Why Cal-Maine Foods Stock Dropped After-Hours

Cal-Maine Foods, Inc. CALM shares were trading lower in Tuesday's after-hours session after the company reported worse-than-expected first-quarter sales results.
What To Know: Cal-Maine Foods posted earnings results of two cents per share, missing by 55 cents and revenue of $459.34 million, missing by $20.18 million.

Sherman Miller, president and CEO of Cal-Maine Foods, Inc., stated, "Our results for the first quarter of fiscal 2024 reflect the current dynamic market conditions. After reaching record high levels in fiscal 2023, average selling prices for shell eggs have since returned to more normalized levels as the overall egg supply recovers from the most recent highly pathogenic avian influenza ("HPAI") outbreak, which depleted the national hen supply.

"Customer demand has been favorable with conventional egg volumes higher than a year ago, offset by lower sales of specialty eggs. We continue to focus on offering customers a wide range of quality choices in shell eggs, as well as egg products offerings, with a favorable product mix in line with changing consumer demand trends," Miller added.

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CALM Price Action: Shares of CALM were down 12% at $41.80 in the after-hours session at the time of publication, according to Benzinga Pro.

Photo: Anna Prosekova from Pixabay