Sherman Miller

President and Chief Executive Officer, Cal-Maine Foods, Inc.

Search every verified Sherman Miller interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Sherman Miller, president and CEO of Cal-Maine Foods, discussed the company’s first quarter fiscal 2027 results during an earnings call on September 30, 2026. He addressed an oversupplied conventional shell egg market that continues to pressure wholesale prices, while noting that feed costs rose 4.3% during the quarter compared to the prior year. Miller emphasized that the company’s transformation is already visible in its sales mix, with specialty shell eggs and prepared foods accounting for approximately 54% of net sales, including about 12% from prepared foods. He stated that conventional shell eggs remain foundational to the business. Miller also commented on the company’s earnings power, arguing that trough-cycle earnings should not be viewed as normalized, particularly while Cal-Maine invests to expand future earnings capacity. He described the current situation as “not midcycle normal or sustainable” and expressed confidence in the company’s balance sheet and management approach, noting that the stock’s value is low compared to historical levels.