Cal-Maine Foods (CALM 40.83, -2.97) has slumped 6.8% after reporting weaker than expected results for the second quarter.
The largest producer and marketer of shell eggs in the United States reported below-consensus second quarter earnings of $0.55 per share on revenue that jumped 42.5% year-over-year to $361.20 million, but was still shy of market expectations.
Cal-Maine CEO noted that average customer selling prices for all eggs increased 36.0% while prices of conventional eggs jumped 77.6% year-over-year. Retail demand remained strong while institutional food customers increased their egg usage. The net average selling price for conventional eggs increased to $1.321 per dozen from $0.971 per dozen one year ago.
The net average selling price for specialty eggs decreased to $1.903 per dozen from last year's $2.003 per dozen. Feed cost declined to $0.388 per dozen from $0.394 one year ago.
Specialty eggs accounted for 22.6% of unit sales, up from 22.4% of unit sales one year ago. On a revenue basis, specialty egg sales made up 32.3% of total revenue, down from 45.8% of revenue one year ago.