Egg producer Cal-Maine (NASDAQ: CALM) sunk in pre-market trading on Wednesday after reporting disappointing Fiscal first-quarter earnings. The company reported first-quarter earnings of $0.02 per share which fell short of Street estimates of $0.33 per share. Cal-Maine posted Q1 revenues of $459.3 million, a decline of 43.3% year-over-year, and missed analysts’ estimates of $479.5 million.
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Max Bowman, VP and CFO of Cal-Maine Foods attributed some of the drop to the Avian flue, saying, “Conventional egg selling prices declined significantly in the first quarter of fiscal 2024 compared to the first quarter of fiscal 2023 as the U.S. egg supply recovers from the most recent HPAI [avian influenza] outbreak.”
The company is optimistic about Cal-Maine Foods in FY24, despite challenges like HPAI and inflation.
Is CALM a Buy?
Analysts remain bearish about CALM stock with a Moderate Sell consensus rating based on one Hold and two Sells.