Cal-Main Foods Spikes 6% Following Q3 Earnings Beat
Cal-Maine said that it earned $1.33 per share in the third quarter on revenue of $449.8 million. Wall Street analysts were expecting the company to earn $0.99 per share on revenue of $463.6 million.
Net income for the quarter rose to $64.2 million from $50.9 million in the same quarter a year ago. Net income for the first nine months of the fiscal year rose to $316.4 million from $115.1 million in the same period a year ago.
Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods, Inc., stated, "Cal-Maine Foods delivered another solid performance for the third quarter of fiscal 2016, demonstrating consistent execution of our strategy in changing market conditions. Our sales were up 2.8 percent for the third quarter and up 36.9 percent for the first nine months of fiscal 2016. These increases primarily reflect higher average selling prices compared with the same periods last year.
"While average selling prices for shell eggs for the third quarter of fiscal 2016 have dropped considerably from the historically high record levels we experienced earlier in the fiscal year, they were still up 4.3 percent over the third quarter of fiscal 2015. For the fiscal year-to-date period, average selling prices were up 35.6 percent over the same period a year ago. Our sales volumes have continued to trend higher each quarter of fiscal 2016; however, they were down 1.9 percent in the third quarter compared with the prior-year period."
Image Credit: Public Domain
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.