Cal-Maine Foods, Inc. (NASDAQ: CALM) found its stock slightly on the down side, on the latest quarterly figures.
The company, based in Jackson, Miss., said net sales for the second quarter of fiscal 2019 were $356.0 million, a 1.4% decrease, compared to $361.2 million for the second quarter of fiscal 2018.
The Company reported net income of $21.8 million, or $0.45 per basic and diluted share, for the second quarter of fiscal 2019, compared to a loss of $26.1 million, or $0.54 per basic and diluted share, for the second quarter of fiscal 2018.
CEO Dolph Baker said, "Cal-Maine Foods had solid financial and operating performance for the second quarter of fiscal 2019 amidst less favorable market conditions than the same time last year. Our sales for the second quarter were down 1.4%, reflecting a modest decline in volumes and lower average customer selling prices for conventional eggs compared with a year ago."
For the second quarter of fiscal 2019, Cal-Maine Foods will pay a cash dividend of approximately $0.149 per share to holders of its common and Class A common stock. Pursuant to Cal-Maine Foods’ variable dividend policy, for each quarter for which the Company reports net income, the Company pays a cash dividend to shareholders in an amount equal to one-third of such quarterly income.
The Company is the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States.
Shares began Friday off 10 cents to $42.02
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