Cal-Maine Foods, Inc. (CALM) 2027 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Cal-Maine Foods Inc first-quarter fiscal year 2027 earnings conference call and webcast. Joining us today are Sherman Miller, President and CEO, Max Bowman, VP and CFO, Keira Lombardo, Chief Strategy Officer, and John Zoeller, CFO Prepared Foods. (Operator Instructions)

各位早安，歡迎參加 Cal-Maine Foods Inc 2027 會計年度第一季財報電話會議與網路直播。今天與會者包括總裁暨執行長 Sherman Miller、資深副總裁暨財務長 Max Bowman、策略長 Keira Lombardo，以及熟食食品事業財務長 John Zoeller。(接線員指示)

Please note this call is being recorded. I will now turn the call over Sherman, please go ahead.

請注意，本次電話會議將被錄音。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 would like to begin with a question we believe is most important as we look at Cal-Maine from this point in the cycle: how does the earnings power of the company evolve from here? There are really two timing questions underneath that.

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階層目前的預期，並受我們向 SEC 提交文件中所述之風險與不確定性影響。我想先從一個我們認為在本輪景氣循環此時點觀察 Cal-Maine 最重要的問題開始：公司的獲利能力接下來將如何演變？在這之下其實有兩個與時間點相關的問題。

The first is when the conventional shell egg market begins to rebalance. The second is when the investments we are making in prepared foods translate into greater earnings contribution. Starting with conventional eggs, the market remains oversupplied, which continues to put downward pressure on wholesale prices. The key question is the timing of rebalancing. There are some early indicators worth watching.

第一個是傳統殼蛋市場何時開始重新平衡。第二個是我們在熟食食品（Prepared Foods）所做的投資何時能轉化為更大的獲利貢獻。先從傳統雞蛋來看，市場仍處於供給過剩狀態，持續對批發價格造成下行壓力。關鍵問題在於重新平衡的時間點。有一些值得關注的早期指標。

According to the American Egg Board September supply commentary based on assessments collected through June, AEB estimates the US layer flock at approximately 336 million to 343 million birds, roughly 4 million below its previous estimate. AEB also reports that August hatch numbers are down approximately 12% year-over-year, and that cancellations are becoming more common.

根據美國蛋品委員會（American Egg Board）9 月供給評論（基於截至 6 月所蒐集的評估），AEB 估計美國產蛋雞群規模約為 3.36 億至 3.43 億隻，較其先前估計約少 400 萬隻。AEB 亦指出，8 月孵化數量年減約 12%，且取消訂單的情況正變得更常見。

From a production standpoint, AEB estimates an average of approximately 19.9 million cases per month over the last three months, a slight reduction from its prior report. These indicators do not establish that the market will turn, but they provide important context on the potential direction of supply. HPAI could also affect the timing of when supply rebalances with demand.

就生產面而言，AEB 估計過去三個月平均每月約 1,990 萬箱，較其先前報告略有下修。這些指標並不能證明市場一定會反轉，但它們為供給可能的走向提供了重要背景。高病原性禽流感（HPAI）也可能影響供給何時與需求重新平衡的時間點。

As shown on slide 9 of our earnings presentation, activity has historically increased with fall wild bird migration, although timing and severity vary by year. We are approaching the period when the historical curve has typically turned upward. While a meaningful layer outbreak could tighten supply and support egg prices, because relatively small changes in supply can have an outsized market impact, the healthier, more sustainable outcome is for normal industry economics to work.

如我們財報簡報第 9 頁所示，歷史上活動通常會隨著秋季野鳥遷徙而增加，但每年的時間點與嚴重程度各不相同。我們正接近歷史曲線通常開始上升的時期。雖然若發生顯著的產蛋雞疫情，可能會收緊供給並支撐蛋價，但由於供給的相對小幅變動就可能對市場造成不成比例的影響，更健康且更可持續的結果，是讓產業正常的經濟機制發揮作用。

Our focus remains on rigorous biosecurity to protect our flocks and reduce exposure. Importantly, we do not see structural weakness in egg demand. The data remains constructive across retail, food service, and exports. According to NielsenIQ, calendar year to date through August, measured retail egg volume increased approximately 4%.

我們的重點仍是嚴格的生物安全措施，以保護雞群並降低暴露風險。重要的是，我們並未看到雞蛋需求存在結構性疲弱。在零售、餐飲服務與出口方面，數據仍然偏正向。根據 NielsenIQ，按曆年計算截至 8 月的年初至今，量測的零售雞蛋銷量增加約 4%。

More recently, in the four weeks ended August 29, 2026, national retail dozens remained slightly positive year-over-year, even as average price per dozen declined approximately 27%. Affordability and greater promotional activity should provide additional support to consumption as we move into the seasonally stronger fall baking and holiday periods.

更近期地看，在截至 2026 年 8 月 29 日的四週期間，全國零售以「打」（dozen）計的銷量年比仍略為正成長，儘管每打平均價格下滑約 27%。更高的可負擔性與更頻繁的促銷活動，應可在我們進入季節性較強的秋季烘焙與假期期間時，為消費提供額外支撐。

The demand trends within specialty shell eggs are particularly constructive. NielsenIQ data show that calendar year to date combined US cage-free, organic, free-range, and pasture-raised dozens sold at retail increased approximately 6%, outpacing the approximately 4% growth of the overall egg category. We are also seeing healthy demand beyond retail. According to the American Egg Board, citing Circana data, QSR egg servings increased approximately 2.4% year -to -date through July, representing approximately 69 million incremental egg servings.

特色殼蛋（specialty shell eggs）內部的需求趨勢尤其正向。NielsenIQ 數據顯示，按曆年計算截至目前，美國零售端無籠（cage-free）、有機（organic）、放養（free-range）與牧場飼養（pasture-raised）等合計銷售的「打」數增加約 6%，高於整體蛋品類別約 4% 的成長。我們也看到零售以外的需求同樣健康。根據美國蛋品委員會（引用 Circana 數據），速食餐飲（QSR）的雞蛋供應份數年初至今截至 7 月增加約 2.4%，相當於約 6,900 萬份新增雞蛋供應。

American Egg Board data show that US egg export volume increased approximately 29% year-to-date, with July representing the highest monthly export volume since May 2023. More fundamentally, eggs remain exceptionally well-positioned against durable consumer trends around protein, nutrition, convenience, simple ingredients, and value. Taken together, this gives us confidence in the long-term demand foundation, even as supply and demand work back toward balance.

美國蛋品委員會數據顯示，美國雞蛋出口量年初至今增加約 29%，其中 7 月為自 2023 年 5 月以來最高的單月出口量。更根本地說，雞蛋在符合消費者對蛋白質、營養、便利性、簡單成分與高性價比等長期趨勢方面，仍具備極佳的定位。綜合而言，即使供需仍在回歸平衡的過程中，這些因素讓我們對長期需求基礎充滿信心。

That brings us to the more important point for Cal-Maine. The current cycle needs to be viewed in the context of how much the company has already changed. The transformation is not prospective. It's already visible in our mix. What comes next is scaling the earnings contribution. During the first quarter, specialty shell eggs and prepared foods represented approximately 54% of net sales, including approximately 12% for prepared foods. Conventional shell eggs remain foundational to Cal-Maine.

這就帶到對 Cal-Maine 更重要的一點。目前的循環必須放在公司已經發生多大改變的背景下來看。這項轉型不是未來式。它已經在我們的產品組合中清楚可見。接下來要做的是擴大獲利貢獻的規模。第一季期間，特色殼蛋與熟食食品合計約占淨銷售額的 54%，其中熟食食品約占 12%。傳統殼蛋仍是 Cal-Maine 的基礎。

Our scale, vertically integrated operating model, customer relationships, and national distribution capabilities are significant competitive advantages, and the business has demonstrated substantial cash-generating capacity through the cycle in the past. Specialty shell eggs broaden that foundation. Our ability to serve consumers across conventional, cage-free, nutritionally enhanced, organic, brown, pasture-raised, and free-range eggs is an important competitive advantage.

我們的規模、垂直整合的營運模式、客戶關係以及全國性配送能力，都是重要的競爭優勢；而且過去在景氣循環中，該業務已展現出可觀的現金創造能力。特色殼蛋則擴大了這個基礎。我們能夠在傳統、無籠、營養強化、有機、褐殼、牧場飼養與放養等各類雞蛋中服務消費者，這是一項重要的競爭優勢。

It allows us to participate across price points and consumer preferences rather than relying on any single segment of the category. Specialty shell eggs and our cost plus and hybrid pricing structures also create a more diversified economic profile. They do not eliminate commodity exposure, but we believe they reduce the extent to which daily conventional wholesale egg prices alone impact Cal-Maine's earnings potential. Prepared Foods takes that diversification further and brings us to the second major timing question.

這使我們能夠跨不同價位帶與消費者偏好參與市場，而非依賴品類中的單一區隔。特色殼蛋以及我們的成本加成（cost plus）與混合式（hybrid）定價架構，也帶來更為多元的經濟輪廓。它們並不會消除商品化曝險，但我們相信可降低僅由每日傳統批發蛋價變動所左右 Cal-Maine 獲利潛力的程度。熟食食品則進一步提升這種多元化，並引出第二個主要的時間點問題。

When will the investments we are making translate into greater earnings contribution? This is a multi-year capacity and commercialization build. Investment, commissioning, and startup costs necessarily precede full utilization and earnings contribution. The question is not simply when capacity comes online, it is how quickly we convert that capacity into customer demand, utilization, fixed cost absorption, and profitable growth.

我們正在進行的投資何時會轉化為更大的獲利貢獻？這是一項為期多年的產能建置與商業化推進。投資、設備試車（commissioning）與啟動成本必然會先於全面稼動與獲利貢獻發生。問題不僅是產能何時上線，而是我們能以多快的速度把產能轉化為客戶需求、稼動率、固定成本吸收，以及具獲利性的成長。

We expect Prepared Foods production capacity to increase by more than 60% by the first half of fiscal 2028, compared to the end of fiscal 2026. Our high-speed pancake line is expected to add approximately 12 million pounds of annual production capacity through early fiscal 2027. Our network optimization expansion project is expected to add approximately 17 million pounds of annual scrambled egg production capacity through fiscal 2027.

我們預期，與 2026 會計年度末相比，熟食食品的生產產能將在 2028 會計年度上半年前增加逾 60%。我們的高速煎餅產線預計在 2027 會計年度初期前新增約 1,200 萬磅的年產能。我們的網路優化擴建專案預計在 2027 會計年度期間新增約 1,700 萬磅的年炒蛋產能。

In Egg Corp, our investment is expected to add approximately 18 million pounds of additional production capacity progressively through fiscal 2028. Those projects are complemented by the additional $54 million of Prepared Foods capacity investments we announced last quarter. The Echo Lake, Crepini, Creighton Brothers, and Van's acquisitions have broadened our capabilities, customer base, and routes to market. The next phase is increasingly about scaling those platforms and converting the increased production capacity we are building into profitable growth.

在 Egg Corp，我們的投資預期將在 2028 會計年度期間逐步新增約 1,800 萬磅的額外產能。這些專案並搭配我們在上一季宣布的額外 5,400 萬美元熟食食品產能投資。Echo Lake、Crepini、Creighton Brothers 與 Van's 的收購，已擴大了我們的能力、客戶基礎與市場通路。下一階段將更著重於擴大這些平台的規模，並把我們正在建置的新增產能轉化為具獲利性的成長。

Importantly, the addressable opportunity extends well beyond breakfast. The measured prepared breakfast category alone represents approximately $8.4 billion in annual US retail sales, but our broader opportunity is egg-based prepared foods across multiple meal occasions and day parts, including breakfast, on-the-go, snacking, after-school, and convenient meals.

重要的是，可觸及的機會遠不僅限於早餐。僅就可衡量的即食早餐品類而言，美國年度零售銷售額約為84億美元，但我們更廣泛的機會是在多個用餐情境與時段的蛋類即食食品，包括早餐、外帶隨行、零食、課後點心以及便利餐食。

Our strategy is to leverage our capabilities in eggs and protein across a larger set of products, customers, channels, and consumer occasions. Capacity comes first. Commercialization and customer demand follow. Earnings contribution builds as volume scales, utilization increases, fixed costs are absorbed, and operations mature. That progression is important to understanding both where our earnings are today and the earnings power we're building.

我們的策略是運用我們在雞蛋與蛋白質方面的能力，擴展到更廣泛的產品、客戶、通路與消費情境。產能優先。接著是商業化與客戶需求。隨著銷量擴大、產能利用率提升、固定成本被吸收以及營運成熟，獲利貢獻將逐步建立。這樣的進程對於理解我們目前的獲利狀況，以及我們正在打造的獲利能力都很重要。

With that, I'll turn the call over to Max to review our first quarter financial results.

接下來，我把電話交給Max，請他回顧我們第一季的財務結果。

Thanks, Sherman, and good morning, everyone. Earlier this morning, we issued our quarterly earnings release and filed our Form 10-Q for the first quarter of fiscal 2027. We also posted a supplemental first quarter earnings presentation to our website that provides additional details on our performance. For the first quarter, consolidated net sales were $539.6 million, down 41.5% compared with the prior year period.

謝謝你，Sherman，各位早安。今天稍早，我們發布了本季的盈餘新聞稿，並提交了2027會計年度第一季的Form 10-Q。我們也在網站上發布了第一季盈餘補充簡報，提供更多關於我們表現的細節。第一季合併淨銷售額為5.396億美元，較去年同期下降41.5%。

Gross profit was $403,000 compared with $311.3 million in the prior year period. Operating loss was $82.2 million compared to operating income of $249.2 million in the prior year period, and operating margin was negative 15.2%. Net loss attributable to Cal-Maine was $58.6 million compared to net income attributable to Cal-Maine of $199.3 million in the prior year period, resulting in diluted loss per share of $1.26, compared to diluted earnings per share of $4.12.

毛利為40.3萬美元，去年同期為3.113億美元。營業損失為8,220萬美元，去年同期為營業利益2.492億美元，營業利益率為負15.2%。歸屬於Cal-Maine的淨損失為5,860萬美元，去年同期歸屬於Cal-Maine的淨利為1.993億美元，因此稀釋後每股虧損為1.26美元，相較之下去年同期稀釋後每股盈餘為4.12美元。

Turning to our segment results. For Conventional and Specialty Shell Eggs combined, our percent produced to sold was 98.2%. Conventional Shell Eggs generated net sales of $201.7 million, down 59.5% compared with the prior year period. Segment operating loss was $71 million, with an operating margin of negative 35.2%. Price realization for external customers, which we define as our average conventional shell egg selling price relative to the daily average Urner Barry Southeast market price, was 99% in FY27 quarter one, compared with 101% in FY26 quarter four. The primary driver of the change was market timing. Much of our conventional business is priced back of the market and our selling prices move with a lag.

接著看各事業部門的結果。傳統與特色帶殼蛋合計，我們的自產自銷比例為98.2%。傳統帶殼蛋淨銷售額為2.017億美元，較去年同期下降59.5%。部門營業損失為7,100萬美元，營業利益率為負35.2%。外部客戶的價格實現率（我們定義為傳統帶殼蛋平均售價相對於Urner Barry東南部市場日均價）在FY27第一季為99%，相較FY26第四季為101%。變動的主要驅動因素是市場時點。我們的傳統業務有很大一部分是以市場為基準定價，而我們的售價會落後市場變動。

In Q4, the Urner Barry market declined rapidly, which benefited realization as our selling prices lagged the market down. Towards the end of Q1, the market rose rapidly in late August, creating the opposite effect as our selling prices lagged the market. Our pricing approach has not changed. The direction and timing of the market did. Customer pricing arrangements, including cost-plus and hybrid structures, remain intact and realization remains historically strong. Sales mix and egg donations during the quarter also contributed to the slight sequential decline in price realization.

在第四季，Urner Barry市場價格快速下跌，因我們售價下調落後於市場，反而有利於價格實現率。第一季接近尾聲時，市場在8月下旬快速上漲，因我們售價上調落後於市場，產生相反效果。我們的定價方式沒有改變。改變的是市場的方向與時點。客戶定價安排（包括成本加成與混合式結構）仍維持不變，且價格實現率仍然在歷史上屬於強勁水準。本季的銷售組合與雞蛋捐贈也促成了價格實現率小幅的連續季下降。

Despite the slight sequential decline, price realization remained above historical levels achieved before the pricing structure changes, demonstrating that our strategy continues to work as intended. Specialty shell eggs generated net sales of $236.9 million, down 14% compared with the prior year period. Segment operating income was $14.9 million, with an operating margin of 6.3%. The year-over-year decline reflects an unusually strong prior year period when we strategically stepped in to supply customers during industry-wide shortages.

儘管連續季略有下降，價格實現率仍高於在定價結構調整前所達到的歷史水準，顯示我們的策略仍按預期發揮作用。特色帶殼蛋淨銷售額為2.369億美元，較去年同期下降14%。部門營業利益為1,490萬美元，營業利益率為6.3%。年對年下降反映去年同期異常強勁，當時我們在全產業供應短缺期間策略性地介入以供應客戶。

That decision reinforced our position as a reliable supplier of choice and kept our brands on shelf when supply was constrained. As the comparison normalizes, we expect growth to more closely align with the broader market. Prepared foods generated net sales of $63 million, down 13% compared with the prior year period.

該決策強化了我們作為首選可靠供應商的地位，並在供應受限時讓我們的品牌仍能上架。隨著比較基期回歸常態，我們預期成長將更貼近整體市場。即食食品淨銷售額為6,300萬美元，較去年同期下降13%。

Segment operating income was $7.8 million, with an operating margin of 12.4%. SG&A expense for the quarter was $81.7 million, compared with $69.5 million in the prior year period. Interest income net of expenses was $8 million, compared with $12.9 million in the prior year period. Our effective tax rate for the quarter was 24.2%, compared with 24.4% in the prior year period.

部門營業利益為780萬美元，營業利益率為12.4%。本季SG&A費用為8,170萬美元，去年同期為6,950萬美元。利息收入扣除費用後為800萬美元，去年同期為1,290萬美元。本季有效稅率為24.2%，去年同期為24.4%。

Turning to cash flow and the balance sheet, net cash used in operating activities during the quarter was $101.4 million, compared to net cash provided by operating activities of $278.6 million in the prior year period. Capital expenditures were $26.6 million, and we acquired additional EB franchise territory in the Northeast US for $25 million during the quarter.

接著看現金流與資產負債表，本季營運活動使用的淨現金為1.014億美元，去年同期營運活動提供的淨現金為2.786億美元。資本支出為2,660萬美元，且本季我們以2,500萬美元在美國東北部收購了額外的EB特許經營區域。

We ended the quarter with cash and temporary cash investments of $767.6 million and remain virtually debt-free. During the quarter, we repurchased 66,601 shares of our common stock under our share repurchase program for approximately $5 million. Under our current $500 million repurchase authorization, approximately $315.7 million remained available at quarter end. Subsequent to the end of the first quarter, Cal-Maine Foods repurchased 204,888 shares on the repurchase program for $14.9 million.

本季結束時，我們的現金與短期現金投資為7.676億美元，且幾乎沒有負債。本季我們依據庫藏股回購計畫回購普通股66,601股，金額約500萬美元。在目前5億美元的回購授權下，季末仍可用額度約為3.157億美元。第一季結束後，Cal-Maine Foods在回購計畫下再回購204,888股，金額為1,490萬美元。

Pursuant to our variable dividend policy, we will not pay a cash dividend until we are profitable on a cumulative basis. The cumulative loss to be recovered at the end of the first quarter is $94.5 million. With that, I'll turn the call back to Sherman for closing remarks before we begin the Q&A session.

依據我們的變動股利政策，在我們以累計基礎轉為獲利之前，將不會發放現金股利。第一季結束時尚待彌補的累計虧損為9,450萬美元。接下來，在開始Q&A之前，我把電話交回給Sherman做結語。

Thanks, Max. As we look ahead, I want to come back to those two-timing questions because they are central to understanding both our near-term results and the longer-term opportunity. The first is the shell egg cycle. As outlined in slide 8, near-term results will continue to reflect low conventional wholesale egg prices, higher input costs in the current supply and balance.

謝謝你，Max。展望未來，我想回到那兩個「時點」問題，因為它們是理解我們短期結果與長期機會的核心。第一個是帶殼蛋循環。如第8頁投影片所述，短期結果將持續反映在目前供需平衡下偏低的傳統批發蛋價，以及較高的投入成本。

Market timing also affects how changes in conventional pricing flow through our results. Much of our conventional business is priced back at the market, meaning changes in the daily average Urner Barry market price flow through our realized selling prices with a lag. When the market falls rapidly, our realized prices can temporarily remain above the current market. When the market rises rapidly, our realized prices can temporarily lag the market. Our pricing approach has not changed the direction and timing of the market have.

市場時點也會影響傳統定價變動如何反映到我們的結果中。我們的傳統業務有很大一部分是以市場為基準回推定價，這表示Urner Barry市場日均價的變動會以落後的方式反映到我們實現的售價上。當市場快速下跌時，我們的實現價格可能在短期內仍高於當前市場。當市場快速上漲時，我們的實現價格可能在短期內落後於市場。我們的定價方式沒有改變；改變的是市場的方向與時點。

We're not attempting to call the precise bottom in the conventional egg cycle. What we do see are early supply indicators worth watching against the demand backdrop that remains healthy. Retail volume is growing, specialty shell egg sales are outpacing the broader category, QSR egg servings are up, and exports have strengthened significantly. The American Egg Board reported earlier this month that US egg exports increased 25% during the first half of 2026, consistent with the strengthening export trend reflected in the more recent data.

我們並不試圖精準判斷傳統雞蛋循環的最低點。我們看到的是一些值得關注的早期供給指標，而需求背景仍然健康。零售銷量正在成長，特色帶殼蛋銷售增速高於整體品類，QSR（速食餐飲）雞蛋供應份數上升，出口也顯著走強。美國蛋品委員會（American Egg Board）本月稍早報告指出，2026年上半年美國雞蛋出口增加25%，與近期數據所反映的出口走強趨勢一致。

The issue today is that supply remains greater than even that healthy demand can absorb. That distinction is important. The second timing question is different because it is much more directly connected to our own execution. In prepared foods, we have considerably greater visibility in the investments we're making, the capacity being added, and the commercial opportunities we're pursuing.

今天的問題在於，供給仍然大於即使是健康需求所能吸收的量。這個區別很重要。第二個時點問題不同，因為它與我們自身的執行更直接相關。在即食食品方面，我們對正在進行的投資、正在新增的產能，以及我們正在追求的商業機會，有顯著更高的能見度。

Our focus now is increasingly on commercialization, customer demand, utilization, and converting that additional capacity into profitable growth. That means current earnings reflect two things happening simultaneously. A difficult point in the conventional egg cycle and investment ahead of the full earnings contribution from prepared foods. Neither viewed in isolation fully describe the longer-term earnings power we're building.

我們目前的重點愈來愈放在商業化、客戶需求、產能利用率，以及將新增產能轉化為獲利性成長。這意味著目前的獲利同時反映兩件事正在發生。一是傳統雞蛋週期中的艱難階段；二是在即食食品尚未完全貢獻獲利之前的前置投資。若將兩者分開看，都無法完整描述我們正在打造的長期獲利能力。

That is why the strength of our balance sheet is particularly important at this point in the cycle. We ended the quarter with cash and temporary cash investments of approximately $768 million and remain virtually debt-free. That financial strength allows us to continue investing organically, execute our prepared foods capacity roadmap, and pursue strategically aligned M&A without depending on near-term recovery in conventional egg prices.

這也是為什麼在此週期階段，我們資產負債表的強度格外重要。本季末我們持有現金及短期現金投資約7.68億美元，且幾乎沒有負債。這樣的財務實力使我們能持續進行內生成長投資、執行即食食品產能藍圖，並在不依賴傳統雞蛋價格短期回升的情況下，推動策略一致的併購（M&A）。

Rather than retrenching when commodity economics are weak, we have the financial capacity to invest through the cycle. That gives us the opportunity to emerge from this part of the cycle with greater capacity, a broader portfolio, and more diversified earnings model. There's also an important point about how Cal-Maine's earnings power should be evaluated at this stage in the cycle.

與其在大宗商品經濟疲弱時縮手，我們具備穿越週期投資的財務能力。這讓我們有機會在走出本輪週期低谷時，擁有更大的產能、更廣的產品組合，以及更分散的獲利模式。此外，關於在此週期階段應如何評估Cal-Maine的獲利能力，也有一個重要觀點。

When conventional egg economics were exceptionally strong and our earnings were near the high end of the cycle, our results were normalized. Peak commodity earnings were not assumed to represent the permanent earnings level of the business. We believe the same three-cycle framework is relevant today. Conventional egg economics are now at the other end of the cycle. At the same time, we're investing ahead of growth in prepared foods, and a majority of the capacity we're building has not yet reached its full utilization or earnings potential.

當傳統雞蛋的經濟性異常強勁、我們的獲利接近週期高點時，我們的結果會被常態化看待。大宗商品獲利高峰並不被假設為公司永久性的獲利水準。我們認為同樣的三週期框架在今天仍然適用。傳統雞蛋的經濟性如今位於週期的另一端。同時，我們正提前投資以推動即食食品成長，而我們正在建置的大部分產能尚未達到完全利用或完整的獲利潛力。

Just as peak cycle earnings were not viewed as normalized earnings power, we do not believe trough cycle earnings should be viewed that way either, particularly while we are simultaneously investing to expand the future earnings capacity of the business. The more relevant question is what Cal-Maine's three-cycle earnings profile can become as these two dynamics evolve.

正如週期高峰的獲利不被視為常態化的獲利能力一樣，我們也不認為週期低谷的獲利應被如此看待，尤其是在我們同時投入資本以擴大公司未來獲利產能之際。更關鍵的問題是，隨著這兩股動能演進，Cal-Maine的三週期獲利輪廓能夠成為什麼樣子。

On one side, we have a foundational shell egg business positioned to participate as supply and demand normalize. On the other, we are building specialty and prepared foods businesses designed to contribute a greater share of earnings through the cycle. Our balance sheet allows us to invest through the period between those two. Current results therefore reflect both commodity pressure and investment ahead of growth.

一方面，我們有一個基礎性的殼蛋業務，能在供需回歸常態時參與其中。另一方面，我們正在打造特色蛋與即食食品業務，目標是在整個週期中貢獻更高比例的獲利。我們的資產負債表使我們能在兩者之間的過渡期持續投資。因此，目前的結果同時反映大宗商品壓力，以及為成長所做的前置投資。

They do not yet fully reflect the potential earnings contribution from the capacity and portfolio we're building, together with the earnings benefit that would accompany normalization in the shell egg market. Ultimately, there are two clocks. The first is normalization in the shell egg cycle. We cannot precisely predict when that occurs.

它們尚未充分反映我們正在建置的產能與產品組合可能帶來的獲利貢獻，以及殼蛋市場回歸常態時所伴隨的獲利改善。歸根結底，有兩個時鐘。第一個是殼蛋週期的常態化。我們無法精準預測那會在何時發生。

The second is earnings contribution from the investment we're making in specialty shell eggs and prepared foods. We have considerably greater visibility and control over that progression. Our strategy is designed so that over time, the second increasingly matters more than the first. We cannot control HPAI, industry flock size, or daily commodity egg prices.

第二個是我們在特色殼蛋與即食食品投資所帶來的獲利貢獻。對於這個進程，我們有顯著更高的能見度與掌控度。我們的策略設計是，隨著時間推進，第二個因素的重要性會愈來愈高於第一個。我們無法控制高病原性禽流感（HPAI）、產業雞群規模或每日的大宗雞蛋價格。

We can control how we allocate capital, execute our prepared foods expansion, commercialize the capacity we're building, drive utilization, grow specialty shell eggs, serve our customers, and pursue strategically aligned opportunities, and our balance sheet gives us the ability to do those things through the cycle. That is the opportunity at this point in the cycle.

我們能控制的是如何配置資本、執行即食食品擴張、將正在建置的產能商業化、提升利用率、成長特色殼蛋、服務客戶，以及追求策略一致的機會；而我們的資產負債表讓我們有能力在整個週期中做到這些。這就是在此週期階段的機會所在。

We have a foundational shell egg business positioned to participate when market conditions normalize, significant specialty and prepared foods growth underway, and the financial capacity to continue investing through the trough rather than managing around it. Our objective is not to eliminate the egg cycle. It is to build a Cal-Maine whose earnings becomes progressively more diversified and durable through that cycle.

我們擁有一個基礎性的殼蛋業務，可在市場條件回歸常態時參與其中；特色蛋與即食食品的成長正在進行；並且具備在低谷期持續投資的財務能力，而不是只是在低谷周旋。我們的目標不是消除雞蛋週期。而是打造一個Cal-Maine，使其獲利在該週期中逐步變得更加多元且更具韌性。

With that, operator, we're ready to take questions.

接下來，接線員，我們準備開始提問。

(Operator Instructions)

(接線員指示)

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones Research。

Good morning, and thank you for the additional detail you all provided this quarter. I wanted to ask first on corporate expense. It was -- corporate expense and other, they were the biggest drivers of the disparity with our estimate. And I think corporate was like $8 million or $9 million higher than last year. And I want to say in the Q, you talked about insurance and professional fees. So how should we be thinking about that line item for the rest of '27?

早安，謝謝各位本季提供更多細節。我想先問公司費用。公司費用及其他是與我們預估差異最大的驅動因素。我記得公司費用比去年高了大約800萬或900萬美元。而且我想在本季你們提到保險與專業費用。那麼對於2027年剩餘期間，這個科目我們應該如何看待？

Good morning, Heather. Thank you for that question. Max, you want to lead off with that?

早安，Heather。謝謝你的提問。Max，你要先回答嗎？

Yeah. Thanks, Heather. Yes, if you are talking about our unallocated corporate G&A, it was up about $8.5 million over the previous period. You mentioned we had a couple of things. We had some insurance expenses in the previous period that were a credit that lowered the cost. And then we did have the higher cost that you mentioned in legal and professional fees that brought it up.

好的。謝謝，Heather。是的，如果你指的是我們未分攤的公司一般及行政費用（G&A），相較前一期增加約850萬美元。如你所提到，我們有幾個因素。前一期我們有一些保險費用是以貸項入帳，降低了成本。另外，我們確實如你所說，法律與專業服務費用較高，推升了該項成本。

It was also a little bit of an offset from the contingent consideration fee for the Fassio acquisition, which will settle out in this next quarter. And in terms of a run rate, I think the number that you are looking at there, given the give and take in it for the quarter as our business begins to grow and scale, is about where I expect us to be.

此外，Fassio收購案的或有對價費用也帶來一些抵銷，該項將在下一季結清。至於常態化水準（run rate），考量本季該科目中的增減因素，且隨著我們業務開始成長與規模化，我預期你看到的這個數字大致就是我們應有的水準。

The other things were additions of, we had Creighton that came on and Clean Egg that also came on in the year. So our operations were growing and more expense. Volume was down but delivery expense was up quite a bit across all of our segments, over 16%. So that would be one thing that might go the other way, depending on when things settle down in the Middle East and we see sort of, hopefully, a normalization of prices.

另外還有新增項目：今年Creighton加入，Clean Egg也加入。因此我們的營運規模擴大、費用也增加。雖然銷量下降，但在所有事業部門中，配送費用卻大幅上升，增幅超過16%。因此，這可能是未來會往另一個方向變動的一項因素，取決於中東局勢何時趨於平穩，以及我們是否能看到價格的某種程度、希望是，回歸常態。

Okay. Thank you for that. And then as a follow-up on conventional pricing, you all had that slide that shows the market-based piece is trending close to $0.90 quarter-to-date. Going to the cost-plus feed piece, feed costs have gone up pretty dramatically over the last few months, and so wondering if you could help us think about that lag. Should we start to see that in Q2, or is that cost plus piece going to show up more in Q3?

好的。謝謝你的說明。接著追問傳統雞蛋定價，你們有一張投影片顯示，按市場定價的部分在本季迄今的趨勢接近每打0.90美元。談到成本加成（cost-plus）的飼料部分，過去幾個月飼料成本上升相當明顯，因此想請你們協助我們理解這個落後效應。我們會在第二季開始看到影響嗎？還是成本加成那部分會更多反映在第三季？

Heather, great question, and feed cost for us during the quarter was up 4.3% versus Q1 of 2026. The Egg Industry Center, using USDA data, they projected it could be up as high as 8% with corn carrying about 16% heavier weight. So it's definitely a factor, and as we continue to watch grain, we use all the tools that we traditionally have: basis locks, farm storage important to fill up at harvest, hedging, but it is a very small piece for us. You mentioned the Grain Futures Act as a natural hedge.

Heather，這是個很好的問題。我們本季的飼料成本相較2026年第一季上升了4.3%。雞蛋產業中心（Egg Industry Center）使用USDA資料推估，飼料成本可能最高上升到8%，其中玉米的權重約高出16%。所以這確實是一個因素；而在我們持續觀察穀物市場的同時，我們會使用一切傳統工具：基差鎖定、農場儲存（在收成時把庫存補滿很重要）、避險，但對我們而言這只是一個很小的部分。你也提到《穀物期貨法》（Grain Futures Act）作為一種自然避險。

Overall, the crop harvest is kind of on track, but there is a lot of weather happening in the Midwest right now that could put some pressure and delay that. We are hearing rumblings that soybeans are tight. Six states either have slowed or idled crushers waiting on beans. So we will continue to watch that, and then corn, the stocks to use there, somewhere between 9.5% and 10.5% depending USDA versus consultant opinions on that. So there is definitely some tightness going on there. We will continue to evaluate and, of course, the Iran war, the Russia-Ukraine war all causing global disruption, and then China waiting to see exactly how their commitments play out. So we do expect that feed will continue to be up, but we continue to manage with our hard work that happens in the chicken houses every day to make sure that we are getting the best of feed costs.

整體而言，作物收成大致按進度進行，但目前美國中西部有許多天氣狀況，可能會帶來一些壓力並造成延遲。我們聽到一些風聲說大豆供應偏緊。有六個州的壓榨廠因等待大豆而放慢或暫停運轉。因此我們會持續關注；至於玉米，庫存使用比（stocks-to-use）大約在 9.5% 到 10.5% 之間，取決於 USDA 與顧問對此的看法。所以那邊確實存在一些供應吃緊。我們會持續評估；當然，伊朗戰爭、俄烏戰爭都在造成全球性干擾，而中國也在觀望其承諾將如何具體落實。因此我們預期飼料仍會維持上行，但我們也會透過每天在雞舍裡的辛勤管理，確保把飼料成本做到最佳化。

Sherman, if I could add one thing to that. Heather, your question about how that kind of unfolds through the year is, you probably remember from prior years, our strategy generally is to fill our bins in facilities where we have extra storage at harvest. So we have been doing that this year, and that cost will kind of follow through. It takes somewhere, depending on the facility, probably as little as a month to consume that to as much as almost six months. So it will have some impact as we go through the balance of the year.

Sherman，如果我可以補充一點。Heather，你問到這件事在一年當中如何展開，你可能還記得過去幾年，我們的策略通常是在收成季，於那些有額外儲存空間的設施把料倉裝滿。所以今年我們也一直在做這件事，而那個成本會一路反映下去。依不同設施而定，消耗完那些庫存大概短則一個月，長則接近六個月。因此在今年剩餘期間會帶來一些影響。

My apologies. I think I wasn't clear in how I asked it. I am more interested in what is the lag for when that higher feed cost is going to show up in your cost-plus pricing. Is it a quarter? Is it two quarters? Because the market-based piece is clearly lower sequentially, but I would think the cost-plus piece would be higher sequentially given what has happened with feed cost. But if you could just give us a sense of the timing lag for how that pricing piece flows through.

抱歉。我想我剛剛問法不夠清楚。我更關心的是：較高的飼料成本要隔多久才會反映在你們的成本加成（cost-plus）定價上。是一季嗎？還是兩季？因為以市場為基礎的那一塊很明顯是較前一季下降，但我會認為成本加成那一塊，鑑於飼料成本的變化，應該會較前一季上升。所以如果你們能讓我們了解一下，這個定價項目傳導進來的時間落後期。

Some of it has already showed up, Heather, and will continue to do so. But generally, within two weeks to a month, most updates happen. There are a few that stretch out to a quarter type look back. But at harvest, we try to have empty bins so that we can capture that new crop grain that Max is talking about. So the effect is happening now.

其中一部分其實已經反映出來了，Heather，而且會持續反映。但一般來說，大多數更新會在兩週到一個月內發生。也有少數會拉長到以一季為回溯期的方式。不過在收成季，我們會盡量讓料倉保持空出來，這樣才能把 Max 所說的新作穀物收進來。所以影響正在發生。

Right. Okay. Thank you.

了解。好的。謝謝。

Leah Jordan, Goldman Sachs.

Leah Jordan，高盛。

Good morning. Thank you for taking our question. You talked about strong specialty volume growth across the industry, but your volumes in that segment declined during the quarter. So seeing if you could talk about your market share trends across the category, what has really been impacting that? How did it trend throughout the quarter? And maybe just when do you expect to get back to volume growth within specialty?

早安。謝謝你們回答我們的問題。你們提到整個產業的特色（specialty）品類量成長強勁，但你們在該分部的出貨量在本季卻下滑。想請你們談談在這個品類中的市占率趨勢，究竟是什麼因素在影響？在整個季度中趨勢如何？以及你們預期何時能在特色品類回到量成長？

Leah, good morning. Great question. It all starts with a really tough comp compared to last year. We outperformed the overall market last year and did the best job we possibly could, making sure our customers had eggs on the shelf of all types. And we expect as time goes on, we will trend more with what the market is doing, but it is just a really tough comp.

Leah，早安。問得很好。一切都從相較去年非常艱難的比較基期開始。去年我們表現優於整體市場，也盡最大努力確保客戶的貨架上各類型雞蛋都有供應。而我們預期隨著時間推進，我們的走勢會更貼近市場整體表現，但這確實是一個很難的比較基期。

And just speaking of eggs themselves, eggs continue to be a tremendous value in the shopping cart, between $60 and $90 a basket difference if eggs are in there or not. So we do believe that there is extremely positive trends behind eggs overall. Strong household penetration still at 97%. Eggs are extremely hard to replace and carry a huge advantage on a cost per serving basis. So we do expect for that to look a lot more like the overall trends, but it's a really tough quarter to comp.

另外就雞蛋本身而言，雞蛋在購物籃中仍然是非常超值的品項；如果購物籃裡有雞蛋或沒有雞蛋，差異大約是 60 到 90 美元。所以我們確實相信雞蛋整體背後有非常正向的趨勢。家庭滲透率仍然很高，達到 97%。雞蛋非常難被替代，而且以每份成本來看具有很大的優勢。因此我們預期它會更像整體趨勢，但這一季的比較基期確實很艱難。

Understood. Thanks. Maybe just a follow-up, sticking with specialty, on the profitability. I think historically this has always been viewed as relatively more resilient, but we still got a sequential decline. Again, I think volume is likely pressured, but also calling out feed costs, which I know you talked about in Heather's question.

了解。謝謝。再追問一下，仍聚焦在特色品類的獲利能力。我想過去一直認為這塊相對更具韌性，但我們仍看到較前一季下滑。我想出貨量可能受到壓力，同時你們也提到飼料成本，我知道你們在 Heather 的問題裡談過。

But just trying to get more color on this segment, specifically around how you think about mid-cycle earnings. What is the range and variability we should keep in mind? And then specifically on the feed costs that have come up this first quarter that you called out, maybe more specifically the timing recovery for this segment, how we should think about that. Thank you.

只是想更深入了解這個分部，特別是你們如何看待中周期（mid-cycle）的獲利。我們應該記住的區間與波動性是什麼？另外，針對你們提到第一季出現的飼料成本上升，若更具體談這個分部的回收時點，我們應該如何思考？謝謝。

Yeah, great question again. So the piece of our specialty that is tied to the market that is low double-digit type percentage is seeing the influence here. But compared to last quarter, very stable pricing, and the California market still sits at $0.97 a day. So i'ts that piece of it that continues to put pressure on it. Longer term, those type prices are just not sustainable, so there will have to be adjustments. We cannot predict the timing of that, but there definitely will be. Max, what would you add?

是的，又是個好問題。我們特色品類中有一部分與市場連動，約是低雙位數百分比的比重，正在受到這裡的影響。但相較上一季，定價非常穩定，而加州市場仍維持在每天 0.97 美元。因此就是那一部分持續帶來壓力。長期來看，這類價格是不可持續的，所以必然需要調整。我們無法預測調整的時間點，但一定會發生。Max，你會補充什麼？

No, I think that's it. Sherman, specialty pricing is always influenced, and we've never run away from that, is always influenced by conventional pricing. And as Sherman was mentioning those comps, not only the volumes that we shipped last year in specialty, a lot of that was because specialty had that lower price point or near price point to conventional. And as that recovers, you're going to see some pressure on specialty volumes and that goes across industry-wide, I believe. So that's the only other thing I would add there.

沒有，我想就這些。Sherman，特色品類的定價一向會受到影響，而且我們從不迴避這點——它一向會受到一般（conventional）定價的影響。正如 Sherman 提到那些比較基期，不只是我們去年在特色品類的出貨量，其中很大一部分是因為特色品類當時的價格點較低，或接近一般品類的價格點。而當一般品類價格回升時，你會看到特色品類的量承受一些壓力，我相信這是整個產業普遍的情況。所以我唯一要補充的大概就是這點。

Okay, thank you. I'll pass it on.

好的，謝謝。我把時間交給下一位。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Good morning, and thanks for the question here. Wanted to get your sense of -- I know you're saying it's hard to predict the supply-demand rebalancing, but you noted there are early supply indicators. I think USDA data doesn't show that the pullets that feed the breeder flock have been in decline over the past few months. Wanted to get a sense of what would give you more confidence in terms of data that rationalization is taking place.

早安，謝謝讓我提問。想請教你們的看法——我知道你們說供需再平衡很難預測，但你們也提到有一些早期的供給指標。我認為 USDA 的數據並未顯示，供應種雞群（breeder flock）的後備母雞（pullets）在過去幾個月有下降。想了解一下，從數據角度來看，什麼會讓你們更有信心認為產能理性化（rationalization）正在發生？

And just secondly, do you think that the increase in feed cost accelerates this dynamic?

另外第二點，你們是否認為飼料成本上升會加速這個動態？

Good morning, Pooran, and thank you for that question. The American Egg Board's calling the flock between 336 million to 343 million for June, and that's down 4 million versus May. And also mentioning a USDA number that hatches down 12% in August, which is significant. So that is telling us something. And also, I think this week, the inventory that came out on Monday is down 128,000 cases, or about 7% less than last year.

早安，Pooran，謝謝你的提問。美國蛋品委員會（American Egg Board）估計 6 月雞群規模在 3.36 億到 3.43 億之間，較 5 月減少 400 萬隻。他們也提到 USDA 的數字顯示 8 月孵化量下降 12%，這很顯著。所以這正在告訴我們一些訊息。另外，我想是本週一公布的庫存數據，減少了 12.8 萬箱（cases），或約比去年少 7%。

I think that is also telling us something. And then also that chart that we have in our deck that shows the price movement within the quarter, that bell curve was the exports mostly to South Korea. And if you look at the overall magnitude of that export, if the US had got all of the 750 loads they were looking for, it's relatively small and had a substantial impact. So it could be indicating more tightness than what the Urner Barry market today is showing us.

我認為這也在告訴我們一些事情。另外，我們簡報中那張顯示季度內價格走勢的圖表，那個鐘形曲線主要是出口到南韓所致。如果你看那筆出口的整體規模，假設美國拿到他們原本在尋找的全部 750 車次（loads），其實相對不大，卻造成了顯著影響。因此，這可能表示市場的緊俏程度比 Urner Barry 今日所呈現的還要更高。

Max?

Max？

Yeah. I mean, to answer the last part of your question, Pooran, or attempt to, what impact would feed costs have on the market? I mean, again, we can only speak for Cal-Maine and we can observe history. But historically speaking, when you see margin compression like we're seeing now from both ends, we've got a lower price point on sales price and we've got higher input cost, particularly with feed and delivery and some of the things that we've already called out.

是的。我的意思是，為了回答你問題的最後一部分，Pooran，或者嘗試回答：飼料成本會對市場造成什麼影響？我的意思是，再次強調，我們只能就 Cal-Maine 的情況發言，並且我們可以觀察歷史。但從歷史上看，當你看到像我們現在這樣兩端同時擠壓而導致的利潤率壓縮時——銷售端的價格點更低，同時投入成本更高，特別是飼料、運輸配送，以及我們已經點出的某些項目。

And historically, that does, as Sherman said earlier about the specialty pricing, the price is not sustainable. The product is still in demand. So we would expect that there would be adjustment in that going forward. But it's just really difficult to put a timeline on when that happens. I think all of it does work together to -- people have to understand their cost, and feed cost is certainly an important part of that.

而從歷史經驗來看，正如 Sherman 先前提到的特色產品定價，這樣的價格是不可持續的。產品仍然有需求。因此我們預期未來會出現相應調整。但要為這件事發生的時間點訂出時程，確實非常困難。我認為這些因素都會相互作用——人們必須了解自身成本，而飼料成本當然是其中非常重要的一環。

And then one follow-up, Pooran, is just about HPAI. Impossible to predict timing or magnitude of impact, but if you look at the indicators, just the epi curve that we have on slide 9 that shows the seasonal pattern. In the fall, generally comes under pressure that time of the year. And then other early indicators are just the number of states that have some type of poultry, mostly turkeys. That number is seven now with Indiana being added this week in commercial ducks and also up north in Canada, Manitoba and Alberta both are indicating that there is poultry affected. To our knowledge, there's not any layers in that, but it is just showing the overall presence of the virus that the wild birds are carrying.

另外一個追問，Pooran，是關於 HPAI（高病原性禽流感）。其影響的時間點或幅度都無法預測，但如果你看一些指標，例如我們第 9 張投影片上的流行曲線（epi curve），顯示其季節性模式。通常在秋季，那個時節會面臨壓力。其他更早期的指標則是：目前有某種家禽（多數是火雞）出現狀況的州數。這個數字現在是 7 個，本週新增印第安納州的商業鴨場；此外在加拿大北部，曼尼托巴與亞伯達兩省也都顯示有家禽受到影響。就我們所知，其中沒有蛋雞（layers），但這顯示了野鳥所攜帶病毒的整體存在性。

Benjamin Mayhew, BMO Capital Markets.

BMO 資本市場的 Benjamin Mayhew。

Hi. Good morning. Thanks for the questions. I would like to start on -- so your 10-K notes, your breeder and layer flock actually grew about low single digit from the end of May to the end of August. So this would imply the industry is cutting back, but that Cal-Maine is not, at least on a net basis. So my questions are you comfortable with your current in-house supply of breeders and layer flock at this point in the cycle and given your financial strength? Understanding there could be more nuance here, but how are you thinking about this dynamic, especially in the face of mounting industry losses?

嗨。早安。謝謝讓我提問。我想先從——你們的 10-K 附註來看，你們的種雞與蛋雞群規模，從 5 月底到 8 月底實際上成長了約低個位數百分比。這似乎意味著產業正在縮減，但 Cal-Maine 至少在淨額基礎上並沒有。所以我的問題是：在目前這個週期點、以及考量你們的財務實力，你們對目前自有的種雞與蛋雞群供給規模是否感到安心？我理解這裡可能有更多細節，但面對產業虧損擴大，你們如何看待這個動態？

Well, good morning, Ben, and great question. And as you know, our flock planning happens two years out at all times. So we are planning well in advance, and our goal is to supply 100% of our customer needs. So that's how our flocks play out. And no question, over the last few years, it has been very difficult to stay in normal flock rotations, but thankfully, we have had an opportunity to catch up on some of those. So we continue to plan the absolute best we possibly can to make sure 100% of our customer orders are filled. Cannot speak for the industry.

早安，Ben，這是個很好的問題。如你所知，我們的雞群規劃一直都是以兩年為期向前規劃。因此我們會提前很久做規劃，而我們的目標是滿足客戶需求的 100%。所以我們的雞群配置就是依此展開。毫無疑問，過去幾年要維持正常的雞群輪替非常困難，但幸運的是，我們有機會把其中一些進度追上。因此我們會持續盡最大努力規劃，確保 100% 的客戶訂單都能被滿足。至於產業整體，我無法代為發言。

Max, anything to add there?

Max，你要補充嗎？

No. I think you're covered, Sherman.

不用。我想你已經回答得很完整了，Sherman。

Got it. And then I wanted to ask a question on prepared foods. So first quarter, pleasantly surprised with the profitability there. Obviously understand that you have a lot of investments in motion that are impacting volumes. I guess my question is, on an annual basis for this year, is there a chance you could actually grow profits year-over-year in the prepared foods business?

了解。接著我想問一個關於即食／調理食品（prepared foods）業務的問題。第一季那邊的獲利表現令人驚喜。我也理解你們正在進行許多投資，會影響出貨量。我的問題是：以今年全年來看，即食／調理食品業務的獲利有沒有可能年增？

And how are you thinking about the second half of the year, particularly? Like, are you expecting a strong acceleration in prepared foods profitability? And could the margin profile quickly approach mid-teens from an operating margin perspective? And I'll leave it there. Thanks.

以及你們如何看待今年下半年，特別是？例如，你們是否預期即食／調理食品的獲利能力會明顯加速？從營業利益率角度看，毛利／利潤率結構是否可能很快接近 10% 中段（mid-teens）？我就問到這裡。謝謝。

John, will you take that?

John，你來回答可以嗎？

Yeah. Good morning, Ben. Thanks for the question. So as Sherman mentioned in his remarks, the first wave of this capital expansion that we've previously announced is being put in right now, the pancake line that he mentioned as well as the scrambled egg line. And then the gradual over the course of this year and next year, the incremental capacity for our Crepini pancake brand. From the top line, we'll start to see that in the second half of this year. As that comes online and we commercialize it, obviously that lags our operating costs to commission and to get the lines installed and up and running.

可以。早安，Ben。謝謝你的問題。如 Sherman 在談話中提到的，我們先前公告的資本擴張第一波目前正在導入，包括他提到的鬆餅（pancake）產線以及炒蛋（scrambled egg）產線。接著在今年與明年期間，我們 Crepini 鬆餅品牌的新增產能會逐步到位。就營收端而言，我們會在今年下半年開始看到貢獻。當產線上線並商業化時，通常會落後於我們為了試車、安裝產線並讓其運轉所需承擔的營運成本。

So from an earnings perspective, not providing any guidance on where to think about in terms of margins for the full year, but as we get this in and start commercializing it and kind of reach full capacity, that will provide some uplift to certainly our margin profile as we absorb a fixed cost base. So I think that's kind of what you can expect for the rest of this year.

因此，就獲利角度而言，我們不提供全年利潤率的指引。但當這些產線導入並開始商業化、且逐步達到滿載產能時，隨著我們吸收固定成本基礎，確實會對我們的利潤率結構帶來一些提升。

Thank you.

謝謝。

Ben Klieve, StoneX.

StoneX 的 Ben Klieve。

All right. Thanks for taking my questions. Most of mine have already been addressed, but I did have one question on your M&A strategy here going forward in the context of the egg market now having both the supply dynamics that have been noted for some time, but also the input cost dynamics that have come up, especially over the past several months.

好的。謝謝回答我的問題。我大多數的問題都已經被回答了，但我還有一個關於你們未來併購（M&A）策略的問題，放在目前雞蛋市場的背景下：除了供給面的動態（這段時間以來一直被提到），也包括投入成本面的動態，尤其是過去幾個月浮現的那些。

Does this environment change how you look at M&A from the perspective of being able to potentially acquire to expand your vertical integration capabilities or potentially expand production or branding of shell eggs, either on the conventional or specialty side at a particularly attractive valuation, given that a lot of operators in the space are financially stressed these days, or has your M&A philosophy not really changed at all here over the past several quarters?

在這樣的環境下，你們看待併購的方式是否有所改變？例如，是否可能透過收購來擴大垂直整合能力，或擴大殼蛋（shell eggs）生產或品牌——不論是傳統或特色產品——並且在許多同業目前財務壓力很大的情況下，以特別具吸引力的估值進行收購？

Good morning, Ben. Thank you for that question. And first out of the gate, always be confident that our goal is to remain egg-centric. When talking about M&A, bolt-on, tuck-in type M&A is what we look for. But as you mentioned a few of them, we have more ways to grow than ever before from conventional eggs, specialty eggs, prepared foods, ingredients, and brands. We have more opportunity than ever. So we continue to evaluate opportunities, relying heavily upon our model to tell us if it is the right opportunity or not, but also considering the organic opportunities, like the ones that John mentioned a few minutes ago, is also a tremendous way of growing.

早安，Ben。謝謝你的問題。首先要強調，請始終相信我們的目標是維持以雞蛋為核心（egg-centric）。談到併購，我們主要尋找的是加掛式（bolt-on）、小型併入式（tuck-in）這類併購。但如你提到的，我們現在的成長途徑比以往更多：從傳統雞蛋、特色雞蛋、即食／調理食品、原料（ingredients）到品牌。我們的機會比以往更多。因此我們會持續評估機會，並高度依賴我們的模型來判斷是否為合適的機會；同時也會考量有機成長機會——例如 John 幾分鐘前提到的那些——這同樣是非常重要的成長方式。

Yeah, Ben, what I would add to that is that we have meaningful opportunity through both organic investment and M&A, and that pacing is very strategically important. We are building the foundation of a prepared foods platform that we expect to support growth for many years to come, and that foundation needs to be very well fortified, and that is commercially, operationally, and organizationally as well.

是的，Ben，我想補充的是，我們透過有機投資與併購（M&A）兩方面都有相當可觀的機會，而推進節奏在策略上非常重要。我們正在打造一個即食食品平台的基礎，我們預期這個基礎將支撐未來多年成長；而這個基礎必須非常穩固，包含商業面、營運面以及組織面。

And we have added capabilities, as you know, through Echo Lake and Crepini and Creighton and Van's. And at the same time, we are investing organically in significant new capacity as both Sherman and John outlined. So the priority now is really to integrate those capabilities, to commercialize the capacity, and to build the customer pipeline and prove that the platform can execute consistently. That does not mean that we stop looking at M&A, right? It means that we evaluate every opportunity against what the organization can absorb and execute really well.

而且如你所知，我們透過 Echo Lake、Crepini、Creighton 以及 Van's 增添了能力。同時，正如 Sherman 與 John 所說明的，我們也正以有機方式投資新增大量產能。因此，目前的優先事項確實是整合這些能力、將產能商業化、建立客戶管線，並證明這個平台能夠穩定一致地執行。這並不代表我們停止評估併購，對吧？而是表示我們會以組織能夠吸收並且高品質執行的程度，來衡量每一個機會。

We need to digest and build at a pace that supports long-term success, not maximize the number of transactions or the speed of expansion in the near term. So if M&A can accelerate the strategy without compromising execution, we have the capacity to act for organic growth, integration, and commercialization are equally important parts of creating value.

我們需要以能支撐長期成功的節奏來消化整合並持續建置，而不是在短期內把交易數量或擴張速度最大化。因此，如果併購能在不犧牲執行力的前提下加速策略，我們就有能力採取行動；而有機成長、整合與商業化同樣都是創造價值的重要組成。

Got it. Very helpful. Thanks, Keira. Thanks, Sherman. Thanks for taking my questions. Best of luck here going into the seasonally strong period here. I will get back in queue.

了解。非常有幫助。謝謝你，Keira。謝謝你，Sherman。謝謝回答我的問題。祝你們在接下來季節性較強的期間一切順利。我會回到提問隊列。

Heather Jones with Heather Jones Research.

Heather Jones，Heather Jones Research。

Hi. Sorry about that, I was on mute. Thank you for taking the follow-ups. Two follow-ups. I know you're not giving guidance on prepared foods, but just wondering, just more qualitatively, as you roll out this additional capacity, I would assume the upfront expense piece is going to increase. So should we expect prepared foods EBIT to decline sequentially? Or how should we think about that?

嗨。抱歉，我剛剛在靜音。謝謝你們接受追問。兩個追問。我知道你們不提供即食食品的指引，但我想更偏質性地問一下，隨著你們推出這些新增產能，我推測前期費用會增加。所以我們是否應該預期即食食品的 EBIT 會季比下滑？或者我們應該如何看待這件事？

Yeah, Heather. Thanks for the follow-up. This is John. Look, in Q2, we're going to have some upfront costs for the capacity that we're bringing online this quarter. So we saw that in the first quarter from the initial capacity we brought online late in the first quarter, and you can expect to see that in Q2. And that should kind of moderate a little bit in the back half of this year while getting the top-line growth from commercializing those pounds that we bring online. So I think that's kind of the sequence you can think about.

是的，Heather。謝謝追問。我是 John。你看，在第二季，我們會為本季上線的產能承擔一些前期成本。第一季我們在第一季末期上線的初始產能就已經看到這種情況，你可以預期第二季也會出現。而在今年下半年，這些影響應該會稍微趨緩，同時我們會從把上線的產能（產量）商業化中取得營收成長。所以我認為你可以用這樣的順序來理解。

Okay. Thank you for that. And then Sherman, going back to comments you made in the prepared remarks about the valuation of your stock [food] It's setting new lows on a price-to-book basis, going back at least 20 years. And then when you think about the valuation on a price per hen, et cetera, basis, it seems to be setting new lows there too. So given the cash the company's sitting on, I know you have to fund losses and you're having to fund these prepared foods investments, but is there any reason to think that you would not get more aggressive? And I know you all bought the 200,000-some shares post quarter end, but is there any reason to think you won't get even more aggressive than that given just the stock setting new lows? Thank you.

好的。謝謝你的說明。接著，Sherman，回到你在準備好的發言中提到的股價估值評論，[food] 你們的股票以股價淨值比來看正創下新低，至少回溯 20 年都是如此。而且若以每隻產蛋母雞的價格等指標來看，似乎也在創新低。因此，考量公司手上握有的現金，我知道你們必須為虧損提供資金，也必須為這些即食食品投資提供資金，但是否有任何理由讓你們不會採取更積極的作法？我知道你們在季後買回了約 20 萬多股，但鑑於股價創新低，是否有任何理由讓人認為你們不會比這更積極？謝謝。

Heather, great question. The share repurchases are a great addition to our capital allocation that we added a little over a year ago. And as we noticed the subsequent events that you mentioned, it shows that we see big value at these levels of stock. And the overhang right now is the things that we've mentioned today. But the assurance is that we've been here before, and it's why we manage the company the way that we do from our balance sheet forward. And the current situation is just not mid-cycle normal or sustainable. So you pointed out the right metrics. The stock value is very low compared to historical, and we see a lot of value there.

Heather，這是個很好的問題。股票回購是我們資本配置的一項很好的補充，我們在一年多前把它納入。而你提到的那些後續事項也顯示，我們認為在目前的股價水準具有很大的價值。目前的壓力來源是我們今天提到的那些事情。但可以確信的是，我們以前也經歷過這種情況，這也是為什麼我們以資產負債表為核心來管理公司。而目前的狀況並非景氣循環中段的常態，也不具可持續性。所以你指出的衡量指標是對的。相較於歷史水準，股價估值非常低，我們在其中看到了很大的價值。

Okay. Thank you so much.

好的。非常感謝。

I'm not showing any further questions. I'd like to turn the call back over to Sherman for any further remarks.

我這邊沒有看到其他問題。我想把電話交回給 Sherman，請他做任何補充說明。

All right. Well, thank you for the thoughtful questions today and for your continued interest in Cal-Maine Foods. Operator, we're ready to conclude the call.

好的。那麼，感謝大家今天提出深思熟慮的問題，也感謝各位持續關注 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 the call and will remain available on demand for a year. The webcast can be accessed in the Investor Relations section of the Cal-Maine Foods website. A transcript of today's call will also be posted on the Investor Relations section of the company's website. Thank you for joining us today. 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聽重播，並將以隨選方式提供一年。可於 Cal-Maine Foods 官網的投資人關係（Investor Relations）專區存取網路直播。本次電話會議的逐字稿也將張貼於公司官網的投資人關係專區。感謝各位今天參與。您現在可以掛線。