Shares of Cal-Maine Foods (CALM) slumped over 6% in early trading on Wednesday 🐼as the egg producer’s profit plummeted along with the price of eggs.

Cal-Maine reported first quarter fiscal 2024 earnings cratered 99% to $926,000, or $0.02 per share. Analysts had anticipated 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.33. Revenue sank 30.2% to $459.3 millio🐠n, also missing estimates.

The company in🥃dicated that the net average selling price of a dozen eggs fell to $1.59 from $2.28 a year ago. Its sales of eggs dropped to 273,126 dozen versus 275,317 dozen in 2022.

CEO Sherman Miller noted that after reaching r🌄ecord highs in fiscal 2023, average selling prices for shell eggs “have since returned to more normalized levels” as supply recovers from the most recent outbreak of bird flu that dramatically reduced the number of egg-layin🌌g hens. 

Cal-Maine has a variable 澳洲幸运5官方开奖结果体彩网:dividend policy, and because of the drop in income, it will o🐻nly pay $0.006 per share in the first quarter of fiscal 2024. That’s down from $0.755 in the previous quarter and $0.853 in the first quarter of last year.&𓆉nbsp;

Shares of Cal-Maine Foods traded at 20-month lows following the news.