Cal-Maine Foods’s (NASDAQ:CALM) earnings for the fiscal third quarter of 2020 have CALM stock down on Monday afternoon. This is after reporting revenue of $345.6 million, which is above Wall Street’s estimate of $338.08 million. Also, the company reported adjusted earnings per share (EPS) of 28 cents, while analysts were expecting adjusted per-share earnings of 17 cents for the quarter.
The following is what else is worth mentioning from the most recent Cal-Maine Foods earnings report.
- Adjusted EPS is down 65.85% from 82 cents during Q3 2019.
- Revenue for the quarter comes in 10% lower than the $384 million during the same time last year.
- Operating income of $5.2 million is down 86.39% year-over-year from $38.2 million.
- The Cal-Maine earnings report also includes a net income of $13.8 million.
- That’s 65.41% worse than $39.9 million from the third quarter of 2019.
Dolph Baker, chairman and chief executive officer of Cal-Maine Foods, said this about the CALM stock earnings report:
“Our results for the third quarter of fiscal 2020 reflect more challenging market conditions than we experienced for the same period last year. However, we were pleased with our ability to execute our strategy in this environment and return to profitability for the quarter.”
The Cal-Maine Foods earnings report does not include guidance. On that note, Baker said:
“Looking ahead into the fourth quarter of fiscal 2020 and fiscal 2021, we believe we are taking all reasonable precautions in the management of our operations in response to the outbreak of COVID-19.”
CALM stock was up down less than 1% as of Monday afternoon.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.