Cal-Maine Foods (CALM) Misses Q1 EPS by 42c, Sales Miss
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Cal-Maine Foods (NASDAQ: CALM) reported Q1 EPS of ($0.64), $0.42 worse than the analyst estimate of ($0.22). Revenue for the quarter came in at $239.8 million versus the consensus estimate of $298.36 million.
Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods, Inc., stated, “Our results for the first quarter of fiscal 2017 reflect a disappointing shell egg market with more challenging market conditions and significantly lower market prices than the first quarter of fiscal 2016. Average customer selling prices dropped 58 percent from the record high levels we experienced a year ago. As the supply of shell eggs moved higher after the disruptions created by the Avian Influenza outbreak in the spring of 2015, market prices declined. Retail demand remained favorable; however, lower institutional demand for egg products and reduced egg exports pushed inventory levels higher and created additional pricing pressures. As cited in recent USDA Chickens and Eggs Reports, the increase in chicks hatched indicates the national laying flock will continue to expand. Based on this report, we expect the shell egg supply will continue to grow through calendar 2016, and then we may begin to see a correction early next year.
For earnings history and earnings-related data on Cal-Maine Foods (CALM) click here.
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