Cal-Maine Foods Reports Better-Than-Expected Q3 Results
Portfolio Pulse from Erica Kollmann
Cal-Maine Foods, Inc. (NASDAQ:CALM) reported Q3 earnings of $3.00 per share, surpassing estimates of $2.46, and sales of $703.08 million, beating estimates of $692.35 million but marking a 29.52% decrease from the previous year. The company faced a setback with a facility in Texas testing positive for avian influenza, affecting about 3.6% of its total flock. Despite this, the company managed to achieve record sales volumes, attributed to strong demand and higher market prices due to supply constraints from avian influenza outbreaks.
April 02, 2024 | 8:50 pm
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Cal-Maine Foods reported higher-than-expected Q3 earnings and sales, despite a significant year-over-year sales decrease and an avian influenza outbreak at one of its facilities. Shares rose 6.04% after-hours.
The positive earnings and sales report, surpassing analyst expectations, indicates strong operational performance and demand for Cal-Maine's products, despite the avian influenza outbreak. The after-hours stock price increase reflects investor optimism about the company's resilience and future prospects.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100