Cal-Maine Foods, Inc. (CALM) 2026 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Cal-Maine Foods, Inc. fourth quarter and fiscal year 2026 earnings call and webcast. Joining us on today's call are Sherman Miller, President and CEO; Max Bowman, VP and CFO; Carol Lombardo, Chief Strategy Officer; and John Seller, CFO, Prepared Foods. (Operator Instructions) Please note, this call is being recorded.

各位早安，歡迎參加 Cal-Maine Foods, Inc. 2026 會計年度第四季暨全年財報電話會議與網路直播。今天與會的有總裁兼執行長 Sherman Miller；副總裁兼財務長 Max Bowman；策略長 Carol Lombardo；以及即食食品事業部財務長 John Seller。(接線員指示) 請注意，本通話將被錄音。

I will now turn the call over to Sherman. Please go ahead.

現在我將把電話交給 Sherman。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 risks and uncertainties described in our SEC filings. I'd like to begin by highlighting the strategic progress we have made over the course of fiscal 2026.

各位早安。感謝各位今天加入我們。我想提醒大家，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，並可能受到我們在向美國證券交易委員會（SEC）申報文件中所述之風險與不確定性影響。我想先強調我們在 2026 會計年度期間所取得的策略性進展。

Throughout the fiscal year, we remain focused on diversifying our sales mix, an important initiative that we believe will strengthen the durability and predictability of our earnings over time. We completed several strategic acquisitions that advance our long-term objectives. We acquired certain assets of Graton Brothers LLC and its affiliates that are expected to further enhance our vertically integrated operating model and strengthen connectivity across our value chain.

在整個會計年度中，我們持續專注於多元化銷售組合；我們相信這項重要的倡議將隨時間推進，強化獲利的耐久性與可預測性。我們完成了數項推進長期目標的策略性併購。我們收購了 Graton Brothers LLC 及其關係企業的部分資產，預期將進一步強化我們的垂直整合營運模式，並加強價值鏈各環節之間的連結。

Building on our successful acquisition of Echo Lake Foods in 2025, we further diversified our earnings profile and expanded into higher-value consumer-facing markets through our more recent Vans Food brand acquisition. And subsequent to fiscal year-end, we increased our distribution footprint by acquiring additional Eggland's Best franchise territory in the Northeast, expanding our specialty egg category penetration in one of the nation's largest and highest income consumer markets.

延續我們於 2025 年成功收購 Echo Lake Foods 的成果，我們透過近期收購 Vans Food 品牌，進一步多元化獲利結構，並擴展至更高價值、面向消費者的市場。此外，在會計年度結束後，我們透過收購東北地區更多 Eggland's Best 特許經營版圖，擴大我們的通路覆蓋範圍，並在全美最大且所得水準最高的消費市場之一，提高特色蛋品類的滲透率。

We're also capitalizing on the increasing consumer demand for our products by advancing our long-term growth strategy with a new $54 million investment to further expand our Prepared Foods production capacity. This investment is expected to add approximately 30% incremental production capacity to our Prepared Foods segment beginning in the first half of fiscal 2028.

我們也正把握消費者對我們產品日益增加的需求，透過一項新的 5,400 萬美元投資，推進長期成長策略，以進一步擴充即食食品（Prepared Foods）產能。預期自 2028 會計年度上半年起，該投資將為即食食品事業部新增約 30% 的增量產能。

Together with our previously announced 30% organic capacity growth and 6% Vans acquisition-driven capacity growth, we believe our Prepared Foods production capacity will increase over 60% from the end of fiscal 2026 through the first half of fiscal 2028. I'd like to highlight several key developments from the fourth quarter and fiscal year 2026 that demonstrate the continued progress that we are making in executing our strategy. In the fourth quarter of fiscal 2026, Prepared Foods accounted for 10.9% of consolidated net sales.

結合我們先前宣布的 30% 有機產能成長，以及由 Vans 併購帶動的 6% 產能成長，我們相信自 2026 會計年度末至 2028 會計年度上半年，即食食品產能將累計提升逾 60%。我想重點說明 2026 會計年度第四季與全年幾項關鍵進展，展現我們在執行策略方面持續取得的成果。在 2026 會計年度第四季，即食食品占合併淨銷售額的 10.9%。

Combined, Specialty eggs and Prepared Foods grew to 53% of net sales. In fiscal 2026, Prepared Foods accounted for 8.4% of net sales. Combined, Specialty eggs and Prepared Foods increased to 44.4% of net sales. For the quarter, we are reporting under a new operating segment structure. This new reporting framework better aligns with how management reviews operating results and makes decisions about resource allocation and strategic initiatives.

合計而言，特色蛋與即食食品的淨銷售額占比成長至 53%。在 2026 會計年度，即食食品占淨銷售額的 8.4%。合計而言，特色蛋與即食食品的淨銷售額占比提升至 44.4%。本季起，我們採用新的營運部門架構進行揭露。此一新的報導架構更能貼近管理層檢視營運成果、並就資源配置與策略性倡議作出決策的方式。

As the nation's largest producer and distributor of shell eggs with the most vertically integrated operating model in the industry, Cal-Maine is uniquely positioned to navigate market cycles while investing in long-term growth. Our scale, operational capabilities and financial strength, led by our strong balance sheet provides competitive advantages that are particularly valuable in challenging environments like the one we experienced this quarter. During the fourth quarter, industry oversupply drove conventional shale egg prices to historically low inflation-adjusted levels. Importantly, this is a supply-driven environment, not a demand-driven one. We continue to see favorable long-term demand fundamentals across our end markets.

作為全美最大的帶殼蛋生產與經銷商，且擁有業界最垂直整合的營運模式，Cal-Maine 具備獨特優勢，能在投資長期成長的同時，因應市場循環。在我們強健資產負債表帶動下的規模、營運能力與財務實力，提供了競爭優勢，尤其在如本季所經歷的艱困環境中更顯重要。第四季期間，產業供給過剩使傳統帶殼蛋價格在通膨調整後降至歷史低點。重要的是，這是供給驅動的環境，而非需求驅動。我們仍持續看到終端市場具備有利的長期需求基本面。

According to third-party market commentary from the American Egg Board and Urner Barry, supply conditions remain elevated, although early indicators suggest the market is beginning to rebalance. American Egg Board estimates the US laying clock at 340 million to 347 million hits based on producer assessment data collected across the commercial egg industry materially above USDA's published estimate and indicative of abundant egg supplies.

根據美國蛋品委員會（American Egg Board）與 Urner Barry 的第三方市場評論，供給狀況仍然偏高，但早期指標顯示市場正開始重新平衡。美國蛋品委員會依據對商業蛋品產業各生產者所蒐集的評估資料，估計美國產蛋雞存欄量為 3.40 億至 3.47 億隻，顯著高於美國農業部（USDA）公布的估計值，並顯示蛋品供應充裕。

While the American egg board estimate reflects May assessment data, which may overstate today's flock if producers have accelerated flock rotations this summer as reported, it appears production continues to be supported by strong hand productivity and exports that remain below historical norms. However, the American Egg Board and Urner Barry also cite slowing breeder activity, increased chick cancellations, softer hatchery demand and more aggressive flock rotations as evidence that flock growth is moderating.

雖然美國蛋品委員會的估計反映的是 5 月的評估資料；若如報導所稱生產者於今夏加速汰換與輪替雞群，該估計可能高估目前的存欄量，但看來產量仍受到強勁的產蛋效率以及低於歷史常態的出口所支撐。然而，美國蛋品委員會與 Urner Barry 亦指出，種雞活動放緩、雛雞取消訂單增加、孵化場需求轉弱，以及更積極的雞群輪替，皆顯示雞群成長正在趨緩。

If accurate, these developments are likely to tighten supply in the near term and suggest supply may continue to moderate over the coming quarters. Turning to demand. We continue to see very healthy underlying fundamentals. Household penetration remains exceptionally high at above 97% with purchasing households buying eggs approximately 19 times per year. Our retail volume is up nearly 6% year-to-date as prices have retreated.

若上述情況屬實，這些發展可能在短期內收緊供給，並顯示未來幾季供給可能持續趨於溫和。接著談需求面。我們持續看到非常健康的基本面。家庭滲透率仍異常地高，超過 97%，且購買雞蛋的家庭每年約購買 19 次。隨著價格回落，我們的零售銷量年初至今成長近 6%。

We believe eggs remain well positioned to benefit from long-term consumer demand for protein, nutrition, convenience and value. We're also encouraged by the continued growth in GLP-1 adoption with approximately 22% of US households now including a GLP-1 user, reinforcing demand for protein-dense foods like eggs. Foodservice demand remains robust. Specialty eggs continue to outperform conventional product growth.

我們認為，雞蛋仍具備良好定位，可受惠於消費者對蛋白質、營養、便利性與價值的長期需求。我們也對 GLP-1 採用率持續成長感到鼓舞，目前約 22% 的美國家庭包含 GLP-1 使用者，進一步強化對雞蛋等高蛋白密度食品的需求。餐飲服務（Foodservice）需求仍然強勁。特色蛋的成長表現持續優於傳統產品。

USDA projects per capita egg consumption to increase in both 2026 and 2027. And export demand has increased from South Korea as it imports US shale legs to offset related supply shortages there. The strategic actions we've taken to evolve our portfolio, optimize operations and allocate capital with discipline help provide resilience during one of the most difficult conventional egg pricing environments we've experienced. While we are positioned today to emerge as a stronger, higher-quality business, we recognize that we're still in early stages of this transformation.

USDA 預測 2026 年與 2027 年的人均雞蛋消費量皆將增加。此外，由於當地供應短缺，南韓的出口需求有所增加，正進口美國帶殼蛋以彌補相關缺口。我們為推動產品組合演進、優化營運並以紀律配置資本所採取的策略行動，有助於在我們所經歷過最艱困的傳統蛋價環境之一中提供韌性。雖然我們目前已具備條件，以更強健、更高品質的企業樣貌走出來，但我們也認知到這項轉型仍處於早期階段。

The sustained pricing environment in the quarter provides a valuable stress case reference point, demonstrating the resilience built through our strategic actions to date while highlighting the meaningful upside opportunity as our initiatives continue to mature. As our business continues to diversify and grow and our operational initiatives mature, we expect a greater portion of our earnings to come from differentiated less cyclical businesses, improving resilience regardless of where we are in the commodity cycle. Taken together, we believe these initiatives will continue to enhance the consistency and resilience of our normalized earnings power while reinforcing our long-term competitive advantage.

本季持續的價格環境提供了一個有價值的壓力情境參考點，既展現我們迄今透過策略行動所建立的韌性，也凸顯隨著各項倡議持續成熟所帶來的顯著上行機會。隨著業務持續多元化與成長，且營運倡議逐步成熟，我們預期獲利中將有更大比例來自具差異化、景氣循環性較低的業務，無論商品循環處於何種階段，皆可提升韌性。綜合而言，我們相信這些倡議將持續提升我們常態化獲利能力的一致性與韌性，同時鞏固我們的長期競爭優勢。

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，我把電話交給 Max，請他深入說明我們的財務結果，並討論我們的資本配置框架。Max？

Thanks, Sherman, and good morning, everyone. Earlier this morning, we issued our quarterly earnings release and filed our Form 10-K for fiscal year 2026. We also posted a supplemental fourth quarter earnings presentation to our website that provides additional details on our performance. We previously managed our business as one operating and one reportable segment. Effective in the fourth quarter of fiscal 2026, as our business has evolved, we revised our internal reporting to more closely reflect the manner in which we manage our business, which focuses on enhancing operations and measuring results based on our product categories rather than on a consolidated basis.

謝謝你，Sherman，各位早安。今天稍早，我們發布了本季財報新聞稿，並提交了 2026 會計年度的 Form 10-K。我們也在官網上發布了第四季補充財報簡報，提供更多關於我們表現的細節。過去我們將業務管理為一個營運部門與一個可報導部門。自 2026 會計年度第四季起，隨著業務演進，我們修訂了內部報告方式，使其更貼近我們管理業務的方式；我們的重點在於強化營運，並依產品類別（而非以合併基礎）衡量成果。

As a result, we identified three reportable segments: Conventional shale eggs, specialty shale eggs and prepared foods. Our remaining operations, which include co-pack shale eggs, egg products, hard cooked eggs and other business activities are not reportable segments as defined by the applicable accounting standard. The conventional shale egg segment, which generated $1.348 billion of net sales and $217 million of operating profit in fiscal 2026 consists primarily of the production, grading, packaging, marketing and distribution of shale eggs sold as conventional shale legs, which includes our brands Sun Ups and Sunny Meadow.

因此，我們辨識出三個應報導部門：傳統殼蛋、特色殼蛋與調理食品。我們其餘的營運（包括代工包裝殼蛋、蛋製品、熟水煮蛋及其他業務活動）依適用會計準則之定義不屬於應報導部門。傳統殼蛋部門於2026會計年度創造淨銷售額13.48億美元及營業利益2.17億美元，主要包含以傳統殼蛋形式銷售之殼蛋的生產、分級、包裝、行銷與配送，其中包括我們的品牌 Sun Ups 與 Sunny Meadow。

The specialty Shale Egg segment, which generated $1.07 billion of net sales and $182 million of operating profit in fiscal 2026 and consist primarily of the production, grading, packaging, marketing and distribution of shell eggs sold as cage-free, neutrally enhanced, organic, brown, paster raised and free-range eggs. This segment includes our brands Farmhouse eggs and Ford grain as well as branded products from our membership of the Eglen's Best Inc.

特色殼蛋部門於2026會計年度創造淨銷售額10.70億美元及營業利益1.82億美元，主要包含以非籠飼、營養強化、 有機、褐殼、放牧飼養及放養等形式銷售之殼蛋的生產、分級、包裝、行銷與配送。本部門包括我們的品牌 Farmhouse eggs 與 Ford grain，以及我們所屬 Eglen's Best Inc. 會員體系的品牌產品。

cooperative, which includes Eglin's best and land of likes. The Prepared Foods segment, which generated $245 million of net sales and $34 million of operating profit in fiscal 2026 consists primarily of the production, packaging, marketing and distribution of Prepared Foods product offerings such as precooked egg patties, omelettes, and scramble egg formats, pancakes, waffles and specialty rolls. This segment includes our brands, Vans and Kapuni. All prior year periods have been recast to reflect the new reportable segments. I'll begin with a review of our fourth quarter results before discussing our full year performance, segment results, balance sheet and cash flow.

合作社，其中包括 Eglin's best 與 land of likes。調理食品部門於2026會計年度創造淨銷售額2.45億美元及營業利益3,400萬美元，主要包含調理食品產品（例如預煮蛋排、歐姆蛋與炒蛋形式、鬆餅、格子鬆餅及特色捲類）的生產、包裝、行銷與配送。本部門包括我們的品牌 Vans 與 Kapuni。所有前期年度期間均已重編，以反映新的應報導部門。在討論全年表現、部門結果、資產負債表與現金流之前，我將先回顧我們第四季的業績。

For the fourth quarter, consolidated revenue was $552.6 million, down 49.9% compared with the prior year period. Consolidated gross profit was $34.1 million, resulting in a gross margin of 6.2%. Consolidated operating loss was $58.8 million, and operating margin was negative 10.6%. Net loss attributable to Cal-Maine Foods for the quarter was $35.9 million or a diluted loss per share of $0.76. Conventional shell eggs generated revenue of $210.8 million, down 70% year-over-year.

第四季合併營收為5.526億美元，較去年同期下降49.9%。合併毛利為3,410萬美元，毛利率為6.2%。合併營業損失為5,880萬美元，營業利益率為負10.6%。本季歸屬於 Cal-Maine Foods 的淨損為3,590萬美元，或稀釋後每股虧損0.76美元。傳統殼蛋營收為2.108億美元，年減70%。

Segment operating loss was $40.6 million with an operating margin of negative 19.3%. Specialty Shale Eggs reported revenues of $239.7 million. That's down 21.4% from the prior year. Segment operating income totaled $17.5 million and operating margin was 7.3%. Prepared Foods revenue was $60.4 million.

部門營業損失為4,060萬美元，營業利益率為負19.3%。特色殼蛋營收為2.397億美元。較去年同期下降21.4%。部門營業利益合計為1,750萬美元，營業利益率為7.3%。調理食品營收為6,040萬美元。

Segment operating income was $8.8 million with an operating margin of 14.6%. Turning to our full year results. Consolidated revenue was $2.912 billion, down 31.7% versus the prior year. Consolidated gross profit was $672 million and gross margin was 23.1%. The consolidated operating income was $350.2 million with an operating margin of 12%.

部門營業利益為880萬美元，營業利益率為14.6%。接著看我們的全年結果。合併營收為29.12億美元，較去年下降31.7%。合併毛利為6.72億美元，毛利率為23.1%。合併營業利益為3.502億美元，營業利益率為12%。

Net income attributable to Cal-Maine Foods for the year was $316.7 million, resulting in diluted earnings per share of $6.63. Full year revenue for the conventional shale eggs was $1.348 billion, down 51.1% versus the prior year. Segment operating income was $216.6 million with an operating margin of 16.1%. Full year revenue for specialty shale eggs for the year totaled $1.070 billion, down 7.3%. Segment operating income was $181.5 million and operating margin was 17%.

全年歸屬於 Cal-Maine Foods 的淨利為3.167億美元，稀釋後每股盈餘為6.63美元。傳統殼蛋全年營收為13.48億美元，較去年下降51.1%。部門營業利益為2.166億美元，營業利益率為16.1%。特色殼蛋全年營收合計為10.70億美元，下降7.3%。部門營業利益為1.815億美元，營業利益率為17%。

Prepared Foods full year revenue was $244.8 million. Segment operating income was $33.9 million with an operating margin of 13.8%. Now let me briefly discuss the performance of each segment. In our conventional Shale Egg segment, both fourth quarter and full year results reflected a pricing environment that steadily decreased throughout fiscal 2026, reaching historically low inflation adjusted levels during the fourth quarter. These conditions were driven by abundant industry supply rather than weakening demand.

調理食品全年營收為2.448億美元。部門營業利益為3,390萬美元，營業利益率為13.8%。現在我將簡要說明各部門的表現。在傳統殼蛋部門，第四季與全年結果均反映出2026會計年度期間價格環境持續走低，並在第四季降至經通膨調整後的歷史低位。這些情況主要由產業供給充裕所致，而非需求轉弱。

Supply levels increased significantly compared to the severe shortages experienced in the prior year period, and our fourth and first fiscal quarters are already typically our seasonally lowest pricing periods. Volumes increased 3.1% during the quarter and were approximately flat for the full year, demonstrating that industry-wide pricing not demand was a primary driver of financial performance.

相較於去年同期所經歷的嚴重短缺，供給水準顯著增加；而我們的第四與第一會計季度通常本來就是季節性價格最低的期間。本季銷量增加3.1%，全年則大致持平，顯示影響財務表現的主要因素是全產業的價格，而非需求。

While conventional egg pricing is inherently cyclical and largely market determined, we are not passive participants in this environment. We continue to actively manage our cost structure through block optimization, be it efficiency initiatives and operational discipline across our production network. Our structured pricing arrangements with key customers provide a degree of downside protection relative to pure spot market exposure.

雖然傳統雞蛋價格本質上具有循環性且多由市場決定，但我們並非在此環境中被動因應。我們持續透過雞群最佳化、效率提升措施，以及在整個生產網路中維持營運紀律，積極管理成本結構。我們與主要客戶的結構化定價安排，相較於完全暴露於即期市場，提供一定程度的下行保護。

And as the largest and most vertically integrated producer in the US, our scale advantages in procurement, logistics and our customer service become even more valuable during periods of industry stress, allowing us to maintain our competitive position and be well prepared to capture margin as pricing recovers. In our Specialty Shale Egg segment, fourth quarter volumes returned to more typical seasonal patterns. The year-over-year comparison reflects an unusually strong prior year period that benefited from temporary demand acceleration created by atypical pricing relationship with conventional eggs as elevated pricing in conventional eggs drove consumer demand into specialty eggs as those conditions normalize fourth quarter 2026 specialty volumes moderated as expected.

此外，作為美國規模最大且垂直整合程度最高的生產商，我們在採購、物流與客戶服務方面的規模優勢，在產業承壓期間更顯價值，使我們得以維持競爭地位，並在價格回升時做好準備以掌握利潤率。在特色殼蛋部門，第四季銷量回到較典型的季節性型態。年對年比較反映去年同期異常強勁，當時因傳統蛋價格高漲，與傳統蛋之間出現非典型的價格關係，帶動消費需求轉向特色蛋；隨著這些情況正常化，2026年第四季特色蛋銷量如預期趨於溫和。

Importantly, for the full year, specialty shale egg volumes increased 2.4% despite more normalized pricing dynamics, which we believe reflects resilient consumer demand and strong commercial execution. Margins moderated from the elevated levels achieved during the prior year, which benefited from atypical pricing dynamics that temporarily widen the conventional specialty spread.

重要的是，全年而言，儘管定價動態更趨正常，特色殼蛋銷量仍增加2.4%；我們認為這反映出消費需求具韌性以及強勁的商業執行。利潤率自去年所達到的高檔水準回落；去年受非典型定價動態影響，傳統與特色之間的價差一度擴大。

We view the current margin profile as more representative of normalized conditions for this segment in the near term, though still below our long-term target as we continue to grow our higher-margin subcategories, including cage-free, organic and paster raised. The expansion of our Eglin's Best franchise territory in the Northeast, which we announced subsequent to quarter end, is a good example of how we're actively building toward a richer specialty mix over time.

我們認為目前的利潤率輪廓在短期內更能代表本部門的常態化狀況，但仍低於我們的長期目標，因我們持續擴大較高毛利的子類別，包括非籠飼、有機與放牧飼養。我們在季後宣布擴大 Eglin's Best 特許經營在美國東北地區的版圖，就是我們如何隨時間積極打造更高價值特色產品組合的良好例子。

In our Prepared Foods segment, performance continued to accelerate as we executed our network optimization and production capacity expansion initiatives. As production capacity expansion progressed on schedule, facility utilization improved, fixed cost absorption increased and operating performance strengthened. Both sales prices and sales volumes improved sequentially from the third quarter of fiscal 2026.

在調理食品部門，隨著我們推動網路最佳化與產能擴張計畫，表現持續加速。隨著產能擴張按計畫推進，廠房稼動率提升、固定成本吸收增加，營運表現轉強。銷售價格與銷售量相較2026會計年度第三季皆呈現連續改善。

Integration of our Foods acquisition is progressing according to plan with encouraging early results. while our competing joint venture continues to demonstrate strong growth momentum. SG&A for the quarter was $93.6 million, down 1.4% and $329.2 million for the year, up 4.7%. Net cash flow from operations for the quarter was $2.8 million, down 99.3%. We ended the quarter with cash and temporary cash investments of $924.1 million and remain virtually debt-free.

我們對 Foods 收購案的整合正按計畫推進，初期成果令人鼓舞；同時，我們的競爭合資企業仍展現強勁的成長動能。本季銷售、一般及管理費用（SG&A）為9,360萬美元，下降1.4%；全年為3.292億美元，上升4.7%。本季營運活動淨現金流為280萬美元，下降99.3%。本季期末現金及短期現金投資為9.241億美元，且我們仍幾乎沒有負債。

We repurchased 396,083 shares of our common stock under our current share repurchase authorization quarter for a total of $30.1 million. Repurchase program permits us to repurchase up to $500 million, of which $320.7 million remain available. Pursuant to our variable dividend policy, we will not pay a cash dividend for the fourth quarter or for any subsequent profitable quarter until we are profitable on a cumulative basis computed from the date of the most recent quarter for which a dividend was paid. As of May 30, 2026, the total cumulative loss to be recovered before payment of a dividend was $35.9 million.

我們在目前的股票回購授權下於本季回購了396,083股普通股，總金額為3,010萬美元。回購計畫允許我們最多回購5億美元，目前尚餘可用額度為3.207億美元。依據我們的變動股利政策，在我們自最近一次支付股利之季度起按累計基礎計算達到獲利之前，我們將不會就第四季或其後任何獲利季度支付現金股利。截至2026年5月30日，在支付股利前需先彌補的累計虧損總額為3,590萬美元。

With that, I'll turn the call back to Sherman for closing remarks before we begin the Q&A session.

接下來，在我們開始問答環節之前，我把電話交回給Sherman作結語。

Thanks, Max. Looking ahead, we believe we are increasingly well positioned as market conditions improve, particularly as we move beyond our first quarter of fiscal 2027. However, during the first 5 weeks of the first quarter of fiscal 2027, market prices averaged just $0.72, approximately 54% below the comparable period in the fourth quarter of fiscal 2026, reflecting the seasonal trough that typically characterizes our June through July period. More recently, pricing has strengthened, increasing by more than 90% in only a few weeks. Early indications point to improving supply-demand balance supporting a more constructive egg pricing environment heading into the fall, which is historically a seasonally stronger period.

謝謝你，Max。展望未來，隨著市場狀況改善，特別是當我們度過2027會計年度第一季之後，我們相信自身的定位將愈發有利。然而，在2027會計年度第一季的前5週，市場價格平均僅為0.72美元，較2026會計年度第四季同期約低54%，反映出通常出現在6月至7月期間的季節性谷底。近期價格已轉強，僅在數週內上漲逾90%。初步跡象顯示，供需平衡正在改善，並將在進入秋季時支撐更具建設性的雞蛋定價環境；歷史上秋季屬於季節性較強的期間。

We believe the combination of improving market fundamentals and our own operational actions positions us for a more robust trajectory coming out of Q1. As we look beyond today's market environment, our focus remains on bidding a stronger, more resilient Cal-Maine Foods. We continue to execute against the strategy designed to broaden our growth opportunities, diversify our earnings profile and strengthen our normalized earnings power over time.

我們相信，市場基本面改善與我們自身的營運行動相結合，將使我們在第一季之後走出更強勁的成長軌跡。放眼今日市場環境之外，我們的重點仍在打造一家更強大、更具韌性的Cal-Maine Foods。我們持續執行既定策略，以擴大成長機會、分散獲利結構，並隨時間強化我們的常態化獲利能力。

In Specialty shale eggs, we're expanding our portfolio to capitalize on favorable long-term consumer trends while increasing the mix of products that exhibit structurally higher margins and more stable demand characteristics. In Prepared Foods, we're building a complementary growth platform that expands our addressable market, diversifies our earnings streams and positions us to participate in attractive categories beyond traditional shale eggs.

在特色帶殼蛋方面，我們正擴充產品組合，以掌握有利的長期消費趨勢，同時提高具備結構性較高毛利與較穩定需求特性的產品占比。在即食／調理食品方面，我們正在建立互補的成長平台，以擴大可服務市場、分散獲利來源，並使我們得以參與傳統帶殼蛋以外具吸引力的品類。

What we believe makes this strategy particularly compelling is the connectivity between these businesses. Our vertically integrated supply chain and breaker network create meaningful advantages in supply, cost, quality and reliability that few competitors can replicate. These capabilities allow us to serve customers more comprehensively while creating operational efficiencies across the enterprise. We're also advancing a broader portfolio approach that brings together branded and private label offerings across shale leagues and prepared foods. This enables us to meet customers across multiple categories, consumption occasions and price points while strengthening our strategic partnerships over the long term.

我們認為此策略特別具吸引力之處，在於這些業務之間的連結性。我們垂直整合的供應鏈與打蛋液（breaker）網路，在供應、成本、品質與可靠性方面創造了顯著優勢，少有競爭對手能夠複製。這些能力使我們能更全面地服務客戶，同時在全公司範圍內創造營運效率。我們也在推進更廣泛的產品組合策略，將帶殼蛋與調理食品中的品牌與自有品牌（private label）產品整合在一起。這使我們能在多個品類、食用情境與價格帶滿足客戶需求，同時長期強化我們的策略夥伴關係。

Innovation remains an important component of our strategy. Prepared Foods is not simply about adding products about leveraging our expertise in eggs to expand into new day parts, formats, consumption occasions that can meaningfully extend our long-term growth runway. Our acquisition of the Foods brand continues to progress well. We are integrating the business into the Cal-Maine operating model, aligning processes and connecting the brand with our broader Prepared Foods capabilities. We remain encouraged by the opportunities to leverage our scale commercial relationships and operational expertise to accelerate growth over time.

創新仍是我們策略的重要組成部分。調理食品不僅僅是增加產品，而是運用我們在雞蛋方面的專業，拓展至新的餐段、形式與食用情境，從而實質延長我們的長期成長跑道。我們對Foods品牌的收購整合持續進展順利。我們正將該業務納入Cal-Maine的營運模式，對齊流程，並將該品牌與我們更廣泛的調理食品能力連結起來。我們仍對運用我們的規模、商業關係與營運專長以加速長期成長的機會感到鼓舞。

While egg markets will continue to fluctuate, our long-term strategy is not dependent on any single market environment. Instead, we remain focused on disciplined capital allocation, operational excellence, our portfolio evolution and consistent execution. We believe these initiatives position Cal-Maine to create durable long-term value for our stockholders, while enhancing the resilience and quality of our business across market cycles.

儘管雞蛋市場仍將持續波動，我們的長期策略並不依賴任何單一市場環境。相反地，我們仍專注於嚴謹的資本配置、營運卓越、產品組合演進以及一致的執行力。我們相信，這些舉措將使Cal-Maine能為股東創造持久的長期價值，同時在不同市場循環中提升我們業務的韌性與品質。

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，我把電話交回給接線員，開始今天的問答部分。

(Operator Instructions)

(接線員指示)

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones Research。

Good morning. Thank you for the question. I guess one wanted to start off with conventional pricing. So my understanding over the last year to 18 months as you guys had moved to create more stability in that pricing. And when I try to get to the average price for conventional this quarter, I have to assume something closer to like 30% for like cost plus. And then a relatively low realization rate for the market-based given that we were in a declining market. And so and that's different that I had understood things.

早安。謝謝讓我提問。我想先從一般（conventional）定價談起。依我對過去12到18個月的理解，你們已轉向讓該定價更穩定。當我嘗試推算本季一般蛋的平均價格時，我必須假設更接近約30%是採成本加成（cost plus）。而在市場走跌的情況下，市場定價部分的實現率（realization rate）相對偏低。因此，這與我原先對情況的理解不同。

And so I just and it's different than your price performance has been relative to my estimates for recent quarters. And so just wondering if you could talk about what has potentially changed during Q4 or what we may have missed?

而且這也不同於你們相對於我對近幾季估計的價格表現。所以想請教，你們能否談談第四季可能有哪些變化，或是我們可能忽略了什麼？

Yeah, Heather, thank you for the question. Nothing really has changed as far as our mix. And just to kind of run through it again, there's three types of pricing arrangements, market, grain based, or hybrid, which is a mix of market and grain based and breakdown of these arrangements for our businesses, about 50% market and 50% that's made-up of grain based and hybrid.

好的，Heather，謝謝你的問題。就我們的組合而言，其實沒有任何改變。我再簡單說明一次，我們有三種定價安排：市場定價、穀物基礎定價，或混合定價（hybrid），也就是市場與穀物基礎的組合。就我們業務的安排占比而言，大約50%為市場定價，另外50%由穀物基礎與混合定價構成。

And for. Protection of specific customer agreements, we have not given more detail than that. However, as seen in this quarter, hybrid has a significant market component and also has a significant grain-based component since our market realization was 102% of the earnerberry market. It did perform as intended.

另外，為了保護特定客戶合約，我們不便提供比這更細的資訊。不過，如本季所示，混合定價包含顯著的市場成分，也包含顯著的穀物基礎成分，因為我們的市場實現率為Urner Barry市場的102%。其表現符合原先設計的目的。

We just had a situation of an all-time low inflation adjusted earnerberry market. In the first five weeks of Q1. We've had an average earn a berry market of just $0.72 compared to Q4 earn a berry average of $1.08. As a reminder, there's usually a 10 to 14-day lag and realizing changes in the market, and we believe Q1 could have a slight improvement over Q4 in conventional egg pricing, but will still not be considered either normal or mid-cycle.

我們只是遇到通膨調整後的Urner Barry市場價格創歷史新低的情況。在第一季的前五週，Urner Barry市場平均僅0.72美元，相較第四季Urner Barry平均1.08美元。提醒一下，市場變動的反映通常會有10到14天的落後期；我們認為第一季一般蛋定價可能較第四季略有改善，但仍不會被視為正常或中期循環水準。

The tail of Q1 should look much better than the first half. The important part. Is that we've been through these cycles many times before, and it's exactly why we manage our company the way we do. Our balance sheet is fundamental and is in great shape.

第一季後段的表現應該會比前半段好得多。重點在於，我們過去已多次經歷這些循環，這也正是我們以目前方式管理公司的原因。我們的資產負債表是根本，且狀況非常良好。

Also a reminder that High Path AI has caused extreme volatility over the last four years, and unfortunately, it's clear that it's not gone with the recent layer outbreaks in the US, continued presence in the US Dairy herd and outbreaks in Australia, South Korea.

另外也提醒一下，高病原性禽流感（High Path AI）在過去四年造成了極端波動；不幸的是，從近期美國蛋雞疫情爆發、其在美國乳牛群中的持續存在，以及澳洲、南韓的疫情來看，很明顯它並未消失。

We should not consider this a problem of the past. The upside is exports, back-to-school pools on the horizon, continued GLP-1 adoption, favorable cost per gram of protein for eggs really putting a spotlight on our protein and likely flock adjustments as noted by Ernaberry, I'll point to more normalized fall or Q2 for us. Our company is built for these low spots in the cycling, just emphasize again, this is a low spot and should not be considered normalized just as last year's high egg prices were also not normal.

我們不應把這視為已成過去的問題。利多因素包括：出口、即將到來的返校季促銷、GLP-1持續採用、雞蛋每克蛋白質成本具吸引力使我們的蛋白質產品更受關注，以及如Urner Barry所指出可能出現的雞群調整，這些都可能使我們在秋季或第二季回到較正常化的水準。我們的公司就是為了應對循環中的低谷而打造；再次強調，這是低點，不應被視為常態，就如同去年雞蛋高價也並不正常。

We have a very high confidence this market condition just validates further our strategy of continuing to invest and grow both specialty eggs and prepared foods, and that's exactly what we're doing.

我們對此市場狀況非常有信心，這只會進一步驗證我們持續投資並擴大特色蛋與即食食品兩大業務的策略，而這正是我們正在做的。

However, we also know that conventional eggs will heavily contribute as we see that normalization occur.

不過，我們也知道，隨著我們看到市場回歸常態，傳統雞蛋也將做出重大貢獻。

And lastly, Heather, we continue to have confidence in our company, as noted, by the $30 million we spent in the quarter on share repurchases.

最後，Heather，我們對公司仍然充滿信心，如同先前提到的，我們本季花了3,000萬美元進行庫藏股回購。

Okay. Thank you for that. And then just to follow-up on a comment, Max, you had made, I think, I just want to make sure I understood correctly that you were saying, I think for this quarter, the specialty margin was roughly 7%.

好的。謝謝你的說明。接著想追問一下你剛才的評論，Max，你提到的我想確認我理解正確：你是說本季特色產品的毛利率大約是7%。

Did I understand you correctly that you were saying that is more representative of the conditions you all anticipate for the foreseeable future?

我理解正確嗎？你是說這個水準更能代表你們預期在可預見未來會出現的狀況？

That is correct. That was the margin for the quarter. As Sherman said, I don't think we'd consider this fourth quarter or the conditions that we've seen in the first quarter, normal or mid-cycle by any point.

沒錯。那就是本季的毛利率。如Sherman所說，我不認為我們會把這個第四季或我們在第一季看到的狀況，視為任何意義上的正常或景氣循環中段水準。

Just like we didn't consider last year high peg markets normal. So you've got the percentage right, but I wouldn't say that that would be normal mid-cycle earnings, no.

就像我們也不會把去年的高蛋價市場視為正常一樣。所以你的百分比是對的，但我不會說那會是正常的景氣循環中段獲利水準，不會。

So what did you intend to say? Because I don't have the comment right in front of me.

那你原本想表達的是什麼？因為我手邊沒有你那段話的原文。

There was something about we view the current margin profile as more representative of normalized conditions for the segment in the near term. So, when you say that, is that what you're thinking for the next few quarters, or how should we think about that?

你提到類似「我們認為目前的毛利結構更能代表該部門在短期內的常態化狀況」。所以你這樣說，是指接下來幾季會是這樣嗎？或我們應該怎麼看待？

It's a move back towards a more normalized market. You've still got with that hybrid pricing and with our segments, with our specialty segment. We've got a market component in there, particularly the California market component, which we called that out before, but it was at a really low price all during the fourth quarter, and it's been that way for most of the first quarter thus far.

這是在往更常態化的市場回歸。在混合式定價以及我們的各個部門、尤其是特色部門之下，其中仍包含市場因素，特別是加州市場因素；我們之前也特別提過，但第四季整季價格都非常低，而到目前為止第一季大多時間也仍是如此。

Thank you.

謝謝。

Leah Jordan, Goldman Sachs.

Goldman Sachs 的 Leah Jordan。

Thank you. Good morning. Thanks for taking my question. I actually want to follow up on Heather's last question because I think the specialty profit, it just compressed a lot more than we were expecting a lot more than the prior quarter when pricing was down year-over-year about the same. So maybe you could just provide more color on the puts and takes, what pressured specialty profit in the quarter, maybe how that evolved versus the prior quarter?

謝謝。早安。謝謝讓我提問。我其實想延續 Heather 的上一個問題，因為特色業務的獲利壓縮幅度比我們預期大很多，也比上一季大很多，而當時價格年減幅度其實差不多。所以也許你們可以更詳細說明一下本季影響特色獲利的正負因素，以及相較上一季是如何演變的？

And then ultimately, how should we think about variability longer term in this segment? It sounds like maybe it's going to be compressed here a little bit in the short term, but normalizes. And I get the market-based piece that's still in the double-digit percent there, I was thought about 10%, but you can correct me if I'm wrong.

另外，從更長期來看，我們應該如何看待這個部門的波動性？聽起來短期可能會再壓縮一些，但之後會回到常態。我也理解其中仍有一塊是市場定價的部分，仍在雙位數百分比，我原先想大約是10%，如果我錯了也請指正。

So I guess, I think the general view as investors thought this business would be a bit more stable in specialty. So maybe help us think about the variability of this segment longer term, the path to getting back there. Thank you.

所以我想說的是，投資人普遍認為特色業務應該更穩定一些。因此也請協助我們理解這個部門長期的波動性，以及回到更穩定狀態的路徑。謝謝。

Thank you for the question, Leah. And the starting point there is seasonality. The last several years, that just has not existed because there's been such a deficit of supply and eggs on the shelf. And. Especially the eggs remained extremely solid in that Q4 and this Q1 type period because there was a shortage of eggs and this year's hen numbers increased definitely more of a normal type June, July period and even beyond that, just the seasonality effect of that.

謝謝你的問題，Leah。首先要從季節性談起。過去幾年這種季節性其實不太存在，因為供給嚴重短缺、貨架上的雞蛋不足。而且。尤其是在第四季與第一季這段期間，特色蛋仍然非常強勁，因為當時雞蛋短缺；但今年母雞數量增加，確實更接近正常的6、7月期間，甚至之後也會呈現那種季節性影響。

Nothing that we hadn't been through many times before, but it does show a little variability, but long-term, directionally, specialty eggs are in good shape. They continue to outperform conventional eggs. Max, anything you'd add to that?

這並不是我們以前沒經歷過的事，但確實顯示出一些波動；不過長期方向來看，特色蛋的基本面仍然良好。它們持續優於傳統雞蛋。Max，你還要補充嗎？

Well, volume had a lot to do with it, bringing that seasonality in that you mentioned. And we're competent against the fourth quarter of last year when specialty eggs sold at a discount to conventional eggs.

我想銷量也有很大關係，呼應你提到的季節性。而且我們是拿去年的第四季來比較，當時特色蛋的售價其實是低於傳統蛋、呈現折價。

And so this quarter, it's with normal seasonality post-Easter, our first quarter, fourth and first quarter, it's not unusual to see a lower specialty price. But Leah, just keep in mind, I mean, we still you can still see a very differentiated price between that specialty and the conventional. The specialty does have the market component, and Sherman called out of that.

所以本季在復活節後、回到正常季節性之下，我們的第一季（以及第四季、第一季）看到特色蛋價格較低並不罕見。但 Leah，請記得，我們仍然可以看到特色與傳統之間非常明顯的價差。特色產品確實包含市場成分，Sherman 也特別提到這點。

California piece, and you had the numbers about right. We said, low double-digits, 10% to 12%, but that California market has been. Under a real low price. We call out the fact that the whole egg market was at an inflation-adjusted historical low, and certainly, we're seeing that affect the specialty prices as well. But going forward, we expect specialty to remain a more consistent price if we can get some help from the market.

加州那一塊，你的數字大致正確。我們說的是「低雙位數」，約10%到12%，但加州市場一直。處在非常低的價格水準。我們也提到整體帶殼蛋市場在通膨調整後處於歷史低點，而我們當然也看到這同樣影響到特色蛋的價格。但往後看，如果市場能給一些支撐，我們預期特色蛋價格會維持得更一致。

And it goes up, then you wouldn't see quite the variability there that we experienced this quarter.

如果市場價格回升，那麼你就不會看到像本季這樣的波動幅度。

And the last thing I'll add, Max, is just last year was a really strong year. There was a lot of points in last year where conventional eggs were more expensive than specialty eggs, which just drove lots of volume last year.

最後我再補充一點，Max：去年是非常強勁的一年。去年有很多時點傳統蛋比特色蛋還貴，這就帶動了去年大量的銷量。

Okay, great. That's really helpful color.

好的，很棒。這些補充非常有幫助。

Thank you for all that. Maybe just switching over to prepared. I know that's another leg of kind of the improving earnings quality story. We have some more acquisitions and expansions announced today. Maybe you could just help us level set on where we go from here. I always got the sense that we should be getting a trough in the fourth quarter. It sounds like. The current expansion plans are on track, exiting the quarter. So maybe just as we go through to the ramp to '28, how you're thinking about top-line growth and the margin evolution at this point?

謝謝你們的說明。接著想把話題轉到即食食品。我知道那也是提升獲利品質故事的另一個支柱。今天也宣布了更多併購與擴產。也許你們可以協助我們重新校準一下接下來的方向。我一直覺得第四季應該會落底。聽起來。目前的擴產計畫在本季結束時仍按進度推進。所以在邁向2028年的爬坡過程中，你們目前如何看待營收成長與毛利率的演進？

We'll let John Zeller take that.

我們請 John Zeller 來回答。

Yeah, good morning, Leah. Thanks for the question. So I take you back to December of last year when we announced two things. the optimization of the plants that we have and how we're producing product in certain plants. So that went underway in the second quarter. We saw that we called out that the third quarter would be kind of the low point for doing that as we're optimizing production in those plants.

好的，Leah，早安。謝謝你的問題。我先帶你回到去年12月，當時我們宣布了兩件事：我們現有工廠的最佳化，以及我們如何在特定工廠生產產品。因此這項工作在第二季就開始推進。我們也提到第三季會是進行這些調整時的相對低點，因為我們正在那些工廠中最佳化生產。

In addition, in December, we announced a 30% increase in capacity along pancakes, scrambled eggs. So the pancake as well as Carpini. The pancakes for about GBP12 million pounds of additional capacity, and we're at the tail end of getting that put in here at the end of the first quarter. and we should start to see that early in the second quarter, scrambled eggs. That's about GBP17 million of additional capacity.

此外，在12月，我們宣布在鬆餅、炒蛋等產品線的產能提升30%。也包括鬆餅以及Carpini。鬆餅約新增1,200萬英鎊的產能，我們正接近在第一季末完成導入，並應可在第二季初開始看到成效，炒蛋亦同。炒蛋約新增1,700萬英鎊的產能。

We'll start to see that come in, in kind of mid-second quarter. And then Carpini was about GBP18 million, and we'll just kind of see that gradually through 2027 into 2028. And then this is what we just announced this morning, the $54 million investment. We'll start to see that kind of later mid-2028. So that's just starting to get underway here in the first and second quarter of getting that project going.

我們將在第二季中段左右開始看到這部分產能進來。而Carpini約為1,800萬英鎊，我們會在2027年一路到2028年逐步看到貢獻。接著是我們今天早上剛宣布的5,400萬美元投資。我們大概會在2028年中後期開始看到成效。因此，這個專案在第一季與第二季正開始啟動推進。

And then obviously, we added band. So in total, that's about a 60% increase in production capacity from where we ended 2026.

然後很明顯地，我們也新增了產線。因此合計而言，相較於我們在2026年結束時的水準，整體產能約提升60%。

Okay. That's helpful. But maybe just to follow-up on that, maybe just relative how should we be thinking about top-line, outlook relative to the double-digit, normalized rate you've spoken to before? And then the margin recovery, does the announcement today, does that delay any of the prior views?

好的。這很有幫助。不過也許追問一下：相較於你們先前提到的雙位數常態化成長率，我們應該如何看待營收（top-line）的展望？另外，毛利率的回升方面，今天的公告是否會延後你們先前的看法？

Are we getting there faster, until we get to that normalized margin rate that you guys have spoke to before?

我們是否會更快達到你們先前談到的常態化毛利率水準？

What we announced today doesn't even delay anything in terms of the top-line, we should start to see the top-line move up at the beginning in the second quarter as we get that previously announced capacity expansion of about 30% that will start in the second quarter and then kind of progress. Through 2027 into 2028. And then in 2028, we'll see the top-line improve from what we announced this morning, kind of mid-2028.

我們今天宣布的內容，在營收面完全不會造成任何延後；隨著先前宣布、約30%的擴產將在第二季開始投產，我們應該會在第二季初就看到營收開始上升，之後並將一路推進。延續到2027年並進入2028年。而到了2028年，我們會在2028年中段左右，從今天早上宣布的項目中看到營收進一步改善。

Okay, great. Thank you.

好的，很棒。謝謝。

Ben Klieve, Benchmark Stonex.

Ben Klieve，Benchmark Stonex。

All right, thanks for taking my questions. First, I want to ask about the market-based versus grain-based price dynamic that you've outlined. I'm curious, really specifically here, over the past six months, as prices have really bottomed out in this kind of post-Easter period, what the behavior of your retailers has been like? Around this dynamic? Are you seeing any change in their interest in that mix between contract-based and grain-based or is it really kind of steady state even at this historically low level?

好的，謝謝回答我的問題。首先，我想問你們所提到的「市場定價」相對於「穀物定價」的價格動態。我特別好奇的是，過去六個月，在復活節後這段期間價格確實觸底之際，你們的零售商行為表現如何？在這種動態之下呢？你們是否看到他們對於合約定價與穀物定價之間的組合偏好有任何變化，還是即便在這個歷史低位也大致維持穩定？

Yes, steady state is the answer. Been. But it certainly is not an environment where anyone would want more of that tight pricing. So steady state is where we sit. And once again, we do think that it performed as intended with that market realization of 102% of the earner-berry market.

是的，答案是維持穩定。Ben。但這當然不是一個任何人會想要更多那種緊縮定價的環境。所以我們目前就是維持穩定。而且再次強調，我們確實認為它如預期運作，對Earner-berry市場的市場實現率達到102%。

The real news is just the situation of an all-time low inflation-adjusted earner-berry market.

真正的重點消息只是：經通膨調整後的Earner-berry市場處於史上最低水準。

Got it. Okay, that's helpful. Thanks, Chairman, and then my follow-up is going to continue the conversation here around the specialty side. I mean, you both noted in your prepared remarks that you were looking to, for certain high-margin categories within the specialty segment to pursue growth, and I'm wondering if you can elaborate on that a bit.

了解。好的，這很有幫助。謝謝，董事長。接著我的追問會延續我們對特色（specialty）業務的討論。你們兩位在事先準備的談話中都提到，會針對特色品類中某些高毛利類別來追求成長；我想請你們再多談一些。

I mean, what kind of subcategories within the specialty market do you think are particularly compelling here? And then can you comment on the degree to which you're looking at that from an organic perspective or potentially an acquisitive perspective in this environment where there may be some cheap assets available to you?

也就是說，在特色蛋市場裡，你們認為哪些子類別特別具吸引力？另外，在目前這種環境下，可能有一些便宜資產可供你們選擇；你們能否評論一下，你們是更偏向以有機成長的角度來看，或是也可能透過併購來推進？

Yeah, so specialty eggs, you've heard us say it many times before, we produce a broad variety of specialty eggs, which we really believe is the right answer, it gives us lots of options for growth and whether that's organic or M&A. It's a long runway and Egglants the Best continues to be the number one branded egg in the US and expanding that market presence in the Northeast for us is very good because of the type of market that exists there, high population of people, higher income people. So when you get into those type populations, it favors the higher end of the specialty egg type category. So it gives us lots of opportunity to grow, and we look forward to it.

是的，特色蛋，你們以前也多次聽我們說過：我們生產多種多樣的特色蛋，我們真的相信這是正確的答案，因為它給了我們很多成長選項，不論是有機成長或是透過併購（M&A）。這是一條很長的跑道，而Egglants the Best仍然是美國第一的品牌雞蛋；對我們而言，在東北部擴大其市場能見度非常有利，因為那裡的市場型態就是人口密集、且高收入族群比例更高。當你進入這類族群結構時，就更有利於特色蛋品類中較高端的類別。因此這給了我們很多成長機會，我們也很期待。

Very good. Appreciate that, Sherman, and thanks for taking my questions. I'll get back in queue.

非常好。謝謝你的說明，Sherman，也謝謝回答我的問題。我回到隊列。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Hey, good morning, and thanks for the question. First question, just wanted to understand just a general M&A environment. Has there been any change from where we were last quarter that we spoke?

嗨，早安，謝謝讓我提問。第一個問題，我想了解整體併購（M&A）環境。相較於我們上季討論時，是否有任何變化？

Or do you think that folks are a bit better capitalized around this down cycle just given the prior two up cycles we went through?

或者你認為，考量我們之前經歷過兩個上行周期，大家在這個下行周期中資本狀況是否更充足一些？

Good morning, and thank you for that question. And we don't know how other people see it, bottom line, but. We do know that we have more growth opportunities than ever before when you think about M&A, from conventional eggs to specialty eggs, prepared foods, the ingredients, liquid eggs that go into prepared foods and brands, particularly around.

早安，也謝謝你的問題。我們不確定其他人怎麼看，歸根結底，但……我們確實知道，當你從併購角度思考時，我們的成長機會比以往任何時候都更多，從一般雞蛋到特色雞蛋、即食食品（prepared foods）、原料、用於即食食品與品牌的液蛋，尤其是在……

Prepared foods, all this gives us a lot more opportunity. But I just want to reemphasize that our thinking stays egg-centric. We're thinking about bolt-on and tuck-in type M&A when we look at it. And our approach remains disciplined. It has to meet our criteria and those opportunities that are strategically aligned, financially attractive, and.

即食食品方面，這些都給了我們更多機會。但我想再次強調，我們的思維仍以雞蛋為核心（egg-centric）。我們在評估時，會以加掛式（bolt-on）與小型補強式（tuck-in）併購為主。而我們的方法仍然保持紀律。它必須符合我們的標準，並且那些機會要在策略上契合、在財務上具吸引力，且……

Capable of creating long-term shareholder value. So though we can't predict necessarily availability, we do know that our model works and we'll continue to follow it.

能夠創造長期股東價值。因此，雖然我們不一定能預測供給（標的）是否會出現，但我們知道我們的模式有效，並會持續遵循。

Sure, appreciate that there, Sherman. I guess on the follow-up...

好的，謝謝你的說明，Sherman。我想追問的是……

And I'm not sure how much you could expand upon, but really excited to see you're continuing to expand in prepared foods with today's announcement. Jonathan, you went through and kind of laid out the timetables for some of these expansions, like the pancake line, scrambled eggs.

我不確定你們能延伸到什麼程度，但很高興看到你們今天的公告顯示仍持續在即食食品領域擴張。Jonathan，你剛剛說明了其中一些擴產的時程，例如鬆餅產線、炒蛋。

Wanted to understand what you all see as the highest margin. Item within prepared foods, what makes the most sense for you guys to get into? And is it because it's the highest margin or are there kind of operational benefits into those areas?

我想了解你們認為即食食品中毛利率最高的是哪一個品項。對你們而言，最合理切入的是哪些品項？而這是因為它毛利最高，還是因為在那些領域有一些營運上的效益？

Yeah, so as Sherman mentioned, kind of being egg-centric, so certainly we think about our ability to provide raw material ingredients downstream to those businesses as being kind of fundamental to.

是的，正如 Sherman 提到的，我們某種程度上是以雞蛋為核心，因此我們當然會把我們向下游那些業務提供原料食材的能力，視為相當根本的。

Not only top-line growth, but also earnings potential. And so certainly we'll continue to be kind of focused on that as well.

不僅關乎營收成長，也關乎獲利潛力。因此我們當然也會持續把重點放在這方面。

And then with our recent acquisition of Vans, acquiring a brand, in addition to the Croppini brand that we already have in Prepared Foods, certainly continuing to focus on enhancing brand portfolio and bringing that to bear with our total product offering in Prepared Foods. So those are areas we're certainly. Focusing on from not only a top-line, but from an earnings potential and seeing kind of earnings and cash flows growing along with that.

接著，隨著我們近期收購 Vans、取得一個品牌，連同我們在即食食品（Prepared Foods）既有的 Croppini 品牌，我們當然會持續聚焦於強化品牌組合，並將其與我們在即食食品的整體產品供應相結合、發揮綜效。所以這些都是我們確實正在。聚焦的領域，不僅從營收端，也從獲利潛力的角度，並且看到獲利與現金流隨之成長。

Karan, I would add to that from a prepared foods perspective. We believe the best strategy is to create a diversified portfolio of egg-based prepared foods, really falling into two categories. So very pure play egg-based prepared foods, so think egg bites, patties, omelets, scrambles, those types of products. But then also products that use eggs as a key raw material ingredient, which is why you see us in pancakes and in waffles and in French toast and those types of products.

Karan，我會從即食食品的角度補充。我們認為最佳策略是打造多元化的蛋類即食食品組合，主要可分為兩大類。第一類是非常純粹的蛋類即食食品，例如蛋咬（egg bites）、蛋排（patties）、歐姆蛋、炒蛋等這類產品。第二類則是以雞蛋作為關鍵原料食材的產品，這也是為什麼你會看到我們布局煎餅、鬆餅、法式吐司等這類產品。

And from a diversification standpoint, also thinking about it from a ready-to-heat and ready-to-eat perspective. When you take a look at all of those product categories in aggregate, you're looking at somewhere around a $9 billion or $10 billion total addressable market. We participate in a very small percent of that opportunity currently, so absolutely enormous and substantial runway for growth there.

而從多元化的角度來看，我們也會從可加熱即食（ready-to-heat）與開封即食（ready-to-eat）的面向思考。當你把所有這些產品類別加總來看，整體可服務市場（TAM）大約在 90 億到 100 億美元之間。我們目前只參與了其中非常小的一部分，因此那裡的成長跑道絕對非常巨大且相當可觀。

The last thing I'll add on is just the investment that we announced this morning is in existing facilities, which just further helps us with optimization and efficiency in what we're already doing.

我最後要補充的是，我們今天早上宣布的投資是在既有設施上進行，這將進一步協助我們在現有作業上提升最佳化與效率。

Great. Thank you for the call.

很好。謝謝這通電話。

Ben Mayhew, BMO Capital Markets.

Ben Mayhew，BMO 資本市場。

Hi, good morning, and thanks for taking my questions. So my first question is on your Outlook commentary, which would suggest that recent price recovery is sticky.

嗨，早安，謝謝讓我提問。我第一個問題是關於你們對展望（Outlook）的評論，這似乎暗示近期的價格回升具有黏著性。

And, we may have found a bottom on conventional egg prices. So I was hoping if you could just provide maybe some further context, on that hypothesis. And, what, like, what do you see from your operations? And maybe, you can comment on the industry as well.

而且，我們可能已經在傳統雞蛋價格上找到底部。所以我想請你們就這個假設提供更多背景脈絡。以及，你們從自身營運看到了什麼？也許也可以談談產業面的情況。

But what do you see that gives you confidence that. This $1.39 level is sticky and we've kind of put the bottom in and Q2 will look will start to look better and Q3 even better than that.

但你們看到什麼，讓你們有信心認為。這個 1.39 美元的水準具有黏著性，我們大概已經打出底部，第二季會開始看起來更好，而第三季甚至會比那更好。

Yeah, thank you, Ben, for the question and we can only come in about ourselves and what we can gain from these third parties and just once again to kind of point out the indicators that they're talking about, breeder activity slowing, increase in chick cancellations, hatchery activity, softening signaling just.

是的，謝謝你，Ben，這個問題。我們只能就自身情況，以及我們能從這些第三方取得的資訊來回答；再一次指出他們所談到的指標：種雞活動放緩、小雞訂單取消增加、孵化場活動轉弱的訊號，這些都意味著。

A slower future bullet placement and moderation in the pace of flock expansion over time. Those are the real key indicators.

未來雛雞投放（placement）會更慢，且隨時間推移，雞群擴張的速度將趨於溫和。這些都是真正的關鍵指標。

And the big one is high path AI. It's unknown. It's a variable we can't predict. But it's very clear in the US. And on a global scale that it's not gone. And we can't predict any type of disruption, but until we build some serious time on a global scale of not having occurrences, it's a real threat.

而最大的一項是高病原性禽流感（high path AI）。這是未知數。是我們無法預測的變數。但在美國。以及在全球尺度上，很明顯它並未消失。我們無法預測任何形式的擾動，但在全球範圍內，除非我們累積相當長一段時間都沒有發生案例，否則它仍是一個真正的威脅。

Okay, I can appreciate that. And I guess just on CapEx, because I think we've covered everything else I have here. On CapEx for '27, like I guess how much of the $54 million investment falls in '27 versus '28?

好的，我能理解。那我想就資本支出（CapEx）再問一下，因為我這邊其他問題應該都涵蓋到了。關於 2027 年的資本支出，我想問 5,400 萬美元投資中，有多少會落在 2027 年、多少會落在 2028 年？

You had mentioned earlier some of the other prepared foods projects that were in process.

你先前也提到一些其他正在進行中的即食食品專案。

So I guess if you could just give us a little bit more context on the cadence of CapEx for. 27 and possibly 28 if you can, that would be helpful. Thanks.

所以我想如果你們能就 2027 年、以及可能的 2028 年資本支出節奏提供更多背景，會很有幫助。謝謝。

John, you want to start that one? Yeah, thanks, Ben. So what we just announced this morning, $54 million, most of that will be spent in 2027. There'll be, a tail of it kind of in the first part of 2028, but most of it in 2027.

John，你要先回答這題嗎？好的，謝謝，Ben。我們今天早上剛宣布的 5,400 萬美元，其中大部分會在 2027 年支出。會有一小部分延伸到 2028 年的前段，但大多數都在 2027 年。

And then what we announced back in December, most of that has been spent in 2026 with just a little bit left to go here in the first quarter as we and maybe a little bit in the second quarter as we finalize getting that capacity online and tied into producing.

另外，我們在 12 月宣布的項目，大部分已在 2026 年支出完成；在第一季這裡還剩一點點，隨著我們完成讓產能上線並與生產銜接，可能第二季也會有一點點。

Just as a reminder, our CapEx for '16 was about $151 million. That was about 16% of our total use of capital. And we're looking at maintenance CapEx of around $50 million to $60 million.

提醒一下，我們 2016 年的資本支出約為 1.51 億美元。那約占我們資金使用總額的 16%。而我們預估維護性資本支出約在 5,000 萬到 6,000 萬美元左右。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

(Operator Instructions)

（接線員指示）

I show no further questions. I will now turn it back to Sherman Miller for closing remarks.

我這邊顯示沒有其他問題。我現在把時間交回 Sherman Miller 作結語。

I just want to end by saying thank you for all the thoughtful questions today for your continued interest in Cal-Maine Foods. And operator, we're ready to conclude the call.

最後我想說，謝謝大家今天提出的深思熟慮的問題，也謝謝各位持續關注 Cal-Maine Foods。接線員，我們準備結束本次電話會議。

This concludes today's question-and-answer session. A replay of today's call will be available via webcast approximately 2 hours after the conclusion of this call and will remain available on demand for 1 year. The webcast can be accessed in the Investor Relations section of Cal-Maine Foods website. A transcript of today's call will also be posted in the Investor Relations section of the company's website. Thank you for joining us today, and you may now disconnect.

本日問答環節到此結束。本次電話會議結束後約 2 小時，將可透過網路直播收看重播，並將以隨選方式提供 1 年。可於 Cal-Maine Foods 官網的投資人關係（Investor Relations）專區存取該網路直播。本次電話會議逐字稿也將發布於公司網站的投資人關係專區。感謝各位今天加入，現在可以掛線。