Cal-Maine Foods (NASDAQ:CALM) Sinks as Q2 Results Disappoint
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Cal-Maine Foods (NASDAQ:CALM) Sinks as Q2 Results Disappoint

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Cal-Maine Foods slid in pre-market trading following disappointing Q2 results.

Fresh eggs producer Cal-Maine Foods (NASDAQ:CALM) slid in pre-market trading after the company reported earnings of $0.35 per diluted share in its second quarter, below the consensus estimate of $0.83 per share.

The company posted net sales of $523.2 million in its second quarter, a decline of 34.7% year-over-year, and missed analysts’ estimates of $525.4 million.

Cal-Maine Foods’ Kansas facility experienced an outbreak of avian flu that resulted in the loss of 1.5 million laying hens and 240,000 pullets, or around 3.3% of its total flock. The company believes that it can “mitigate the loss of production through flock rotations.”

It also thinks that the HPAI outbreak will “continue to affect the overall supply of eggs until the layer hen flock is fully replenished.”

Nevertheless, Cal-Maine will pay a cash dividend of around $0.116 per share, payable on February 15 to shareholders of record on January 31, 2024.

Is Cal-Maine Foods a Good Stock?

Analysts remain bearish about CALM stock with a Moderate Sell consensus rating based on one Hold and Sell each. Over the past year, CALM stock has increased by more than 3%, and the average CALM price target of $46 implies a downside potential of 16.2% at current levels.


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