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
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).