On Monday, Cal-Maine Foods Inc (CALM) reported lower first quarter profits as its production costs increased.
The Jackson, MS-based company reported first quarter net income of $8.8 million, or 36 cents per share, down from $9.4 million, or 39 cents per share a year ago. On average, analysts expected to see earnings of 36 cents per share.
Total revenue for the quarter rose 17% to $319.5 million from $272.9 million last year.
CALM reported that its feed costs rose 7% during the quarter, but the company is expecting these costs to fall for the rest of FY2014.
Cal-Maine has also declared its next dividend payment of 6.8 cents. This dividend will be paid on November 14 to shareholders of record on October 30.
Cal-Maine Foods shares were mostly flat during pre-market trading Monday. The stock is up 22% YTD.The Bottom Line
Shares of Cal-Maine Foods Inc (CALM) have a 3.46% yield based on Friday’s closing price of $48.91.
Cal-Maine Foods Inc (CALM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.