Cal-Maine Foods Earnings Fall; Meets Estimates (CALM)

On Monday, Cal-Maine Foods Inc (CALM) reported lower first quarter profits as its production costs increased.

The Jackson, MS-based company reported first quarter net income of $8.8 million, or 36 cents per share, down from $9.4 million, or 39 cents per share a year ago. On average, analysts expected to see earnings of 36 cents per share.

Total revenue for the quarter rose 17% to $319.5 million from $272.9 million last year.

CALM reported that its feed costs rose 7% during the quarter, but the company is expecting these costs to fall for the rest of FY2014.

Cal-Maine has also declared its next dividend payment of 6.8 cents. This dividend will be paid on November 14 to shareholders of record on October 30.

Cal-Maine Foods shares were mostly flat during pre-market trading Monday. The stock is up 22% YTD.