RIDGELAND, Miss., March 30, 2022--(BUSINESS WIRE)--Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced that its Board of Directors has approved new capital projects to further expand the Company’s cage-free egg production capabilities. The Company plans to fund the proposed projects for an estimated total of $82 million through a combination of available cash on hand, investments and operating cash flow.

The proposed projects will include the following Cal-Maine Foods’ locations:

Delta, Utah - four new cage-free layer houses and two pullet house conversions with capacity for approximately 810,000 cage-free layer hens. Work is expected to commence immediately with project completion expected by fall 2023.

Guthrie, Kentucky - nine cage-free layer house conversions and two pullet house conversions with capacity for approximately 953,000 cage-free layer hens. Work is expected to commence immediately with expected completion by spring 2025.

Commenting on the announcement, Dolph Baker, chairman and chief executive officer of Cal-Maine Foods, Inc., stated, "We are pleased to announce these cage-free expansion projects that will further advance our growth strategy and better serve customers given growing customer and consumer demand and expanding state requirements for cage-free eggs. Cal-Maine Foods is well-positioned as an industry leader in meeting this demand. Including this project, since 2008, we have allocated approximately $625 million in facilities, equipment and related operations expanding our cage-free production and distribution capabilities. This includes approximately $123 million of projects scheduled for completion during the next three years. We are committed to meeting the needs of our valued customers and will continue to identify opportunities to enhance our operations with improved efficiencies to support our anticipated growth."

Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing, marketing and sale of fresh shell eggs, including conventional, cage-free, organic, pasture-raised, free-range and nutritionally enhanced eggs. The Company, which is headquartered in Ridgeland, Mississippi, is the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States.

Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current intent, belief, expectations, estimates and projections regarding our company and our industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include, among others, (i) the risk factors set forth in the Company’s SEC filings (including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K), (ii) the risks and hazards inherent in the shell egg business (including disease, pests, weather conditions and potential for recall), (iii) changes in the demand for and market prices of shell eggs and feed costs, (iv) our ability to predict and meet demand for cage-free and other specialty eggs, (v) risks, changes or obligations that could result from our future acquisition of new flocks or businesses and risks or changes that may cause conditions to completing a pending acquisition not to be met, (vi) risks relating to the evolving COVID-19 pandemic, including without limitation increased costs, rising inflation and interest rates and (vii) adverse results in pending litigation matters. SEC filings may be obtained from the SEC or the Company’s website, www.calmainefoods.com. Readers are cautioned not to place undue reliance on forward-looking statements because, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. Further, the forward-looking statements included herein are only made as of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we disclaim any intent or obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220330005316/en/

Dolph Baker, Chairman and CEO Max P. Bowman, Vice President and CFO (601) 948-6813

Nishit Madlani, S&P Global Ratings analyst and automotive sector lead, joins Yahoo Finance Live to discuss Tesla earnings, production issues due to COVID lockdowns in Shanghai, and the electric vehicle maker's plans to increase capacity at its gigafactories.

PayPal (NASDAQ: PYPL) investors have had a rough go of it lately, and Wednesday wasn't any better, with the stock down 6.7% as of 1:43 p.m. ET. The stock is now down nearly 70% from its 52-week highs. There wasn't much in the way of "new" news on Wednesday, but a financial analyst at SMBC Nikko Securities kept his "underweight" rating on the stock and lowered his price target.

The red-hot maker of graphics chips is facing headwinds that range from the aftereffects of pandemic-era spending to waning demand from gamers.

Shares of the artificial intelligence lender Upstart (NASDAQ: UPST) fell roughly 9% today for no obvious reason. While I didn't see any formal news reports, multiple people on Twitter said that analysts at Jefferies had cut their price target for Upstart from $158 to $85. While other fintech stocks traded down today, Upstart trailed its peer group and most other financials as well.

Roblox (NYSE: RBLX) shareholders lost ground to the market on Wednesday as the stock fell 11% by 1:15 p.m. ET, compared to a slight increase in the S&P 500. The slump pushed shares of the video game and digital content specialist deeper into negative territory; they are down over 60% so far in 2022. It came as investors processed an unusually weak growth outlook from Netflix (NASDAQ: NFLX), another Wall Street favorite that has fallen out of favor recently.

Yahoo Finance's Rachelle Akuffo discusses what to watch when American Airlines reports earnings ahead of the bell on Thursday.

Yahoo Finance's Jared Blikre breaks down quarterly earnings results for United Airlines.

Yahoo Finance Live's Julie Hyman and Brian Sozzi discuss Piper Sandler reiterating its buy rating on chipmaker Nvidia.

The average holding in Ark Innovation (ARKK), Ark Investment Management’s namesake flagship exchange-traded fund, is currently down over 70% from its 5-year high.

A legendary investor has called a bottom for the Chinese stock market, but some investors still aren't sure.

Yahoo Finance Live’s Julie Hyman and Brian Sozzi discuss IBM stock.

Should you buy or sell Meta stock?

Companies that have raised dividends the most over the past 10 years have tended to outperform the broader market — by a lot.

Hedgeye's Keith McCullough adds gold, silver and utilities to survive the coming market downturn.

The share price of Meta Platforms (NASDAQ: FB) was sinking lower today, seemingly on no company-specific news. Instead, investors may be digesting several notes published by analysts yesterday and reacting to the Nasdaq Composite's broader drop today. Several analysts issued investor reports on Meta yesterday, with mixed opinions.

Tesla announced its Q1 earnings after the bell on Tuesday, beating analysts' expectations.

Vanguard and Fidelity are two of the largest brokerages, and each offer plenty of low-cost investments and valuable tools. So which is better for you?

You can blame Deutsche Bank for that. German megabank Deutsche Bank cut its price target on Nvidia stock by 10.5%, to $255 per share this morning, reports TheFly.com. Nvidia's next earnings release may still be as much as a month away (last year, Nvidia reported first-quarter results on May 26).

What works? Jim Cramer says to invest in companies that make things, at a profit, and return some of those profits to shareholders while maintaining a reasonable share price for its growth rate.

With U.S. households looking in good financial shape, the Federal Reserve may need to be even more aggressive raising interest rates to cool the economy and bring down high inflation, according to a research note from Deutsche Bank.