Cal-Maine Stock Cracks After Earnings. Wall Street Says Challenges Will Continue.

Cal-Maine Foods stock dived Wednesday as investors digested the egg producer’s latest financial results, which widely missed Wall Street estimates.

On Tuesday evening, Cal-Maine reported earnings of two cents a share for its fiscal first quarter, falling short of the consensus estimate of 33 cents a share—and down sharply from $2.57 a share in the year-ago period. Revenue of $459.3 million in the quarter was below analyst estimates of $479.5 million and marked a steep decline from $658 million a year ago.

The price of eggs has since declined from those highs as the bird flu outbreak has calmed down. Egg prices dropped 18% in August 2023 from a year earlier, according to CPI data.

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