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Cal-Maine Foods (NASDAQ:PATIENCE) stock crash 14.5% on Thursday as a lack of earnings and signs of pandemic-related supply shortages eased.
Shares of the Mississippi-based company fell more than 16% at the lows of the day, the drop not only due to milder Profits are expected in the quarterly report posted in the hours before the market opens, but based on signs that shortages may ease.
“These results reflect the current market environment characterized by record average selling prices for conventional eggs, primarily due to reduced supply associated with the outbreak,” explains CEO Sherman Miller. outbreak of highly pathogenic avian influenza in the US and good customer demand”. “There have been no positive tests for HPAI at any Cal-Maine Foods-owned or contracted manufacturing facility as of December 28, 2022.”
As flu shortages look set to move into 2023, analysts warn that a downward trend could lie ahead. That is especially true as feed costs continue to rise and put pressure on the company.
Read more about income results.
