Cal-Maine Foods Q2 Profit Tops View, But Sales Miss

(RTTNews) - Cal-Maine Foods Inc. (CALM) reported net income of $21.8 million or $0.45 per share, for the second quarter of fiscal 2019, compared to a loss of $26.1 million, or $0.54 per share, for the second quarter of fiscal 2018.

Results for the second quarters of fiscal 2019 and 2018 include charges for certain legal settlements of $1.7 million and $52.8 million, after tax, respectively. Excluding these items, net income was $23.7 million, or $0.49 per hare, compared to $26.6 million, or $0.55 per share last year.

Net sales for the second quarter of fiscal 2019 were $356.0 million, a 1.4 percent decrease, compared to $361.2 million for the second quarter of fiscal 2018. Analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share and revenues of $362.92 million for the quarter. Analysts' estimates typically exclude special items.

For the second quarter of fiscal 2019, Cal-Maine Foods will pay a cash dividend of approximately $0.149 per share to holders of its common and Class A common stock. The dividend is payable on February 14, 2019, to holders of record on January 30, 2019.