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Cal-Maine Foods shares tumble on wider-than-expected loss

Mariam Amini

Cal-Maine Foods (CALM) shares closed more than 2 percent lower on Monday after the egg producer's fiscal first-quarter results fell short of expectations.

The Mississippi-based company posted a net loss of 64 cents a share, much wider than the 33 cents a share loss analysts had expected. Revenue also missed forecasts, coming in at $239.8 million versus the $275 million estimated.

The company also said it would not pay a dividend for the quarter.

"As the supply of shell eggs moved higher after the disruptions created by the Avian Influenza outbreak in the spring of 2015, market prices declined," Cal-Maine Foods CEO Dolph Baker said in a statement. "Retail demand remained favorable; however, lower institutional demand for egg products and reduced egg exports pushed inventory levels higher and created additional pricing pressures."

The stock has fallen 28 percent in the past 12 months.

Cal-Maine one-year performance:



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