Cal-Maine Foods shares down 4% in Monday trading
Cal-Maine Foods shares down 4% in Monday trading
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Cal-Maine Foods shares down 4% in Monday trading
Cal-Maine's stock climbs 2.2% premarket after Q3 results
Cal-Maine Foods Inc. reported Monday fiscal third-quarter net income that rose to $96.3 million, or $1.99 a share, from $4.1 million, or 9 cents a share, in the same period a year ago, amid a continued increase in egg prices. The egg seller said results included a per-share benefit of 72 cents from recent tax legislation. The FactSet consensus for earnings per share was $1.51. Sales grew 42% to $435.8 million, beating the FactSet consensus of $425.5 million, as dozens of eggs sold rose to 273.2 million from 263.6 million. The net average selling price for a dozen eggs jumped to $1.545 from $1.130, while the net average selling price for a dozen specialty eggs slipped to $1.933 from $1.965. Feed costs per dozen eggs were flat at 39.6 cents. "While production has moderated, the laying hen flock size has moved up modestly compared with prior-year levels, resulting in an improved balance of supply and demand," said Chief Executive Dolph Baker. "Recent USDA reports, however, show an increase in chicks hatched, which could indicate future increases in supply." The stock, which was still inactive in premarket trade, has gained 0.5% over the past three months, while the S&P 500 has lost 2.0%.
Shares of egg producer Cal-Maine Foods Inc. slid almost 5% in premarket trade Friday, after the company missed earnings estimates for its fiscal second quarter. The company said it had a net loss of $26.1 million, or 54 cents a share, in the quarter, after a loss of $23 million, or 48 cents a share, in the year-earlier quarter. The number included a charge of $52.8 million, or $1.09 a share, related to antitrust claims made by several large direct action purchasers. Excluding that charge, the company had EPS of 55 cents, below the FactSet consensus of 68 cents. Sales rose 42% to $361.2 million, also below the FactSet consensus of $364 million. Chief Executive Dolph Baker said the company denies liability in the antitrust case but decided to settle to remove the overhang of uncertainty and risk. "While the charge related to this settlement affected our financial results for the second quarter of fiscal 2018, we had a solid operating performance during the quarter," he said, highlighting a strong egg market and improved pricing. Shares have fallen 0.2% in the last 12 months, while the S&P 500 has gained 20%.
Cal-Maine Foods shares slide 2.4% premarket
Cal-Maine Foods Q2 sales $361.2 mln vs. $253.5 mln; FactSet consensus $364 mln
Cal-Maine Foods Q2 adj. EPS 55 cents; FactSet consensus 68 cents
Cal-Maine Foods Q2 loss per share 54 cents vs. loss 48 cents
Among the companies with shares expected to trade actively in Monday's session are Walmart, Humana, Tesla, Amazon, Facebook and Under Armour.
Among the companies with shares expected to trade actively in Friday's session are Apple Inc., Cal-Maine Foods Inc., Barnes & Noble Inc., Constellation Brands Inc. and Sonic Corp.
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Cal-Maine Foods, Inc. produces and markets shell eggs in United States. It engages in the production, grading, packing, marketing and distribution of fresh shell eggs, including conventional, cage-free, organic and nutritionally-enhanced eggs. The company operates farms, processing plants, hatcheries, feed mills, warehouses, offices and other properties located in Alabama, Arkansas, Florida, Georgia, Kansas, Kentucky, Louisiana, Mississippi, New Mexico, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, and Utah. It markets shell eggs to national and regional grocery store chains, club stores, foodservice distributors and egg product manufacturers. The company was founded by Fred R. Adams Jr. in 1957 and is headquartered in Jackson, MS. (See Full Profile)
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