Cal-Maine Foods on top on Wall Street

(Boursier.com) — Cal-Maine Foods, the American giant in the production, marketing and distribution of fresh eggs, climbed last night after the market by 7% to $63, the highest in its history on Wall Street, following its quarterly publication. For its third fiscal quarter 2024, ended in early March, the group posted revenues of $703 million, net profit of $146 million and diluted earnings per share of $3. The group particularly mentions historical sales volumes. The profit, however, is down compared to the record of $323 million for the third quarter of 2023, while the average net selling price per dozen fell by 41% to $2.152 on conventional eggs. The average net selling price per dozen on specialty eggs was $2,415, down 8%. The group clearly exceeds the consensus for the closed quarter in terms of sales and earnings per share, despite the decline in gross margin to 31.1% compared to 46.4% a year before.