CalMaine Foods (CALM) delivered a profitable Q4 2024 despite a year-over-year revenue decline. For the quarter, reported revenue of $640.8 million, gross profit of $186.4 million and operating income of $142.2 million, translating to a gross margin of 29.1% and an operating margin of 22.2%. Net income totaled $113.2 million with EPS of $2.32. EBITDA stood at $201.7 million, supporting an EBITDAR ratio of 0.315. Cash flow generation remained robust, with $215.8 million of cash from operating activities and free cash flow of $164.6 million (FCF per share $3.38). The company held a strong liquidity position, ending the period with $237.9 million in cash and cash equivalents and $574.5 million in short-term investments, for a net cash position of approximately $237.9 million.