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Cal-Maine Foods (NASDAQ:CALM) on Monday reported fourth-quarter losses of 41 cents per share, which missed the analyst consensus estimate of 29 cents by 41.38%. This is a 127.7% decrease over earnings of $1.48 per share from the same period last year.
The company reported quarterly sales of $280.6 million, which missed the analyst consensus estimate of $298.31 million by 5.94%. This is a 36.67% decrease over sales of $443.095 million the same period last year.
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"The unfavorable supply and demand balance and anticipated future egg supply growth trends have continued to affect market prices and our business," said CEO Dolph Baker.
"Over the past five quarters, we have noted our concern about the growing hatch rate pointing to a potential significant increase in laying hens and an oversupply of eggs. The USDA reported a near record high 341.5 million hens as of April 1, 2019. While the hen numbers as of the June 2019 USDA report were down seasonally to 331.5 million, that level still represents approximately 2.9 million more hens than a year ago."
Cal-Maine Foods shares are trading up 0.43% at $39.55 per share during the time of publication. The stock has a 52-week high of $51.55 and a 52-week low of $36.65.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.