Cal-Maine Foods Posts Mixed Results (CALM)

Cal-Maine Foods, Inc.

announced on Thursday morning that it missed consensus Wall Street earnings estimates, while beating revenue expectations. President and chief executive officer Dolph Baker said, “The financial results for the second quarter of fiscal 2011 reflect recent improved market conditions. We reported improved sales from a year ago due to higher average selling prices; however, our profitability was affected by higher feed costs. While demand for eggs suffered in early September as a result of the nationwide egg recall, American Egg Board research indicates egg demand has now rebounded to pre-recall levels." Cal-Maine Foods, Inc reported that its 2nd quarter net income fell to $15.2 million, or 64 cents per share, down from $16.1 million, or 68 cents per share, a year earlier. Cal-Maine Foods, Inc. (

) reported revenue of $234.5 million, up from $229.2 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 72 cents per share, on revenue of $231.19 million. Cal-Maine Foods, Inc closed the previous trading day at $33.82 per share. Analysts covering the company's stock give it a consensus price target of $35.33 per share. Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing and sale of fresh shell eggs and currently is the largest producer and distributor of fresh shell eggs in the United States. Read more