Why Shares of Cal-Maine Foods Tumbled Today
Shares of Cal-Maine Foods (NASDAQ: CALM) slumped on Monday after the egg producer reported disappointing fiscal second-quarter results. Both revenue and earnings sharply declined, missing analyst expectations by wide margins. The stock was down about 9.8% at 10:55 a.m. EST.
Cal-Maine reported second-quarter revenue of $311.5 million, down 12.5% year over year and about $16.4 million below the average analyst estimate. Unfavorable supply and demand knocked down the average sales price by 11.5%, while sales volumes were roughly flat compared to the prior-year period.
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Source Fool.com
