Cal-Maine Foods Inc. CALM, +0.17% reported Monday a wider-than-expected fiscal first-quarter loss and sales that fell more than forecast, citing an “extreme drop” in egg prices.
The stock was still inactive in premarket trading. The company swung to a net loss for the quarter to Aug. 31 of $45.8 million, or 94 cents a share, from a profit of $12.4 million, or 26 cents a share, in the year ago period. The FactSet consensus for net loss per share was 85 cents.
Sales dropped 29% to $241.2 million, below the FactSet consensus of $254.5 million, as dozen eggs sold increased to 1.7% to 254.4 million but the average selling price per dozen eggs dropped 30% to 91.5 cents. The average selling price per dozen specialty eggs declined 1.4% to $1.863.
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