Cal-Maine Foods Earnings: Here’s Why Shares are Up Now
Cal-Maine Foods, Inc. (NASDAQ:CALM) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares up 1.93%.
Cal-Maine Foods, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 16.51% to $1.27 in the quarter versus EPS of $1.09 in the year-earlier quarter.
Revenue: Rose 18.69% to $360.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cal-Maine Foods, Inc. reported adjusted EPS income of $1.27 per share. By that measure, the company missed the mean analyst estimate of $1.4. It beat the average revenue estimate of $321.4 million.
Quoting Management: Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods, Inc., stated, “Cal-Maine Foods delivered a solid performance for the third quarter of fiscal 2013 with our net sales up 19 percent over the same period last year. The higher sales reflect both improved volumes from our recent acquisitions and higher average selling prices compared with the third quarter of fiscal 2012. Specialty egg sales have been steadily increasing throughout this fiscal year and accounted for 16.7 percent of dozen eggs sold and 23.6 percent of total shell egg sales revenue for the third quarter of fiscal 2013, compared to 16.4 percent of dozen eggs sold and 23.4 percent of total shell egg sales revenue for the third quarter of fiscal 2012. We remain focused on identifying additional opportunities to market and sell specialty eggs and meet the increasing demand from our customers. We believe the performance of specialty eggs will be a key driver of our future growth.”
Key Stats (on next page)…