CALM - Cal-Maine Foods, Inc. Makes “Best of the Best” List
28 December 2007Today CALM - Cal-Maine Foods, Inc. reported some pretty darn good earnings. Good enough to get them on our “Best of the Best” list for Q4-07. You need to check out CALM - Cal-Maine Foods earnings for yourelf, paying attention to this past years earnings history and share price change.
With todays earnings announcement their stock price jumped to a new high of $31.45 but pulled back by the close to $27.32, up $1.47 (+5.69%) all on record volume of 4,468,371 shares, which is more than 8 times its average daily trading volume of 534,000 shares.
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., said, “We are very pleased with our results for the second quarter of fiscal 2008. These results reflect the favorable market conditions, with egg prices reaching record levels during the quarter. All of our operations performed well during the period. The egg industry has received positive reports from both the medical and nutritional communities, and eggs continue to represent a good value compared with other food products. As a result, demand for fresh eggs was strong for both the retail and food service markets as well as demand for eggs used for liquid, frozen and dried egg products. The export markets have also been very strong this year, and we expect Europe, the United Kingdom, Japan and the Middle East to be good markets for eggs in 2008.”
Adams added, “Looking ahead, our feed costs remain high, and we expect this trend to continue with the high demand for corn for ethanol use creating additional price pressures. However, both the egg industry and the USDA predict that egg production will be similar to 2007 levels, and this should support profitable egg prices for the year ahead.”
Cal-Maine Foods, Inc. primary business is the production, grading, packing and sale of fresh shell eggs. Headquartered in Jackson, Mississippi, Cal-Maine Foods is currently the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in approximately 29 states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States.
With the stock up over 300% this past year, what I need to see is a continuation of an uptrend and a true breakout above the past recent high of $28.75 set 10/09/07. -Harvey
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