Egg producer Cal-Maine stock cracks after 3Q earnings and revenue beat, cage-free expansion
Cal-Maine Foods Inc (NASDAQ:CALM) posted fiscal third-quarter earnings and revenue well ahead of Street expectations before the bell Monday.
The world’s largest egg producer reported earnings of $0.82 per share, nearly double analysts’ average projection of $0.42, and down from $1.99 from the previous year. Revenue came in at nearly 384 million, beating estimates of $370.8 million and down from $435.8 million a year ago.
The drop-off can be partially pinned on the timing of Easter, CEO Dolph Baker said. Last year, Easter was on April 1, meaning the holiday egg sales showed up in the third quarter. This year, Easter isn’t until April 21.
The Jackson, Mississippi-based company also announced a $148 expansion of its cage-free capacity. That includes new facilities in Delta, Utah for 2 million hens, a processing plant, added capacity for baby hens and shifting existing facilities to cage free for an additional 1.4 million hens. The expansion is expected to be completed by 2022 with initial capacity beginning to come online in late 2019.
The company is also adding capacity for 1 million hens in Pittsburgh, Texas and building baby hen housing in Zephyrhills, Florida.
Investors were scrambled, dropping shares 2.4% to $43.57.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/217687/egg-producer-cal-maine-stock-cracks-after-3q-earnings-and-revenue-beat-cage-free-expansion-217687.html
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