Cal-Maine Foods (CALM) stock was down 3.51% or $1.42 in Monday afternoon's trading session following the release of third quarter fiscal year 2021 results. Cal-Maine stock was trading at $39.09 per share.
Why Did Cal-Maine Foods Stock Slide?
Cal-Maine Foods (CALM) stock was lower after the company reported net income of $0.28 per basic and diluted share for the quarter, on revenue of $359.1 million. Earnings were basically unchanged from what Cal-Maine reported in the third quarter of FY20, when it reported net income of $13.7 million, also $0.28 per basic and diluted share on revenue of $345.6 million. Analysts had expected the company to earn $0.07 cents per share on revenue of $368.7 million.
“We are pleased with our results for the third quarter of fiscal 2021, which reflect strong retail demand for shell eggs as consumers have continued to purchase more eggs for preparing meals at home,” Dolph Baker, chairman and CEO of Cal-Maine Foods, Inc., said in a statement. “While we saw modest improvement in the food service and hospitality business as COVID-19-related restrictions have gradually lifted in select parts of the country, this market segment has not returned to pre-pandemic demand levels.”
For the third quarter of FY21, Cal-Maine Foods will pay a cash dividend of approximately $0.034 per share to holders of its common and Class A common stock, with dividend payable on May 13 to holders of record on April 28.
CALM has an Overall Score of 22. Find out what this means to you and get the rest of the rankings on CALM!
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.
