Cal-Maine Foods Reports Sharp Decline in Q2 Profits, Shares Fall 6%
Cal-Maine Foods Reports Sharp Decline in Q2 Profits, Shares Fall 6%

Cal-Maine Foods Reports Sharp Decline in Q2 Profits, Shares Fall 6%

Jan. 4, 2024, 9:23 a.m., readers: 14

Cal-Maine Foods (NASDAQ:CALM) experienced a sharp decline in its second-quarter profits, leading to a 6% fall in its shares during pre-market trading. The company reported earnings of 35 cents per share for the quarter, which was notably below the anticipated 73 cents and a substantial decrease from the $4.07 reported in the same period last year. Cal-Maine's net sales also saw a decline, dropping 35% year-over-year to $523.2 million. This figure, however, marginally surpassed the forecasted $513.25 million. Despite the overall decrease in sales revenue, Cal-Maine observed a small increase in sales volumes. The company sold 288.2 million dozen eggs, which is a 1.4% rise from the previous year. On the other hand, the net average selling price per dozen eggs saw a significant drop of 36% compared to the previous year, landing at $1.730. The decline in sales revenue was primarily attributed to the considerable reduction in the net average selling price for conventional eggs.


About NASDAQ: CALM

C al-Maine Foods, Inc., together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, and 4-Grain brand names, as well as under private labels. It sells its products to various customers, including national and regional grocery store chains, club stores, independent supermarkets, foodservice distributors, and egg product consumers primarily in the southwestern, southeastern, mid-western, and mid-Atlantic regions of the United States. Cal-Maine Foods, Inc.

Price: 57.27
Market cap: 2.5 billion USD
Eps: 9.26
P/e ratio: 6.18
Terminal Research: CALM