Cal-Maine Foods Earnings Miss Expectations

Cal-Maine Foods Inc. reported a fourth-quarter net loss of $24.5 million, or 51 cents per share, after a loss of $376,000, or 1 cent per share, for the same period last year. The FactSet consensus was for a 22-cent loss. Revenue totaled $274.6 million, down from $303.0 million last year, but ahead of the $269.0 million FactSet consensus. Results included a $5.5 million payment for the BP settlement from the Deepwater Horizon spill in 2010. The results "reflect the volatile and challenging egg market fundamentals," said Chief Executive Dolph Baker. Volumes were up due to extra weeks of sales, but the average customer selling price for the quarter was down 15.5% year-over-year. For fiscal 2017, the average customer selling price was down 42% versus 2016. Cal-Maine shares are down 16% for the year so far, while the S&P 500 index is up 10.4% for the period.