Shares in Cal-Maine Foods (NASDAQ:CALM) Inc slumped 5% in post-market trading after a drastic fall in egg prices hit the company’s second-quarter results.
Net income fell more than 90% during the quarter from US$199 million to US$17 million, the company reported on Wednesday.
This came as the price of eggs fell by 50% over the same period from US$2.88 to US$1.46 per dozen, with Cal-Maine reporting a 1.4% uptick in sales volumes.
“We continued to focus on the aspects of our business we can control and manage our operations efficiently,” chief financial officer Max Bowman commented.
Shares fell 5% to US$52.00.