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Cal-Maine Foods Stock Jumps as Strong Egg Demand Boosts EarningsKey Level to Watch [Video]

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Egg producer Cal-Maine Foods (CALM) posted 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 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 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 …

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