Shares of Cal-Maine Foods Inc. slid after hours on Wednesday after the egg-production giant reported quarterly earnings and sales that missed expectations, with a drop in egg prices weighing on the results. Those results also arrived as Cal-Maine
CALM,
-3.21%
tries to move past a court case that found that it conspired to limit egg supplies and flock sizes and push prices higher, and as it deals with a bird-flu outbreak at facilities in Kansas.
The company reported fiscal second-quarter net income of $16.6 million, or 35 cents a share, compared with $198.3 million, or $4.07 a share, in the same quarter last year. Revenue fell to $523.2 million from $801.7 million in the prior-year quarter. Analysts polled by FactSet expected Cal-Maine to earn 83 cents a share, on revenue of $525 million. “Our sales reflect a different market environment from a year ago, with significantly lower average selling prices,” Chief Executive Sherman Miller said in a statement. “However, our total volumes sold were up slightly over a year ago, as consumer demand for shell eggs continued to be favorable in the quarter, especially leading up to the Thanksgiving holiday,” he said. Shares lost 8.4% after hours on Wednesday. The stock has fallen 4.2% over the past 12 months. The com …
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CALM,
-3.21%
tries to move past a court case that found that it conspired to limit egg supplies and flock sizes and push prices higher, and as it deals with a bird-flu outbreak at facilities in Kansas.
The company reported fiscal second-quarter net income of $16.6 million, or 35 cents a share, compared with $198.3 million, or $4.07 a share, in the same quarter last year. Revenue fell to $523.2 million from $801.7 million in the prior-year quarter. Analysts polled by FactSet expected Cal-Maine to earn 83 cents a share, on revenue of $525 million. “Our sales reflect a different market environment from a year ago, with significantly lower average selling prices,” Chief Executive Sherman Miller said in a statement. “However, our total volumes sold were up slightly over a year ago, as consumer demand for shell eggs continued to be favorable in the quarter, especially leading up to the Thanksgiving holiday,” he said. Shares lost 8.4% after hours on Wednesday. The stock has fallen 4.2% over the past 12 months. The com …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]