Cal-Maine drops after posting quarterly loss
CALM•Cal-Maine Foods reported a first-quarter net loss of $58.62 million, compared with a profit of $199.3 million a year earlier. Revenue fell to $539.6 million from $922.6 million.
1. Quarterly results
Cal-Maine Foods shares fell 6.5% in premarket trading after the company posted a first-quarter net loss of $58.62 million, versus a profit of $199.3 million a year earlier. Revenue declined to $539.6 million from $922.6 million.
2. Egg prices fall
The company said conventional shell egg prices fell sharply during the quarter because of an industry supply imbalance after flock repopulation. Shares were down 13.9% year to date as of the previous close.
