Cal-Maine Foods Shares Are Rising After Hours: Here's Why

Cal-Maine Foods Inc CALM shares are moving higher in extended trading Tuesday after the company reported better-than-expected financial results.

What Happened: Cal-Maine reported fiscal third-quarter revenue of $997.49 million, which beat average analyst estimates of $888.21 million, according to Benzinga Pro. The company said higher conventional egg prices drove its strong top-line results.

The egg producer reported quarterly earnings of $6.62 per share, which beat consensus estimates of $4.78 per share.

"Our results are reflective of a dynamic market environment with higher average selling prices and favorable demand. Elevated market pricing continues, primarily due to the impact of the ongoing epidemic of highly pathogenic avian influenza ("HPAI"), which has significantly reduced the nation's egg-laying capacity," said Sherman Miller, president and CEO of Cal-Maine Foods.

Cal-Maine said it believes the HPAI outbreak will continue to exert downward pressure on the overall supply of eggs.

The company announced a quarterly cash dividend of $2.20 per share. 

See Also: Why Arcturus Therapeutics Shares Are Moving Higher After Hours

CALM Price Action: Cal-Maine has a 52-week range of $43-96-$65.19.

The stock was up 3.91% at $56.39 at the time of publication, according to Benzinga Pro.

Photo: Monika from Pixabay.