Egg producer Cal-Maine Foods (CALM) is up $1.19, or 4%, at $32 this morning after the company announced fiscal Q2 sales below estimates but beat profit expectations.
Q2 revenue for the three months ended November 28 fell 4% to $229 million, yielding profit per share of 67 cents. Analysts were expecting $233.65 million and 66 cents.
Management remarked egg supply and demand are respecting to be in favorable balance.
The company will pay a 17-cent-per-share cash dividend on February 11 to shareholders of record on Jan 27, it said. The company began a variable dividend policy on November 30, 2007, to replace its prior fixed dividend policy.
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