Cal-Maine Foods Stock Sinks After Company Posts Weak Q2 Results, Company Provides HPAI Outlook: The Details
Portfolio Pulse from Ryan Gustafson
Cal-Maine Foods Inc (NASDAQ:CALM) reported Q2 earnings of $0.65 per share, missing estimates of $0.83 and down from $4.07 the previous year. Sales were $523.20 million, below estimates of $525.39 million and down 34.74% from last year's $801.70 million. The decline was mainly due to a significant drop in the average selling price for conventional eggs. The company also discussed the impact of the HPAI outbreak on future egg supply. Shares fell 8.49% to $50.20 in after-hours trading.
January 03, 2024 | 9:59 pm
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Cal-Maine Foods Inc reported lower-than-expected Q2 earnings and sales, with a significant decrease from the previous year. The company also provided an outlook on the impact of the HPAI outbreak.
The earnings miss and lower sales figures are likely to negatively impact investor sentiment in the short term, leading to a potential decrease in stock price. The after-hours trading already shows a significant drop, which may continue into the next trading session.
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