Before the opening bell on Monday, Cal-Maine Foods (CALM ) reported higher results for the third, but missed EPS estimates.
CALM's Earnings in Brief
- The company reported net income of $50.9 million, or $1.05 per share, up from $42.9 million, or 89 cents per share, last year.
- Revenue increased to $437.36 million from $395.52 million.
- On average, analysts expected to see earnings of $1.10 per share and $410.7 million in revenue.
“While the national hen flock has reached record levels, the strong demand for shell eggs from the three major market sectors—retail, egg products and exports—was enough to absorb the market’s increased supply, " said Chief Executive Dolph Baker.
CALM boosted its dividend to 35 cents, or $1.40 annually. The next dividend wil be paid on May 14 to shareholders of record on April 29. The stock is going ex-dividend on April 27.
Shares of CALM were mostly flat during premarket trading Monday. The stock is up 0.13% YTD.