Cal-Maine Foods, Inc. (NASDAQ:CALM) recorded its fourth quarter earnings results on Monday 20th July 2020 before market open.
The producer of packaged shell eggs, reported $ 1.24 income per share for the quarter, beat the consensus estimate of $ 1.19 income per share by $ 0.05 or 4.20 percent.
The firm had revenue of $ 453.33 million for the quarter, compared to the consensus estimate of $ 454.25 million. The revenues fell short of analysts estimates by $ 0.92 million or 0.2 percent.
The financial report showed revenues developed 61.57 percent versus fourth quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Dolph Baker, chairman and chief executive officer of Cal-Maine Foods, Inc., stated, Fiscal 2020 demonstrated Cal-Maine resiliency in the face of challenging business conditions and volatile egg prices. After three fiscal quarters characterized by an oversupply of eggs and depressed market prices, demand for eggs increased and market prices rose 62.4 percent during our fourth fiscal quarter over the average price for the first three quarters, as consumers purchased more eggs for preparing meals at home in response to the COVID-19 pandemic.
