Cal-Maine Foods Inc (NASDAQ:CALM) stock was down on Monday following the release of a poor earnings report for its fiscal third quarter of 2018.
Cal-Maine Foods Inc reported earnings per share of $1.99 for its third quarter of 2018. This is an increase over its earnings per share of 9 cents from the same time last year. It also came in above Wall Street’s earnings per share estimate of $1.39 for the quarter. However, there’s a catch.
Cal-Maine Foods Inc notes that it saw a one-time tax benefit of $35 million for its fiscal third quarter of 2018. It says that this resulted in a 72-cent increase to its earnings per share for the period. Without this tax benefit, earnings per share for the quarter came in at $1.27, which is below analysts’ estimates.
Net income reported in Cal-Maine Foods Inc’s fiscal third quarter of the year was $96.29 million. This is an increase over the company’s net income of $4.15 million that was reported in its fiscal third quarter of 2017.
Operating income reported by Cal-Maine Foods Inc for its fiscal third quarter of 2018 was $76.20 million. This is much better than its operating loss of $5.20 million from the same period of the year prior.
Cal-Maine Foods Inc also reported revenue of $435.82 million for its fiscal fourth quarter of the year. The fresh egg producer reported revenue of $306.54 million in the same quarter of the previous year. Wall Street was looking for revenue of $432.65 million for the quarter.
CALM stock was down 2% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.