勁的結構性順風。雞蛋符合高蛋白與健康導向飲食，適配便利與可攜式餐食型態，且一旦消費者進入通路，雞蛋仍屬非可選擇性（non-discretionary）商品。因此整體而言，需求維持良好；我們目前在市場上看到的情況，更多是供給復原與時點變化，而非消費基本面出現任何根本改變。

You can see our strategic framework reflected in the acquisition of the shell egg, egg products, and prepared foods assets of Creighton Brothers and Crystal Lake that we announced during the quarter. This transaction expands the geographic scale of our shell egg platform and adds nearby liquid egg capacity that supports our internal sourcing strategy for egg-based ingredients.

你可以從我們在本季宣布收購 Creighton Brothers 與 Crystal Lake 的帶殼蛋、蛋品加工與 Prepared Foods 資產中，看見我們的策略框架。此交易擴大了我們帶殼蛋平台的地理規模，並新增鄰近的液蛋產能，以支持我們針對蛋基原料的內部採購策略。

We believe that over time, integrating shell egg production, egg products, and Prepared Foods more tightly within our value chain will help strengthen supply security, improve operational efficiency, and reinforce the economics of our Prepared Foods platform.

我們相信，隨著時間推移，在我們的價值鏈中更緊密地整合帶殼蛋生產、蛋製品與即食食品（Prepared Foods），將有助於強化供應安全、提升營運效率，並鞏固我們即食食品平台的經濟效益。

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

接下來，讓我把電話會議交給 Max，請他深入說明我們的財務結果並討論我們的資本配置架構。Max？

Thanks, Sherman, and good morning, everyone. As a reminder, we published our third-quarter earnings release in the 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 third quarter of fiscal 2026. Unless otherwise indicated, all comparisons are to the comparable period of fiscal 2025.

謝謝你，Sherman，各位早安。提醒一下，我們今天早上已在 10-Q 中發布第三季財報新聞稿。此外，我們也在官網發布了一份簡要的財報簡報。這些文件包含我們財務結果的詳細資訊。我將重點說明 2026 會計年度第三季的亮點。除非另有說明，所有比較皆以 2025 會計年度的可比期間為基準。

For the third quarter of fiscal 2026, net sales were $667 million compared to $1.4 billion, down 53%. Conventional Egg sales were $283.2 million compared to $1 billion, down 72.1%, with 70.1% lower selling prices and 6.7% lower sales volumes. Specially Egg sales were $289.1 million compared to $328.9 million, down 12.1% with 16.9% lower selling prices and 5.8% higher sales volume. Our average breeder flocks grew 13%, total chicks hatched rose 41.7%, and the average number of layer hens expanded 2%. Prepared Foods sales were $63.6 million compared to $11.8 million, up 441.2% year over year and compared to $71.7 million down 11.2% quarter over quarter.

2026 會計年度第三季，淨銷售額為 6.67 億美元，相較於 14 億美元，下降 53%。一般蛋（Conventional Egg）銷售額為 2.832 億美元，相較於 10 億美元，下降 72.1%，其中售價下降 70.1%，銷售量下降 6.7%。特種蛋（Specialty Egg）銷售額為 2.891 億美元，相較於 3.289 億美元，下降 12.1%，其中售價下降 16.9%，銷售量增加 5.8%。我們的平均種雞群增加 13%，孵化雛雞總數上升 41.7%，平均產蛋母雞數增加 2%。即食食品（Prepared Foods）銷售額為 6,360 萬美元，相較於 1,180 萬美元，年增 441.2%；與上一季的 7,170 萬美元相比，季減 11.2%。

Our majority-owned subsidiary, Crepini Foods, delivered strong momentum with sales increasing by 283%, contributing positively to the overall Prepared Foods portfolio. In Prepared Foods, Q3 represents a trough driven by the timing of previously announced planned network optimization and expansion activities. The near-term margin pressure is largely volume-driven, reflecting temporary downtime and under-absorption of fixed costs, along with some mixed headwinds as the network transitions, and we increase the use of cost-type pricing arrangements that enhance stability.

我們的控股子公司 Crepini Foods 展現強勁動能，銷售額成長 283%，對整體即食食品組合帶來正面貢獻。在即食食品方面，第三季為低點，主要受先前已公告之計畫性產線網路優化與擴張活動的時點影響。短期毛利率壓力主要由出貨量驅動，反映暫時停機與固定成本吸收不足，並伴隨產線網路轉換期間的產品組合逆風，以及我們提高採用成本加成（cost-type）定價安排以提升穩定性。

As capacity comes back online, we expect a progressive recovery beginning in Q4, with margins trending back towards baseline through fiscal 2027 and 2028 as scale and network efficiencies are realized. We expect Prepared Foods capacity to increase more than 30% over the next 18 to 24 months. Importantly, demand remains intact. This is a function of execution timing, not structural weakness, and these investments position Prepared Foods as a more durable, high-margin growth platform.

隨著產能重新上線，我們預期自第四季起逐步復甦，並在 2027 與 2028 會計年度隨著規模與網路效率逐步實現，毛利率將回升至基準水準附近。我們預期未來 18 至 24 個月內，即食食品產能將增加逾 30%。重要的是，需求仍然穩健。這是執行時點的因素，而非結構性疲弱；這些投資將使即食食品成為更具韌性、較高毛利的成長平台。

Overall, gross profit was $119.3 million compared to $716.1 million, down 83.3%, primarily driven by 56.5% lower sale egg-selling prices, partially offset by decreasing the price and by (inaudible) egg purchases. As our percentage produced the [sole], increased 3.1 percentage points to 91.5%. Operating income was $35.9 million, compared to $635.7 million, down 94.3% with an operating income margin of 5.4%. Net income attributable to Cal-Maine was $50.5 million, compared to $508.5 million, down 90.1%. Diluted earnings per share were $1.06, compared to $10.38, down 89.8%. Cost of sales decreased 21.9%. Lower costs associated with ag 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 warehouse costs.

整體而言，毛利為 1.193 億美元，相較於 7.161 億美元，下降 83.3%，主要受蛋品售價下降 56.5%所致，部分被價格下降以及（聽不清）蛋品採購所抵銷。隨著我們自產比例（[sole]）提高，增加 3.1 個百分點至 91.5%。營業利益為 3,590 萬美元，相較於 6.357 億美元，下降 94.3%，營業利益率為 5.4%。歸屬於 Cal-Maine 的淨利為 5,050 萬美元，相較於 5.085 億美元，下降 90.1%。稀釋每股盈餘為 1.06 美元，相較於 10.38 美元，下降 89.8%。銷貨成本下降 21.9%。與農產品採購及蛋製品相關的成本下降，足以抵銷因收購 Echo Lake Foods 所帶來的即食食品成本增加，以及我們農場生產與加工、包裝與倉儲成本的上升。

SG&A expenses increased 4.2% due to the addition of Echo Lake Foods and increased professional and legal fees. This was partially offset by lower employee-related costs. Net cash flow from operations was $103.6 million compared to $571.6 million, down 81.9%. We ended the quarter with cash and temporary cash investments of $1.152 billion, down 17.3%. We remained virtually debt-free.

SG&A（銷售、一般及行政）費用增加 4.2%，主要因納入 Echo Lake Foods 以及專業與法律費用增加。部分被員工相關成本下降所抵銷。營運活動淨現金流為 1.036 億美元，相較於 5.716 億美元，下降 81.9%。本季期末現金及短期現金投資為 11.52 億美元，下降 17.3%。我們幾乎沒有負債。

We repurchased 329,830 shares of common stock under our current share repurchase authorization during the quarter for a total of $24.3 million. The repurchase program permits us to purchase up to $500 million, of which $350.8 million remains available. For the third quarter of fiscal 2026, we will pay a cash dividend of approximately $0.36 per share to holders of our common stock pursuant to our variable dividend policy. The dividend is payable on May 14, 2026 to holders of record on April 29, 2026. The final amount paid will be based on the number of outstanding shares on the record day.

本季我們依據現行庫藏股回購授權回購普通股 329,830 股，總金額 2,430 萬美元。該回購計畫允許我們最多回購 5 億美元，目前尚餘 3.508 億美元可用額度。就 2026 會計年度第三季而言，我們將依據變動股利政策，向普通股股東支付每股約 0.36 美元的現金股利。股利將於 2026 年 5 月 14 日支付給 2026 年 4 月 29 日登記在冊的股東。最終支付金額將以除權息基準日的流通在外股數為準。

From a financial perspective, our priorities remain centered on strengthening the durability and predictability of Cal-Maine's earnings profile while maintaining a structured and flexible capital structure. Our capital allocation framework is designed to support long-term per-share value creation while preserving the financial resilience necessary to navigate a cyclical industry.

從財務角度來看，我們的優先事項仍聚焦於在維持有紀律且具彈性的資本結構之同時，強化 Cal-Maine 獲利結構的韌性與可預測性。我們的資本配置架構旨在支持長期的每股價值創造，同時保留在景氣循環產業中所需的財務韌性。

First, we will prioritize investment in high-return organic growth opportunities. This includes investments that expand specialty egg capacity, improve productivity and operational efficiency, and support the continued development of our egg products and prepared food capabilities. To that end, our Prepared Foods expansion initiatives are progressive on schedule and in line with plans previously communicated.

第一，我們將優先投資於高報酬的內生成長機會。這包括擴充特種蛋產能、提升生產力與營運效率，以及支持我們蛋製品與即食食品能力的持續發展。為此，我們的即食食品擴張計畫正按進度推進，並符合先前對外溝通的規劃。

At Echo Lake Foods, a network optimization and capacity expansion project is underway and expected to add approximately 17 million pounds of annual scrambled egg production capacity throughout fiscal 2027. In addition, the previously announced 14.8 million high-speed pancake line continues to advance this plan and is expected to contribute an additional 12 million pounds over the course of fiscal 2027.

在 Echo Lake Foods，產線網路優化與產能擴張專案正在進行中，預計在 2027 會計年度期間新增約 1,700 萬磅的年度炒蛋（scrambled egg）產能。此外，先前公告的 1,480 萬（聽寫如此）高速鬆餅產線亦持續推進，預計在 2027 會計年度期間額外貢獻 1,200 萬磅產量。

Separately, our joint venture, Crepini Foods, is investing $7 million through fiscal 2028 to expand production capacity by approximately 18 million pounds through the installation of new equipment and production lines. Collectively, these initiatives remain on track and are expected to increase Cal-Maine's prepared food production capacity by more than 30% over the next 18 to 24 months as the projects are completed and ramp up as planned. We pursue selective acquisitions that strengthen the company's strategic positioning and meet stringent return thresholds. Our acquisition of certain assets of Creighton Brothers and Crystal Lake is a good example of this approach. The transaction expands the geographic scale of our Shell Egg platform while also adding nearby liquid-egg capacity that we believe will strengthen our integrated value chain.

另外，我們的合資企業 Crepini Foods 計畫於 2028 會計年度前投資 700 萬美元，透過安裝新設備與生產線，將產能擴增約 1,800 萬磅。綜合而言，這些計畫均按軌道推進，預期在未來 18 至 24 個月內，隨著專案完成並依計畫爬坡，將使 Cal-Maine 的即食食品產能提升逾 30%。我們亦會進行選擇性的併購，以強化公司的策略定位並符合嚴格的報酬門檻。我們收購 Creighton Brothers 與 Crystal Lake 的部分資產，就是此策略的良好例證。該交易擴大了我們帶殼蛋平台的地理規模，同時新增鄰近的液蛋產能；我們相信這將強化我們的整合式價值鏈。

Third, we return excess capital to shareholders through our variable dividend framework and when appropriate, opportunistic share repurchases. Underlying this entire framework is a commitment to maintaining balance sheet strength. A strong liquidity position provides a flexibility to invest across the cycle, respond to strategic opportunities, and navigate industry volatility.

第三，我們透過變動股利架構，並在適當時機進行機會型股票回購，將多餘資本回饋股東。支撐整體架構的核心，是我們對維持資產負債表強度的承諾。充裕的流動性部位提供跨景氣循環投資的彈性、把握策略機會的能力，並可因應產業波動。

This systematic approach allows us to balance growth, resilience, and shareholder returns while preserving the long-term optionality that is critical in our industry. Over time, we believe the combination of portfolio evolution, disciplined capital allocation, and balance sheet strength will continue to enhance the company's normalized earnings power per share and support durable value creation for shareholders.

這套系統化的方法讓我們得以在維持本產業至關重要的長期選擇權（optionalitiy）的同時，平衡成長、韌性與股東報酬。隨著時間推移，我們相信，投資組合的演進、嚴謹的資本配置以及強健的資產負債表相結合，將持續提升公司每股常態化獲利能力，並支持為股東創造持久價值。

That concludes my review of the financial results. I will now turn the call back to Sherman.

以上是我對財務結果的回顧。我現在把電話交回給 Sherman。

Thanks, Max. Looking ahead, we believe Cal-Maine's well-positioned to benefit from durable shifts shaping the egg category. By building on the structural strength of our core shell egg platform while expanding across specialty eggs, egg products, and prepared foods, we believe we are strengthening the resilience and quality of our business over time. This progression is expected to help enhance the durability of our earnings profile and position Cal-Maine to deliver sustainable growth and long-term value creation. With that, I'll turn the call back over to the operator to begin the Q&A portion of today's call.

謝謝，Max。展望未來，我們相信 Cal-Maine 已處於有利位置，可受惠於正在塑造雞蛋品類的持久性變化。我們在強化核心帶殼蛋平台的結構性優勢之上，同時擴展至特色蛋、蛋製品與即食食品，我們相信這將隨時間推進提升我們業務的韌性與品質。預期這一進程將有助於提升我們獲利結構的持久性，並使 Cal-Maine 能夠實現可持續成長與長期價值創造。接下來，我把電話交回給接線員，開始今天電話會議的問答環節。

(Operator Instructions) Heather Jones, Heather Jones Research, LLC.

(接線員指示) Heather Jones，Heather Jones Research, LLC。

Good morning. Thanks for the question. And congratulations on the quarter. I guess I'm going to start with specialty pricing. That was where much of the upside was relative to our estimate for the quarter. And the California price had rallied nicely over the course of a few weeks, but it's recently begun to fall back. But no, still not back to the Q3 lows. So just wondering if you would expect Q4 specialty price to be similar to Q3, or is there some other dynamic that we need to consider there?

早安。謝謝讓我提問。也恭喜本季表現。我想先從特色蛋定價談起。相較於我們對本季的估計，這部分是上行驚喜的主要來源。加州價格在幾週內明顯走高，但最近開始回落。不過還沒有回到第三季的低點。所以想請教，你們預期第四季特色蛋價格會與第三季相近嗎？還是有其他需要考量的動態？

Good morning. Thank you for the question. You know, Specialty Eggs continue to be extremely exciting for us, and as we move into Q4 and beyond, we see that as a huge part of our differentiation and us being able to diversify. And the specialty price, as we've mentioned before, there is a smaller piece of that category that is tied to the market, and as that market moves up and down, there is some fluctuation, but for the most part, those prices are a lot more stable. And Max, you might want to give a little bit more color on that.

早安。謝謝你的提問。你知道，特色蛋對我們而言仍然非常令人振奮；隨著我們進入第四季及之後，我們把它視為我們差異化與多元化能力的一大部分。至於特色蛋價格，如同我們先前提到的，該品類中有較小的一部分與市場連動；當市場上下波動時會有些起伏，但大多數情況下，這些價格要穩定得多。Max，你或許可以再補充一些細節。

Yes. As Sherman said, Heather, and you know, our specialty pricing doesn't fluctuate that much. We call out the vast majority of our specialty pricing is either grain-based or a fixed-price type arrangement cost plus. So, again, it stays pretty flat. There is a component of that that, as you call out, it ties to The cage-free California market varies from quarter to quarter, but roughly, I'd say about 12% or in that range. And depending on how that price reacts this quarter and coming quarters will largely drive a lot of that movement. But we expect that specialty price to stay pretty consistent.

好的。如 Sherman 所說，Heather，我們的特色蛋定價波動不大。我們特別指出，我們絕大多數的特色蛋定價要麼是以穀物為基礎（grain-based），要麼是固定價格類型的安排（成本加成，cost plus）。所以整體而言相當平穩。其中確實有一部分，如你提到的，會與加州非籠飼（cage-free）市場連動，季度之間會有變化；但大致上約占 12% 左右。而本季及未來幾季該價格的反應，將在很大程度上驅動這部分的變動。但我們預期特色蛋價格會維持相當一致。

Okay, thank you for that. And then on my follow-up, it's just on the Prepared Foods business, I think, and I joined the call a few minutes late, but I think I caught you all saying that you expect the margin for that business to trend back to baseline through '27 into '28. So just wanting to clarify that, are you not expecting it to fully get back there until '28? And then when you say baseline, there were some quarters where it was north of 20%, but I believe you're based on is 19%. So is it unlikely to get back to where it was a few quarters ago? And just, like, how should we, is this updated thinking on how we should be thinking about baseline?

好的，謝謝說明。接著我的追問是關於即食食品（Prepared Foods）業務。我晚了幾分鐘才加入電話會議，但我想我聽到你們說，預期該業務的毛利率會在 2027 年一路趨近基準水準並延伸到 2028 年。所以想確認一下：你們是否預期要到 2028 年才會完全回到那個水準？另外你們說的「基準」，有些季度曾高於 20%，但我理解你們的基準是 19%。所以是否不太可能回到幾個季度前的水準？以及我們應該如何理解這個「基準」——這是否是你們對基準的更新看法？

Yeah, Heather, I'll take that one. You know, we think Q3 represents, I'd call it a trough quarter. You know, what you're seeing is anticipated impacts of some of the network expansion and capacity initiations that we've mentioned. In the quarter, we saw some lower volumes as we go, and then margin pressure as we go through these reconfigurations. You know, when you have lower volumes, the first thing that happens to you is underabsorption of fixed cost, and that was one of the major headwinds for the quarter.

好的，Heather，這題我來回答。我們認為第三季代表的是——我會稱之為谷底季度（trough quarter）。你所看到的是我們先前提到的一些網路擴張與產能啟動所帶來的預期影響。本季我們看到出貨量偏低，同時在這些重新配置過程中面臨毛利率壓力。當出貨量較低時，首先發生的就是固定成本吸收不足（underabsorption of fixed cost），這是本季的主要逆風之一。

But as we roll into Q4 '26, even, we expect to see some of that rebound began to come back online. It will be tempered a little bit as sales mix tied to the end of the school year partially will offset some of that margin recovery. And that's just a normal seasonal dynamic. It's not an execution issue there. We're currently, because of these reconfigurations, having a slightly less desirable product mix. that's impacting our margins as we reconfigure. But again, that will improve over time, too. All these things are transitional and not reflecting of underlying demand, which we still believe to be strong.

但隨著我們進入 2026 年第四季，我們預期其中一些反彈將開始回到正軌。不過，與學年結束相關的銷售組合變化，將在一定程度上抵消部分毛利率回升。這只是正常的季節性動態。並非執行面問題。目前因為這些重新配置，我們的產品組合略偏向較不理想的組合；在重新配置期間這會影響毛利率。但同樣地，這也會隨時間改善。這些因素都屬過渡性，並不反映基礎需求；我們仍相信需求強勁。

We'll continue to migrate from market-based pricing towards grain-based and longer-term pricing arrangements. This moderates sometimes near-term pricing upside. But again, we're looking at the long-term durability and stability of our business, and we think it enhances that -- as we begin to see this recovery in Q4 26, we'll see higher capacity and better utilization of that capacity, and then that margin recovery will really start showing up towards the end of '27 and, as you said, into '28.

我們將持續把定價從市場連動逐步轉向以穀物為基礎以及更長期的定價安排。這有時會抑制短期的定價上行空間。但我們著眼於業務的長期耐久性與穩定性，並認為這會加以強化——當我們在 2026 年第四季開始看到復甦時，我們將看到更高的產能與更好的產能利用率，而毛利率回升將在 2027 年底、以及如你所說延伸到 2028 年時更明顯地展現。

And that's when the volumes we've talked about through the additional investment that we've made or are making, I should say, in Echo Lake as well as Crepiti will be fully online and returning. And when you speak of the 19% to 20% margin, that was the margin we had called out at Echo Lake. and, you know, Crepiti's coming along and the other elements of our Prepared Foods we continue to work on as well. But it's, you know, we think we're taking some, you want to call it short-term pain now for better long-term positioning and gain in the future, but are positive, feel more positive as we go into '27 and early '28 that we'll really see the fruits of that, along with that 30% growth that we had talked about from these investments.

而那也將是我們所談到的產量——透過我們已經投入或應該說正在投入的額外投資——在 Echo Lake 以及 Crepiti 的產能將全面上線並恢復之時。至於你提到的 19% 到 20% 毛利率，那是我們先前針對 Echo Lake 所提到的水準；而你知道，Crepiti 也在逐步到位，我們也持續改善即食食品業務的其他環節。總之，我們認為現在是在承受一些短期陣痛，以換取未來更好的長期定位與收益；但我們對 2027 年及 2028 年初更有信心，屆時將真正看到成果，並且也會看到我們所提到、由這些投資帶來的 30% 成長。

Thank you, Max. And the only thing I'll add, Heather is just getting the nuts and bolts in the right place for long-term performance and growth and having streamlined operations and really strategically placing the four Echo facilities in the right manner to have our flower products to the north two facilities, the egg-type products in the southern two facilities, which happen to be very close to Creighton Brothers, which can supply the eggs long-term. A lot of good progress there.

謝謝你，Max。我唯一要補充的是，Heather，我們正在把長期績效與成長所需的基本功（nuts and bolts）放到位，並透過精簡營運，策略性地把四座 Echo 廠區以最合適的方式配置：將麵粉產品配置在北邊兩座廠，將蛋類產品配置在南邊兩座廠，而南邊兩座廠剛好非常接近 Creighton Brothers，能夠長期供應雞蛋。在這方面已有很多良好進展。

Okay. Thank you so much.

好的。非常感謝。

Pooran Sharma, Stephens Inc.

Pooran Sharma，Stephens Inc.

Your line is open. Thank you and congrats on the order here. Focus on pricing here, maybe for the conventional eggs. It did come in a little bit higher than we were modeling, and you have stated in the past that your new hybrid pricing model gives you a little bit better floor. And I'm just looking at the price ratio between your conventional egg pricing and what we track with the USDA and we just haven't seen it this high since over a decade.

您的線路已開通。謝謝，並恭喜拿到這筆訂單。想先聚焦在定價上，可能是針對一般雞蛋。實際價格比我們模型預估略高一些，而你們過去也提到新的混合式定價模型能提供更好的底部支撐。我在看你們一般雞蛋定價與我們追蹤的 USDA 數據之間的價格比率，我們已經十多年沒看過這麼高的水準了。

And was wondering if maybe you could help us and the investment community just understand how to think about your cost of production for your conventional eggs just based on on some of the disclosures you have in your filings? And then maybe just marry that with what kind of, at a high level, rate of return do you all kind of generally expect from these type of assets?

想請問你們是否能協助我們以及投資社群理解：就你們在申報文件中的一些揭露來看，該如何思考一般雞蛋的生產成本？另外，從高層次來看，對於這類資產，你們通常期望的報酬率大概是多少？

Well, good morning and thank you for the question. I'll start off and then pass it to Max. And I think you pegged it very well. You are seeing reduced volatility as we mentioned with hybrid pricing, there's some trade-offs. On the top side, there's an opportunity, but on the bottom side, there is as well, and that's what you're seeing in this quarter, and market realization certainly benefits from this as well as, as we've mentioned before, having longer-term arrangements.

嗯，早安，謝謝你的提問。我先回答，然後再交給 Max。我想你抓得很準。如同我們提到的，混合式定價讓波動性降低，但也有一些取捨。在上行端有機會，但在下行端也同樣如此，而這正是你在本季看到的；市場實現價格也確實因此受益，另外如同我們之前提過的，還有較長期的安排。

So any top-side slippage is certainly balanced with downside uplift, and in that Of course, it depends heavily upon the type of customer, and the real win here is us working with customers not to only benefit the type of eggs you're talking about, but also Specialty Eggs and Prepared Foods that we also value very highly. On the cost side, there's certainly a lot going on geopolitically around the world.

因此，上行端任何的讓利，確實會由下行端的抬升來平衡；當然，這很大程度取決於客戶類型。而真正的勝利在於我們與客戶合作，不僅讓你所提到的那類雞蛋受益，也讓我們同樣非常重視的特種蛋與即食食品（Prepared Foods）受益。在成本端，全球地緣政治確實有很多變化。

Grain certainly is one of the things that's come up in the news over the last few weeks particularly tied to fertilizer, and our consultants have assured us that probably 90% of the inputs have already been locked, so fertilizer costs for this planting season shouldn't cause too much disruption, but certainly fuel transporting, not only grains, but everything else is certainly in the news and is real. But the reassuring piece of that is that we've been here many, many times before, and we navigate that not only by using our skill, but also by using things like our warehousing and our inventory and managing through situations like this.

穀物當然是近幾週新聞焦點之一，特別是與肥料相關；我們的顧問向我們保證，大概 90% 的投入品已經鎖定，因此本季播種的肥料成本不至於造成太大干擾，但燃料運輸成本——不只是運穀物，而是所有東西——確實在新聞上，也確實存在。不過令人安心的是，我們以前已經多次面對類似情況，我們不僅靠專業能力，也會運用倉儲、庫存等方式來因應並管理這類狀況。

Max, what would you add?

Max，你會補充什麼？

Well, I mean, Brian, when you talked about hybrid pricing, you're talking about primarily our conventional eggs. As you know, we only report one segment today, so we don't really give complete margin information and returns on conventional versus specialty. But all that hybrid pricing does exactly what you called out and what we've said before. What we hope to get from that is a more stable and resilient and continuous profit. I'm not saying it will always be a profit, but certainly we're taking some off the top for high, high returns from conventional and trading that for longer-term, more stable earnings. And then as we grow, that's a piece of the puzzle. And where we look for really good growth and even better returns would be from our specialty and our Prepared Foods business.

嗯，Brian，你談到混合式定價，主要是在說我們的一般雞蛋。如你所知，我們目前只揭露一個營運部門，所以我們不會提供一般蛋與特種蛋之間完整的毛利資訊與報酬。但混合式定價的作用，正如你指出的、也如我們之前所說。我們希望藉此取得更穩定、更具韌性且更持續的獲利。我不是說一定永遠都會獲利，但我們確實是把一般蛋在非常、非常高報酬時的部分上行空間拿掉一些，換取更長期、更穩定的獲利。而隨著我們成長，這是拼圖的一部分。至於我們尋求真正良好成長、甚至更好報酬的地方，會是在特種蛋與即食食品業務。

So we look at the conventional business as our baseline. It's important because of its size and scale that it's strong and it operates profitably and consistently, and that's what the hybrid pricing does. And then we continue to invest in the Prepared Foods and our specialty where we hope to get higher returns. We don't disclose individual, again, returns for conventional and specialty at this time, but we've said in the past that our return on invested capital is double-digit, well above our cost of capital. And so we feel good about the returns, as we said today, not only from conventional, but the opportunities, especially in Prepared Foods.

因此，我們把一般蛋業務視為基礎盤。由於其規模與量體很重要，它必須強健，並且能夠有利可圖且穩定地運作，而混合式定價正是為此服務。接著我們持續投資即食食品與特種蛋，希望取得更高報酬。我們目前不揭露一般蛋與特種蛋各自的個別報酬，但我們過去曾說過，我們的投入資本報酬率（ROIC）是雙位數，且明顯高於資本成本。所以我們對報酬感到樂觀；如同今天所說，不僅來自一般蛋，也包括機會，特別是在即食食品。

Fred, I appreciate the detail there, Sherman and Max. Maybe just wanted to understand, from a capital allocation front, you still have a pretty strong balance sheet, and in our recent conversations, you had called out liquids as maybe an area of focus. As you're looking across the M&A landscape, does that remain an area that you want to continue to build, or are you just more looking at it opportunistically in terms of what's out there in terms of conventional, specialty, or more Prepared Foods assets?

Fred，謝謝你們的細節說明，Sherman 和 Max。我想再從資本配置角度了解一下：你們的資產負債表仍然相當強健，而在我們近期的對話中，你們提到液蛋（liquids）可能是重點領域。當你們檢視併購（M&A）版圖時，這仍是你們想持續擴建的方向嗎？還是你們更偏向機會式地看市場上有哪些一般蛋、特種蛋或更多即食食品資產可供選擇？

I'll start by just commenting on Creighton Brothers. As we pointed out there is liquid egg capacity there, and it's very close to our Prepared Foods operations that ultimately egg products will be produced in in the southern two plants. And our capital allocation hierarchy still remains intact to pursue selective accretive M&A where returns are compelling. And we believe that we have more ways to grow than ever before, being conventional eggs,

我先就 Creighton Brothers 補充一下。如我們指出的，那裡有液蛋產能，而且距離我們的即食食品營運很近；最終蛋製品會在南方兩座工廠生產。我們的資本配置優先順序仍維持不變：在報酬具吸引力時，追求選擇性、具增益（accretive）的併購。我們相信我們的成長方式比以往更多，包括一般雞蛋，

Specialty Eggs, Prepared Foods, the ingredients that you mentioned, and also brands tied to Prepared Foods. The ingredient piece, we want to, over time, closely align our needs within Echo Lake. And as we mentioned before, there's some arrangements that we're working through that we inherited but we think that Creighton Brothers is certainly a very strategic move in making that come to pass. Matt?

特種蛋、即食食品、你提到的原料（ingredients），以及與即食食品相關的品牌。在原料這一塊，我們希望隨時間推進，讓 Echo Lake 內部的需求能更緊密對齊。如同我們之前提到的，我們正在處理一些承接而來的安排，但我們認為 Creighton Brothers 絕對是促成這件事落地的一項非常具策略性的行動。Matt？

Yeah, and I guess I would just say in our materials that we published, we've got an investor deck. It's got a few slides on there, and it recaps our capital allocation for the last 12 months ending at the end of our third quarter. And I think there's a lot of balance there, and it kind of shows that and a lot of ways we're putting our money where our mouth is. It represents about a billion dollars in capital that was allocated. About 38% or $384 million of that went to dividends to our shareholders.

是的，我想我會補充：在我們發布的資料中有一份投資人簡報（investor deck）。裡面有幾張投影片，回顧了截至第三季末的過去 12 個月資本配置情況。我認為整體相當均衡，也某種程度顯示我們確實把資金投入到我們所說的方向上。總計約有 10 億美元的資本被配置。其中約 38% 或 3.84 億美元用於股利，發放給股東。

About $299 million or 30% went to the acquisitions, things like Echo Lake, Clean Egg, Creighton Brothers that we just announced. Remember, we've been in a time when acquisitions sometimes considered a little tougher because of the very good markets that we've been in, but yet we've been able to deploy capital towards these acquisitions that we believe really advance our goals for long term.

約 2.99 億美元或 30% 用於收購，例如 Echo Lake、Clean Egg，以及我們剛宣布的 Creighton Brothers。請記得，在我們所處的這段期間，由於市場表現非常好，收購有時被認為更具挑戰；但即便如此，我們仍能把資本投入這些收購案，我們相信它們能真正推進我們的長期目標。

On the CapEx side, we allocate about $117 million, or 17% of that, and that includes about $35 million or so of maintenance CapEx, and then our stock repurchases, our share repurchases, about 15% over $150 million. So again, I think that gives a good view of where we're spending our money, and as Sherman says, what our focus is there is really long-term shareholder value. We look at things opportunistically, and we want to do the things that we think clearly enhance our earnings quality and portfolio growth and resiliency.

在資本支出（CapEx）方面，我們配置約 1.17 億美元，約占 17%，其中包含約 3,500 萬美元左右的維護性資本支出；另外，我們的股票回購（share repurchases）約占 15%，超過 1.5 億美元。所以我認為這能很好地呈現我們資金的使用方向；如 Sherman 所說，我們的重點確實是長期股東價值。我們會以機會式方式評估，並希望做那些我們認為能明確提升獲利品質、投資組合成長與韌性的事情。

Great. Thank you for the detail.

很好。感謝你提供詳細資訊。

Leah Jordan, Goldman Sachs.

Leah Jordan，高盛。

Thank you. Good morning. I wanted to ask about demand. So you talked about it being resilient in the quarter, but just seeing if you could provide more color on the trends you're seeing within your branded portfolios specifically. And then what are the growth opportunities you still see there, including any potential opportunity to gain more contracts, or exclusivity over time?

謝謝。早安。我想詢問需求方面的情況。你們提到本季需求具韌性，但想請你們就你們自有品牌產品組合內部所觀察到的趨勢，提供更多說明。另外，你們在那裡仍看到哪些成長機會，包括是否有機會爭取更多合約，或隨時間推進取得更高的獨家性？

Good morning, Leah. Thank you for that question. And I'll certainly get to the branded, but just on a higher level, retail egg volumes are up about 3% year to date, and that's through late February. And the really incredible thing about that is it's broad across segments from conventional cage-free, free-range, pasture-raised, and food services also showing early signs of recovery with January making a clear inflection point. up about 1% year-over-year, with dollars up about 4%.

早安，Leah。謝謝你的提問。我當然會談到自有品牌，但先從較高層次來看，截至目前（到2月下旬），零售雞蛋銷量年初至今約成長3%。而真正令人驚訝的是，這是跨品類的廣泛成長，從傳統、非籠飼、放養、牧場飼養皆然；餐飲服務端也出現早期復甦跡象，1月明顯成為轉折點，銷量年增約1%，銷售額年增約4%。

So we're seeing some good things from a high level. And eggs continue to be well-positioned with a long-term consumer shift toward high-protein diets supported by their strong nutritional profile, and affordability is a huge plus for us right now as a tailwind. And on our branded side, we do continue to grow that through many ways. establishing production to support it. And as Max has mentioned, these case-free projects that are coming online here now and in the next few months tee us up to be able to continue to grow that. We have seen growth, of course, in this quarter and a planning future growth as well. Max, what would you add?

所以從高層次來看，我們看到一些正向訊號。雞蛋仍處於有利位置，長期來看，消費者正轉向高蛋白飲食，而雞蛋強健的營養特性提供支撐；同時，就目前而言，價格可負擔性對我們是很大的加分項，形成順風。在自有品牌方面，我們也持續透過多種方式推動成長，包括建立相應的產能來支援。正如Max提到的，這些正在上線、以及未來幾個月將上線的非籠飼專案，讓我們具備持續擴大成長的條件。本季我們當然看到成長，也在規劃未來的成長。Max，你會補充什麼？

Yeah, I think you pretty well covered it. But I mean, I'd say that our specialty, not just branded, but specialty, it was up 6% for the quarter. That's higher than the overall market for specialty. And as Sherman said, it's kind of broad-based, cost-cage-free, free-range, faster-raise. And importantly for us, from a volume perspective, it was a record specialty quarter, which I think is something to take note of, particularly when you consider the fact that lower conventional prices sometimes tend to tamper down specialty growth because the consumer goes for the cheaper egg, yet we were still able to get some growth.

是的，我覺得你已經講得很完整了。不過我會說，我們的特種蛋（不只是自有品牌，而是整體特種品類）本季成長6%。這高於特種蛋整體市場的成長。而如Sherman所說，成長相當廣泛，涵蓋非籠飼、放養、牧場飼養。對我們而言更重要的是，就銷量來看，這是特種蛋創紀錄的一季；尤其考量到傳統蛋價格較低時，有時會抑制特種蛋成長，因為消費者會轉向較便宜的雞蛋，但我們仍然能取得一些成長，這點值得注意。

I didn't mention our Nutri-Enhanced or our branded relationship with EB, but that's something we continue to work to grow, and I think there's opportunity for some more regional growth there into the fourth quarter and beyond a bit. And then, as Sherman says, those projects that we've called out, the $1.1 million of cage-free that we were adding at, I think, five locations. All those, a couple were done. The rest, I'll say one will finish up late in this quarter, this fourth quarter, and the other one will finish in the fourth quarter, excuse me, in August of this year, but after this fiscal year. So, you know, we can still see growth in our specialty business ahead. and I think there's great opportunity there.

我剛才沒有提到我們的營養強化（Nutri-Enhanced）產品，或我們與EB的品牌合作關係，但這也是我們持續努力擴大的方向；我認為在第四季及之後，仍有機會在區域市場進一步成長。另外，如Sherman所說，我們先前提到的那些專案——我們新增約110萬隻非籠飼產能，我記得是在五個地點。其中有幾個已完成。其餘的，我會說有一個會在本季末、也就是第四季末完成；另一個則會在今年8月完成——抱歉，是在第四季之後、也就是本財年結束後完成。所以，你知道的，我們仍然看到特種蛋業務未來還有成長空間，我認為那裡有很好的機會。

Thank you. That's very helpful detail. Just for a follow-up, I wanted to switch over to feed. I know, Sherman, you touched on it a little bit in an earlier question, but just given the shift in grain markets in recent weeks, just seeing if you could provide more color on how you're thinking about your feed costs over the coming quarters and as you start to plan into FY27 and any mitigation you have there should we see costs continue to rise.

謝謝。這些細節非常有幫助。我想追問一下，改問飼料。我知道Sherman你在前面一個問題有稍微提到，但鑑於近幾週穀物市場的變化，想請你們多談談你們如何看待未來幾季的飼料成本，以及在開始規劃FY27時的看法；如果成本持續上升，你們有哪些因應或緩解措施？

Yes, we continue to measure and mitigate risk, and that includes utilizing our grain warehousing basis locks or hedging strategies that are applicable. And certainly, these grain-based agreements help offset the effect of grain price change. And yesterday, the Planting Intentions Report came out, and viewed by some as fairly neutral if you look at what they were predicting planting. Last year at this time, it's very close in reality of what actually got planted. Corn has done about 3.5 million acres, and beans are up about 3.5. But we really focus on the carryout. 14% stocks to use is bearish, and certainly the geopolitical effect can change things in a hurry from the Middle East, and a lot of fertilizer costs and fuel costs conversation happening.

是的，我們持續衡量並降低風險，其中包括運用我們的穀物倉儲基差鎖定（basis locks）或適用的避險策略。而且，這些以穀物為基礎的協議，確實有助於抵銷穀物價格變動的影響。昨天公布了《種植意向報告》（Planting Intentions Report），若看其對種植面積的預測，有些人認為相當中性。去年此時的預測，與實際種植面積非常接近。玉米約增加350萬英畝，大豆也約增加350萬英畝。但我們真正關注的是期末庫存（carryout）。庫存使用比（stocks-to-use）14%偏空；而且地緣政治因素可能讓情勢迅速改變，例如中東局勢，以及目前也有很多關於肥料成本與燃料成本的討論。

But at the end of the day, we've been through this many times, and we continue to utilize all of our tools to mitigate any risk that we have the best that we can, and we'll continue to do that. Max, anything to add there? I think you covered it, Sean.

但歸根結底，我們經歷過很多次這種情況，我們會持續運用所有工具，盡我們所能降低風險，並且會繼續這麼做。Max，還有什麼要補充的嗎？我想你都涵蓋到了，Sean。

Great. Thank you.

很好。謝謝。

[Benjamin Mahia], BMO Capital Markets.

[Benjamin Mahia]，BMO資本市場。

Hi, good morning, guys. Thanks for the questions. So my first is if you could just help us better frame up the current supply environment and particularly the specialty egg category. Competition seems to have picked up there quite a bit year to date with more promotional activity seen. So what is your view on the sustainability of the supply growth rates we are seeing?

嗨，早安，各位。謝謝讓我提問。第一個問題是，能否請你們協助我們更好地理解目前的供給環境，特別是特種蛋品類。今年以來那裡的競爭似乎明顯升溫，促銷活動也更多。那麼你們如何看待我們目前看到的供給成長率的可持續性？

Ben, good morning. Thank you for that question. And as we mentioned a few minutes ago, Specialty Eggs, we continue to grow that. And the first step of it is having supply. So as some of these projects come online, it certainly indicates that we're going to be prepared for that type of growth. And the last few years have certainly been very light on promotions, just simply There was a shortage of eggs and promotions were not needed going forward. We promoted all except for the last few years, so we'll continue to fall back into that routine and see good results coming from it. Max, anything to add on that question?

Ben，早安。謝謝你的提問。如同我們幾分鐘前提到的，特種蛋方面我們持續在成長。而第一步就是要有供給。因此，隨著其中一些專案上線，這確實顯示我們將為那種成長做好準備。過去幾年促銷確實非常少，原因很單純：雞蛋短缺，未來也不需要促銷。除了過去這幾年之外，我們一直都有做促銷，所以我們會回到那樣的常態節奏，並看到良好的成效。Max，對這個問題還有什麼補充嗎？

I think that pretty much covers it.

我想這基本上都涵蓋到了。

Okay. And just thinking about your organic growth investments, Just your thought process around that. How do you view the trade-offs or any trade-offs between investing in productivity enhancements up and down your value chain versus adding more capacity at this point? Given the current market environment, how are you thinking about deploying your capital there?

好的。另外談到你們的有機成長投資，想請教你們對此的思考流程。你們如何看待在價值鏈上下游投資生產力提升，與在此時增加更多產能之間的取捨（如果有的話）？在目前的市場環境下，你們如何思考在這方面部署資本？

You know, back to capital allocation, capital is allocated to the opportunities that most clearly enhance our earnings quality portfolio resilience and long-term shareholder value. And as I mentioned, there's more ways than ever for us to consider that then. We kind of consider it in five buckets. Conventional eggs, we continue to grow. Creighton Brothers, that acquisition had additional conventional eggs that fit very nicely, especially in the liquid piece.

你知道的，回到資本配置，資本會配置到那些最能清楚提升我們獲利品質、投資組合韌性，以及長期股東價值的機會上。而如我提到的，我們現在可考量的方式比以往更多。我們大致把它分成五個籃子來看。傳統雞蛋方面，我們持續成長。Creighton Brothers那項收購帶來了額外的傳統雞蛋產能，契合度非常好，特別是在液蛋（liquid）這一塊。

Specialty Eggs. Those organic projects have been going on as well as we've had M&A through Creighton also picked up about 500,000 cage-free hens there. And then, of course, also Prepared Foods. We have about $36 million worth of expansion projects going on there as well as continue to look for M&A and opportunities And then lastly, ingredients. Just a big opportunity for us to make sure that our production is aligned. So we don't just focus just on Specialty Eggs, but we certainly know that we've got to have the supply needed to be able to grow those. And I believe we're sitting in the right position to do that.

特色雞蛋。那些有機專案也一直在進行中，此外我們也透過 Creighton 進行了併購，在那裡也新增了約 50 萬隻非籠飼蛋雞。然後，當然還有即食食品（Prepared Foods）。我們在那邊也有約 3,600 萬美元的擴建專案在進行，同時也持續尋找併購與機會。最後是原料（ingredients）。對我們而言，這是一個很大的機會，確保我們的產能配置是對齊的。所以我們不只是專注在特色雞蛋，但我們也非常清楚，為了能夠擴大這些品類的成長，我們必須具備所需的供應。我相信我們目前所處的位置正好能做到這一點。

You know, I think you covered it. You know, the only thing I'll say about the productivity, I mean, just our culture. with our roughly 50 operating locations. We're always ranking those one against the other, trying to learn what one is doing that's really good or if there's one that's underperforming, how we can get that underperforming to duplicate the results of those at the top third of our business. It is a constant analysis of productivity and looking for ways to and bring our whole enterprise up as we identify things across it. I do think that that scale and that opportunity to look at good at 50 locations gives you, if you can really mine that and then take it to the other locations, gives you a lot of opportunity for continuous improvement. That's always part of our focus.

你知道，我想你已經涵蓋到了。你知道，關於生產力我唯一想補充的是，我們的文化——我們大約有 50 個營運據點。我們一直把這些據點彼此排名比較，試著學習某個據點做得特別好的地方；或者如果有表現落後的據點，我們要如何讓它複製我們業務中前 1/3 表現最佳據點的成果。這是一個持續不斷的生產力分析，並尋找方法，當我們在整個企業中辨識出一些作法時，就把整體水準一起拉升。我確實認為，這樣的規模，以及能在 50 個據點中找出好的作法的機會——如果你真的能把它挖掘出來並推廣到其他據點——就能帶來很多持續改善的機會。這一直都是我們的重點之一。

Great. Thank you, guys. Have a great rest of your day.

很好。謝謝各位。祝你們今天剩下的時間愉快。

Thank you.

謝謝。

Ben Klieve, Benchmark.

Ben Klieve，Benchmark。

All right, thanks for taking my questions and congratulations on a nice quarter here. My first question is a follow-up to the conversation around the hybrid pricing model and the conventional leg. I'm wondering if you can elaborate a bit on the kind of behavior of your retail partners here as commodity egg prices have come down, you know, with inter-quarters, sub a dollar, various points throughout the quarter. Those retailers that maybe were moving to contract-based pricing over the past year or two, are they reconsidering that move here in the face of low commodity prices or has the willingness for the move from market-based to contract-based remained pretty consistent?

好的，謝謝讓我提問，也恭喜本季表現不錯。我的第一個問題是延續剛才關於混合式定價模型與一般（conventional）品項的討論。我想請你們多談一點，當大宗雞蛋價格下滑時，你們零售合作夥伴的行為是怎樣的——你知道，季與季之間、在本季不同時間點曾跌到 1 美元以下。那些在過去一兩年可能從市場定價轉向合約定價的零售商，面對低迷的大宗價格，是否正在重新考慮這個轉變？還是說，從市場定價轉向合約定價的意願仍然相當一致？

Good morning, Ben. Thank you for that question. And, boy, this quarter was certainly a test for whatever strategy a retailer had with a market range up to $2.69 all the way down to $0.85 within the same quarter, and that's in the Southeast market. So definitely the strategies got tested, and as we've mentioned, there's protection for our customers on the upside, and then the downside, There's protection for us, and depending on their go-to-market strategy, whether it's a high-low or an everyday low price, different arrangements favor one retailer versus the next. But I would say, overall, the strategy's performed exactly like they were designed to, and you're seeing some of that benefit in our market realization in this quarter.

早安，Ben。謝謝你的問題。哇，本季確實是對零售商採用任何策略的一次考驗：同一季內，市場區間從最高 2.69 美元一路到最低 0.85 美元——這是在美國東南部市場。所以策略確實都被測試到了；如我們提過的，上行時我們為客戶提供保護，而下行時也有對我們的保護。並且依據他們的上市策略（go-to-market strategy），不論是高低促銷（high-low）或天天低價（everyday low price），不同的安排會對不同零售商更有利。但我會說，整體而言，這些策略的表現完全符合原本設計的目的，而你也在本季我們的市場實現價格（market realization）中看到了一些這樣的效益。

I think you covered it.

我想你已經說得很完整了。

All right, very good. And I appreciate that. And my follow-up question is pivoting over to the prepared side. You educated us a bit on the state of this market, doubling down after Echo Lake with another acquisition here a few weeks ago. I'm wondering if you can educate us on the size of this addressable market and the degree of fragmentation within it. I'm just kind of curious if you guys are maybe looking to continue this acquisition pace or if you've reached a reasonable level of market share within this space.

好的，非常好。我很感謝。我的追問是轉到即食食品（prepared）這一塊。你們在 Echo Lake 之後又在幾週前做了另一筆收購，讓我們更了解這個市場的狀況、也等於加碼布局。我想請你們說明一下這個可服務市場（addressable market）的規模，以及其分散程度（fragmentation）。我只是好奇，你們是否打算延續這樣的收購速度，或是你們在這個領域的市占已經達到一個合理水準？

Ben, we certainly have not topped out here, and Crystal Lake that came with Creighton Brothers is certainly in our announcement, but it was more or less a distribution of Echo Lake products. So I wouldn't really say it's doubling down at this point, but we do continue to grow that, both organically and through M&A as opportunities present themselves, and we'll be very strategic and make sure that we stay egg-centric while we do that in the breakfast channel. and won't get too far outside of our core competencies. Matt?

Ben，我們在這裡當然還沒有到頂；隨 Creighton Brothers 一起而來的 Crystal Lake 確實在我們的公告中，但它或多或少是 Echo Lake 產品的通路分銷。所以我不會說這時候算是加倍押注（doubling down），但我們確實會持續成長，包含有機成長以及在機會出現時透過併購。我們會非常有策略地進行，並確保在早餐通路中仍以雞蛋為核心（egg-centric），不會偏離我們的核心能力太遠。Matt？

Got it. Very good. All right. Well, I appreciate you guys taking my questions. Congratulations again on a nice quarter, and I'll get back to you.

了解。很好。好的。謝謝你們回答我的問題。再次恭喜本季表現不錯，我就先把時間交還給你們。

Thank you.

謝謝。

Thank you. And I'm not showing any further questions at this time. I'd like to turn the call back over to Sherman.

謝謝。目前我這邊沒有看到其他提問。我想把電話會議交回給 Sherman。

Well, thanks, everybody. It was an exciting quarter for us, and we're very grateful for everybody's attendance today, and your continued interest in Cal-Maine Foods and operator. We're ready to conclude the call.

好，謝謝大家。這對我們來說是令人振奮的一季，我們非常感謝各位今天的出席，以及你們對 Cal-Maine Foods 和本次電話會議接線員的持續關注。我們準備結束本次電話會議。

This concludes the question and answer session. The replay of today's call will be available via webcast in approximately two hours after this call. The webcast will be available on demand for a year. It can be accessed by going to the company's website investor relations section. In addition, a transcript of today's call will also be posted on Cal-Maine's website investor relations section. In addition, Thank you for joining us today. You may now disconnect.

問答環節到此結束。今天電話會議的重播將在本次會議結束後約兩小時，透過網路直播提供。該網路直播將提供隨選收看一年。可透過前往公司網站的投資人關係（Investor Relations）專區進行存取。此外，今天電話會議的逐字稿也將張貼於 Cal-Maine 網站的投資人關係專區。另外，感謝各位今天加入。您現在可以中斷連線。