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Dec-28-2009Cal-Maine Foods Q2 profit beats market(topic overview)
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Cal-Maine said net income for the second quarter ended Nov. 28 was $16.1 million, or 67 cents per share, compared with $27.2 million, or $1.14 a share, a year ago. [1] The Jackson, Mississippi-based company reported fiscal second quarter net income of $16.1 million, or 67 cents per share, compared with $27.2 million, or $1.14 per share, in the year-ago period. [2]
The company, which makes Eggland'''s Best and Farmhouse eggs, earned $16.1 million, or 67 cents a share, during the quarter ended Nov. 28, compared with $27.2 million, or $1.14 a share, in the same period a year earlier. [3] Profit for the quarter ended Nov. 28 fell to $16.1 million, or 67 cents per share, from $27.2 million, or $1.14 per share, last year. [4] Q2 revenue for the three months ended November 28 fell 4% to $229 million, yielding profit per share of 67 cents. [5]
On average, Wall Street analysts expected a slightly smaller profit of 66 cents per share, albeit on higher revenue of $233.65 million. [2]
Analysts on average had expected earnings of 66 cents a share, on revenue of $233.7 million, according to Thomson Reuters I/B/E/S. [1] On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share for the second quarter. [6] Analysts surveyed by Thomson Reuters expect Cal-Maine to report that fiscal second quarter 2010 earnings fell 42.1% from a year ago to $0.66 per share. [7]
While better than a year ago, feed costs will continue to be volatile and relatively high,''' added Adams. For the second quarter of fiscal 2010, Cal-Maine will pay a cash dividend of approximately $0.172''per share to holders of its common and Class A common stock. [8] Looking ahead, the company sees a favorable balance between supply and demand for eggs, while expecting feed costs to continue to be volatile and relatively high. The company declared quarterly cash dividend of about $0.172 per share to holders of its common and Class A common stock, payable on February 11 to shareholders of record on January 27. [6]
The company'''s shares are up 12.4% over the past month but just 7% year-to-date. Cal-Maine warned its feed costs will continue to be volatile and relatively high. [3]
Dec 28 (Reuters) - Egg producer Cal-Maine Foods Inc ( CALM.O ) posted a lower quarterly profit, but lower feed costs helped it edge past Wall Street estimates, sending its shares up 4 percent. [1] Egg producer Cal-Maine Foods, Inc. ( ]] ) said Monday that its second quarter profit fell 41% from last year, hurt by lower sales. [2] Cal-Maine Foods, Inc., an egg producer reported second quarter sales fell 4% to $229.2 million from $238.3 million a year ago. [9]
Egg producer Cal-Maine Foods ( CALM ) is up $1.19, or 4%, at $32 this morning after the company announced fiscal Q2 sales below estimates but beat profit expectations. [5] Cal-Maine Foods Inc., which produces and sells eggs, said Monday its fiscal second-quarter profit fell 41 percent as food service and restaurant sales remained weak. [4] Food service and restaurant sales continued to be slow and egg product sales fell about two percent, said Cal-Maine, which sells specialty eggs under the Egg-Land's Best and Farmhouse labels. [1]
CEO Fred Adams Jr. said supply and demand for eggs were well balanced and food costs were down. "However, food service and restaurant sales continued to be slow, reflecting economic trends, and egg product sales were down about 2 percent," he said. [4] Commenting on the results, Fred Adams, Jr., chief executive officer of Cal-Maine Foods, said, "The supply and demand for eggs were well balanced and sales at the retail level were very good. [6]
Food service and restaurant sales continued to be slow, reflecting economic trends, and egg product sales were down about two percent,''' CEO Fred Adams, Jr. said in a statement. [3]
Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing and sale of fresh shell eggs. [8] Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, '''We''are pleased with Cal-Maine'''s results for the second quarter of fiscal 2010. [8] Cal-Maine Foods, Inc. (NASDAQ: CALM ) today announced results''for the second quarter and six months ended November 28, 2009. [8]
Cal-Maine Foods Inc. ( CALM ) is about the only company of note scheduled to release earning results in what will otherwise be a very quiet week between the holidays. The three months that ended in November saw the poultry industry embroiled in an environment-related lawsuit, and Cal-Maine also ended its streak of special dividends when it reported a first-quarter loss. [7] Cal-Maine Foods Inc. fiscal second-quarter earnings fell 41% as revenue, margins and average selling price dropped. [10]
Revenue for the quarter is expected to total $233.7 million, only 2.0% lower than a year ago. The forecast is for sequential EPS growth in the third quarter, as well as both sequential and year-over-year growth in revenue. This Mississippi-based egg producer has fallen short of earnings estimates in the past four quarters. [7] For the second quarter, net income dropped to $16.09 million or $0.67 per share from $27.24 million or $1.14 per share in the previous year. [6] The Company reported net income of $16.1''million, or''$0.68 per basic share, for the second quarter of fiscal 2010 compared with net income of $27.2''million, or $1.15 per basic share, for the second quarter of fiscal 2009. [8] The Company reported net income of $12.3 million, or $0.52''per basic''share, for the first half of fiscal 2010 compared with net income of $38.4 million, or $1.62''per basic share, for the year-earlier period. [8]
For the first six months of fiscal 2010, net sales were $416.9 million compared with net sales''of $445.2''million for the prior-year period. [8] Net sales for the second quarter of fiscal 2010 were $229.2 million compared with net sales of $238.3''million for the same quarter of fiscal 2009. [8]
Sales declined to $416.90 million from $445.20 million in the same period of the prior fiscal year. [6]
Revenue fell 4 percent to $229.2 million from $238.3 million last year. [4] Three analysts were expecting revenues of $233.65 million for the second quarter. [6] Analysts had forecasted EPS of 66 cents on slightly stronger revenue of $233.65 million. [3]
Analysts polled by Thomson Reuters, on average, predicted a smaller profit of 66 cents per share. [4] Net Average Selling Price per dozen,however, declined to $1.057 from $1.209 a year ago. [6] Cal-Maine Foods, Inc. ( CALM ) in the last one year traded as high as $31.87 in October 2009 and as low as $17.01 in March 2009. [9] We would remain on the sidelines for now. Cal-Maine Foods, Inc. ( CALM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars. [2]
Cal-Maine Foods ( CALM ) disclosed a 41% drop in its fiscal second-quarter profit on Monday but the food maker'''s results exceeded Wall Street'''s expectations. [3]
Cal-Maine Foods reports Q2 results; beats by $0.01 Reports Q2 EPS of $0.67 vs $0.66 First Call consensus; revs fell 3.8% YoY to $229.2 mln vs $233.65 mln First Call consensus. [11]
Shareholders appeared to overlook the revenue miss, bidding Cal-Maine'''s stock up 3.86% to $32 in the premarkets. [3] We had removed shares of CALM from our "recommended" list last Aug.29, when the stock traded at $39.49. [2] Shares of the Jackson, Mississippi-based company rose 4 percent to $32.00 in pre-market trade. [1]
The company has a 1.82% dividend yield, based on Friday'''s closing stock price of $30.81. [2] Based on the yesterday's closing price of $30.81 the company has market cap of $733.50 million. [9] The company revealed that Dozen Eggs Sold for the 13-week period increased to 206.25 million from 185.19 million in the past year. [6]
While better than a year ago, feed costs will continue to be volatile and relatively high." [11] However. feed costs will continue to be volatile and relatively high," Chief Executive Fred Adams said in a statement. [1]
CEO Fred Adams said in a statement that "Looking ahead, we continue to see a favorable balance between egg supply and egg demand. [2] Management remarked egg supply and demand are respecting to be in favorable balance. [5]
As more people cook at home, the owner of the Eggland's Best and Farmhouse egg brands continues to post anemic sales to restaurants. [10] The Johnson Redbook Retail Sales Index has shown somewhat stronger growth. Another winter storm could have put a damper on some last-minute holiday sales. [7]
Cal-Maine's earnings multiple is 12x, which is lower than the food and beverage industry average. [7] Operating income declined sharply year-over-year to $25.44 million from $43.12 million. [6] Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. [1]
SOURCES
1. UPDATE 2-Cal-Maine Foods Q2 profit beats market | Reuters
2. Dividend Stocks The Dividend Daily » Blog Archive » Cal-Maine Q2 Profit Plunges 41%, Still Beats View (CALM)
3. Cal-Maine's Net Falls 41%, Tops Estimates - FOXBusiness.com
4. Weak Food Service Sales Hurt Cal-Main 2Q Results - ABC News
5. Cal-Main FYQ2 Beats, Stock Up 4% - Stocks To Watch Today - Barrons.com
6. Cal-Maine Foods Q2 Profit Declines, Yet Beats Estimates
7. The Week in Preview: The CALM Between the Holidays - BloggingStocks
8. Cal-Maine Foods, Inc. Reports Second Quarter Fiscal 2010 Results | Benzinga.com
9. Cal Maine Foods Net Falls 41 - Earnings
10. Cal-Maine Foods Profit Falls 41% - WSJ.com
11. Market Report -- In Play (CALM): Briefing.com Business News - MSN Money
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