Cal-Maine Foods Inc. shares rose 2.2% in premarket trade Monday, after the egg producer beat earnings estimates for its fiscal third quarter. The Jackson, Miss.-based company said it had net income of $13.7 million, or 28 cents a share, in the quarter to Feb. 29, down from $39.8 million, or 82 cents a share, in the year-earlier period. Sales rose 10% to $345.6 million. The FactSet consensus was for EPS of 19 cents and sales of $338.0 million. "Our results for the third quarter of fiscal 2020 reflect more challenging market conditions than we experienced for the same period last year," Chief Executive Dolph Baker said in a statement. Sales were hurt by lower average selling prices with the Southeast large market average price down 13.8% from the year-earlier period. "Since the end of the third quarter, market prices have moved significantly higher to record levels, and we expect to see continued price volatility through the end of our fiscal year," said Baker. The company said all its food faciities are operating normally during the coronavirus outbreak and that it has not experienced supply chain disruptions. "As part of the nation's food supply, we work in a critical infrastructure industry, and we have a special responsibility to maintain our normal work schedule," the company said. "As such, we are providing supplemental pay to all of our employees to assist them and their families at this critical time." Shares have gained 0.8% in the year to date, while the S&P 500 has fallen 21%.
Shares of Cal-Maine Foods (NASDAQ:CALM) rose 0.4% in pre-market trading after the company reported better-than-expected Q3 results.Quarterly Results Earnings per share were down 65.85% over the past year to $0.28, which beat the estimate of $0.17.Revenue of $345,588,000 was down by 10.00% year over year, which beat the estimate of $338,080,000.Outlook Cal-Maine Foods hasn't issued any earnings guidance for the time being.Cal-Maine Foods hasn't issued any revenue guidance for the time being.How To Listen To The Conference Call Date: Jan 06, 2020View more earnings on CALMTime: 11:01 PM ETWebcast URL: https://www.calmainefoods.com/investors/events-calendar/Recent Stock Performance 52-week high: $47.00Company's 52-week low was at $30.74Price action over last quarter: Up 11.35%Company Description Cal-Maine Foods Inc produces and sells shell eggs. Its main market is United States. The company's product portfolio contains nutritionally enhanced, cage-free, organic, and brown eggs. Cal-Maine Foods markets the shell eggs to a diverse group of customers, including grocery-store chains, club stores, and foodservice distributors. The company's brands are: Egg-Land's Best, Land O' Lakes, Farmhouse, and 4-Grain.See more from Benzinga * 5 Communication Services Stocks Moving In Monday's Pre-Market Session * 14 Consumer Cyclical Stocks Moving In Monday's Pre-Market Session * 18 Healthcare Stocks Moving In Monday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced that Fred R. Adams, Jr., the Company’s Founder and Chairman Emeritus, died on Sunday, March 29, 2020, at the age of 88, following an extended illness.
Cal-Maine Foods, one of the nation's largest egg producers, posted a better-than-expected quarterly-earnings performance and reported that it's seen no supply-chain disruption during the coronavirus outbreak.
Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the third quarter (thirteen weeks) ended February 29, 2020.
Cal-Maine Foods, Inc. (NASDAQ: CALM) today issued the following response to a state of Texas lawsuit alleging that the Company has engaged in price-gouging during the COVID-19 pandemic:
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Cal-Maine Foods Inc. (CALM) beat estimates for quarterly earnings on Monday as the coronavirus outbreak boosts demand for the U.S. producer’s eggs.Looking ahead, the producer and distributor of fresh eggs sees more price volatility this year as egg prices soared to record levels since the end of the third quarter and as the COVID-19 pandemic creates more uncertainty regarding future disruptions.Cal-Maine Foods said net income dropped to $13.7 million, or 28 cents a share, in the quarter to Feb. 29, from $39.8 million, or 82 cents a share, in the year-earlier period amid more challenging market conditions. Sales fell 10% to $345.6 million due to lower average egg prices. (See Cal-Maine Foods earnings on TipRanks)“An unfavorable balance of egg supply and demand continued to adversely affect market prices,” said Dolph Baker, chairman and CEO of Cal-Maine Foods. “Ongoing uncertainties and supply chain disruptions related to the COVID-19 outbreak and geopolitical issues surrounding trade agreements and international tariffs could create more price volatility in the future.”Ben Bienvenu, four-star Wall Street analyst at Stephens, this month raised the company’s stock to Buy from Hold. Bienvenu’s $47 price target suggests 15% upside potential for the shares in the coming 12 months. (See Cal-Maine Foods stock analysis on TipRanks)Cal-Maine Foods said that its businesses and facilities are operating “normally” during the outbreak of the coronavirus pandemic, and that is has not experienced any supply chain or delivery disruptions.Related News: Zoom Stock Zoomed Too High, Too Fast, Thinks Goldman Sachs JPMorgan: These 3 Stocks Are Poised to Surge by at Least 35% 3 Under-The-Radar Dividend Stocks With Over 8% Dividend Yield More recent articles from Smarter Analyst: * Tesla Scored Record China Sales In March, Says Industry Association * Microchip Boosts Revenue Guidance On Record Bookings * Costco Reports Strong March Delivery With $1.5 Billion Sales Bump * Stitch Fix Reveals Significant Logistics Disruption, Withdraws Guidance
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On Wednesday, Cal-Maine Foods hit an important technical milestone, with its Relative Strength (RS) Rating moving into the 80-plus percentile with an upgrade to 85, up from 78 the day before. When looking for the best stocks to buy and watch, be sure to pay attention to relative price strength.
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Cal-Maine Foods shows rising price performance, earning an upgrade to its IBD Relative Strength Rating.
Cal-Maine (CALM) has been upgraded to a Zacks Rank 1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
Cal-Maine Foods, Inc. (CALM) is looking like an interesting pick from a technical perspective, as the company is seeing favorable trends on the moving average crossover front.