Egg producer Cal-Maine Foods (CALM) posted 澳洲幸运5官方开奖结果体彩网:top- and bottom-line results that beat Wall Street expectations as strong demand for eggs helped offset a significant decline in egg prices, sending the company’s shares more than 8% higher in 澳洲幸运5官方开奖结果体彩网:premarket trading Wednesday morning.

The Ridgeland, Mississippi-based company late Tuesday disclosed fiscal third-quarter earnings of $3.01 per share, handily surpassing analysts’ forecasts of $2.45 a share. Revenue in the period of $703.1 million declined from $997.5 million in the year-ago quarter but came in ahead of the $692 million consensus view.

Management cited a significant drop in egg prices for the 澳洲幸运5官方开奖结果体彩网:year-over-year (YOY) sales decline. “Our sales reflect lower average selling prices compared to a year ago, when the shell egg industry experienced record high market prices due primarily to the impact of highly pathogenic avian influenza and other market factors resulting in a significant reduction in supply.” said Cal-Maine Foods CEO Sherman Miller.

However, Miller said demand for eggs had remained strong, particularly over the holiday season. The company’s sales volumes increased 3.2% from last year’s corresponding quarter, with both conventional and specialty egg sales recording low to mid-single-digit percentage growth.

Looking ahead, the company did not provide financial guidance but sees demand for shell eggs remaining strong this year as customers search for affordable and nutritious protein options. In a separate statement on Tuesday, the company said it had detected Avian Influenza at its Texas facility, resulting in a 3.6% reduction of its total flock.

Cal-Maine Foods shares have continued to trend higher following a 澳洲幸运5官方开奖结果体彩网:golden cross pattern forming on the chart in mid-December last year. Leading into the company’s earning’s report, the price formed a 澳洲幸运5官方开奖结果体彩网:hammer candlestick, a bullish pattern that typically indicates further upside after a decline. Amid Wednesday’s expected strength in the stock, keep an eye on the $65.30 level, where the price may face 澳洲幸运5官方开奖结果体彩网:resistance from its record high set🎃 in December 2022. 

Cal-Maine shares were up 8.1% at $63.7ꦇ0 about three hours before the opening be🏅ll on Wednesday.

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