The Cal-Maine Foods (NASDAQ:CALM) earnings report for the company’s fiscal first quarter of 2020 has CALM stock falling on Monday. This is due to the company’s revenue of $241.20 million. That misses Wall Street’s revenue estimate of $254.52 million for the period. A diluted per-share loss of -94 cents also didn’t do CALM stock any favors. This is because it comes in below analysts’ estimate of -85 cents.
Now for a closer look at the most recent Cal-Maine Foods earnings report.
- Net sales for the quarter were down 29.20% YoY.
- Per-share earnings for the quarter were down from earnings per share of 26 cents last year.
- A net loss of -$45.80 million reported in its fiscal first quarter of 2020 was down $12.74 million from the year-ago period.
- The Cal-Maine Foods earnings report also includes an operating loss of -$63.47 million.
- Gross loss off -$21.23 million for the fiscal first quarter of the year decreased from the $57.13 million reported the same time last year.
Here’s what CALM Chairman and CEO Dolph Baker has to say about the Cal-Maine Foods earnings report.
“Our financial and operating results for the first quarter reflect the very challenging market conditions that prevailed throughout the summer. While our sales volumes were up 1.7 percent over the first quarter last year, the extreme drop in market prices adversely affected our results.”
CALM stock was down 12.00% as of Monday afternoon, which erases its year-to-date gains of 7.10%.
As of this writing, William White did not hold a position in any of the aforementioned securities.
