CALM - Cal-Maine Foods falls as higher feed costs cause earnings miss

Cal-Maine Foods (NASDAQ:CALM) shares drop after the company reports revenue of $390.3M (+12.5%), beats by $2.5M, and adjusted EPS of $0.02, misses by $0.28. Net sales growth was driven by an increase in the net average selling price for all eggs of 11.9% to $1.373 per dozen from $1.227 per dozen in the prior-year period along with 1% higher volumes. Farm production costs per dozen for FQ 2022 were up 21.6% compared to FQ2 2021, primarily due to 29% higher feed costs. The company expects feed costs to remain volatile given supply chain issues and weather-related shortfalls. CEO Dolph Baker noted that higher costs for processing, packaging, and transportation and labor also impacted profitability. Shares are down 8.28% in post-market trading. See which other stocks are moving and why with Seeking Alpha's "On the Move" page here.

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Cal-Maine Foods falls as higher feed costs cause earnings miss