Cal-Maine Foods saw annual earnings tumble thanks to the costs from its settlement of an anti-trust lawsuit with foodservice customer Sodexo.

In the 12 months ended 1 June, Cal-Maine recorded a net income of $50.4m, compared to earnings of $89.7m last year.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The company said earnings were hit by a one-off charge related to the settlement in an anti-trust class action claim brought by foodservice firm Sodexo. Cal-Maine agreed to pay a charge of $17m. Excluding this item, net profit was up 7.6% to $67.5m.

Operating profit slid 32.7% to $59.6m. However, sales were up 18.1% to $1.28bn.

CEO Dolph Baker said: “While the one-time charge related to the settlement affected our fourth quarter and fiscal 2013 financial results, we had a solid operating performance and we do not expect any material future impact on our operations. With this distraction behind us, we will focus on our business strategy and the opportunities ahead in fiscal 2014.”

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now