Cal-Maine Foods Inc. swung to a bigger-than-expected loss in its latest as revenue plunged, hurt by lower egg prices.
In the three months that ended in August, average selling prices dropped 58% from a year ago, which Chief Executive Dolph Baker blamed on an outbreak that significantly affected egg supplies and prices.
"As the supply of shell eggs moved higher after the disruptions created by the Avian Influenza outbreak in the spring of 2015, market prices declined," Mr. Baker said. "Retail demand remained favorable; however, lower institutional demand for egg products and reduced egg exports pushed inventory levels higher and created additional pricing pressures."
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