Cal-Maine Foods, Inc. (NASDAQ:CALM) reported shares traveling south Monday, on the newest third-quarter financial figures.
The company, based in Jackson, Mississippi, revealed that net sales for the second quarter of fiscal 2020 were $311.5 million, a 12.5% decrease, compared to $356.0 million for the second quarter of fiscal 2019.
CALM reported net loss of $10.1 million, or $0.21 per basic and diluted share, for the second quarter of fiscal 2020, compared to net income of $21.8 million, or $0.45 per basic and diluted share, for the second quarter of fiscal 2019.
Said CEO Dolph Baker, "We continued to experience challenging market conditions for the second quarter of fiscal 2020. While our sales volumes remained relatively flat in the second quarter compared to last year, our financial results reflect lower average selling prices compared with the same period of fiscal 2019.
"The Southeast large market average price for conventional eggs dropped 12.7% for the second quarter of fiscal 2020 compared to the second quarter of fiscal 2019. At the same time, our average sales price was down 11.5%, due to an unfavorable balance of egg supply and demand."
Cal-Maine is primarily engaged in the production, grading, packing and sale of fresh shell eggs, including conventional, cage-free, organic and nutritionally enhanced eggs, 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 dropped $4.31, or 10.2%, to $38.13
