<p>Cal-Maine Foods (NASDAQ: CALM) results for the fiscal third quarter of 2020 have CALM shares down on Monday afternoon. This after reporting revenue of $ 345.6 million, which exceeds the Wall Street estimate of $ 338.08 million. In addition, the company reported adjusted earnings per share (EPS) of 28 cents, while analysts expected adjusted earnings per share of 17 cents for the quarter.
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The following is what is worth mentioning from the latest Cal-Maine Foods earnings report.
Adjusted earnings per share decreased by 65.85% from 82 cents during the third quarter of 2019. Revenue for the quarter was 10% lower than $ 384 million during the same period last year. Operating profit of $ 5.2 million decreased by 86.39% compared to the same period last year from $ 38.2 million. The Cal-Maine earnings report also includes a net profit of $ 13.8 million. That’s 65.41% worse than $ 39.9 million from the third quarter of 2019.
Dolph Baker, Chairman of the Board and CEO of Cal-Maine Foods, said this about CALM’s share income report:
“Our results for the third quarter of the financial year 2020 reflect more challenging market conditions than we experienced for the same period last year. However, we were pleased with our ability to implement our strategy in this environment and return to profitability for the quarter. ”
Cal-Maine Foods earnings report does not include guidance. On that note, Baker said:
“Looking ahead to the fourth quarter of fiscal year 2020 and fiscal year 2021, we believe we will take all reasonable precautions in managing our operations in response to the outbreak of COVID-19.”
The KALM share fell below 1% as of Monday afternoon.
Nick Clarkson is the web editor at InvestorPlace. At the time of writing, he had no position in any of the above-mentioned securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/03/cal-maine-foods-earnings-calm-stock-ticks-lower-deswide-q3-beats/.
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