Cal-Maine Foods Earnings: CALM Stock Rises 1% On Q1 Beats

Cal-Maine Foods (NASDAQ:CALM) earnings for the first quarter of fiscal year 2021 have CALM stock down on Monday. This is after reporting a revenue beat of $292.78 million, solidly above Wall Street’s estimate of $284.08 million. The company also reported adjusted losses per share of just 40 cents, while analysts were expecting a 53-cent loss for the quarter.

The Cal-Maine Foods logo on the website homepage
Source: Casimiro PT / Shutterstock.com

Additionally, Cal-Maine Foods reported GAAP losses per share of 40 cents for the period as well.

Here’s everything else worth mentioning from the most recent Cal-Maine Foods earnings report:

  • Adjusted per-share losses were up 57.5% from 94 cents during Q1 2020;
  • Revenue for the quarter came in 21.4% higher than the $241.17 million during the same time last year;
  • Operating losses of $27.22 million are 57.1% better year-over-year from $63.47 million;
  • The Cal-Maine earnings report also includes a net loss of $19.4 million; but
  • That’s 57.6% better than a loss of $45.72 million from the first quarter of 2020.

Dolph Baker, chairman and chief executive officer of Cal-Maine Foods, had this to say about the CALM stock earnings report:

“Our results for the first quarter of fiscal 2021 reflect continued challenging market conditions as we proactively monitor and manage our operations in the face of the COVID-19 pandemic. Our top priority is the health and safety of our employees, who continue to work hard every day to produce eggs for our customers, and we are proud of their dedicated efforts to contribute to a stable food supply.”

The Cal-Maine Foods earnings report does not include guidance for the fiscal year. That said, we know what Wall Street is looking for. Analysts are calling for EPS of 84 cents on revenue of $1.4 billion.

CALM stock was up about 1% as of Monday morning.

On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Nick is a web editor at InvestorPlace.


Article printed from InvestorPlace Media, https://investorplace.com/2020/09/cal-maine-foods-earnings-calm-stock-rises-1-on-q1-beats/.

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