Cal-Maine Foods Shares Tumble On Disappointing Q4 Results

Shares of

dipped more than 8 percent in pre-market trading after the company reported weaker-than-expected results for its fiscal fourth quarter. The Jackson, Mississippi-based company posted quarterly net income of $46.1 million, or $0.95 per share, versus $31.5 million, or $0.65 per share, in the year-ago quarter. Its sales rose to $403 million from $371.6 million. However, analysts were expecting earnings of $1.04 per share on revenue of $417.95 million. The average estimate among 5 Estimize users was for earnings of $1.12 per share and revenue of $423.00 million. Total dozen shell eggs sold surged 6.2 percent, while average selling prices increased 2.6 percent year-over-year in the latest quarter. Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods, Inc., said, "Our financial and operating performance for the fourth quarter of fiscal 2015 marked a strong finish to another record year for Cal-Maine Foods…Specialty egg sales were a key driver of our performance for the year as we continued to expand our market reach. For fiscal 2015, sales of specialty eggs accounted for 19.8 percent of our total number of shell eggs sold and 27.2 percent of our shell eggs revenue." Cal-Maine Foods shares dipped 8.85 percent to $49.12 in pre-market trading.