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Cal-Maine Foods Q1 Results Miss Estimates - Quick Facts

Cal-Maine Foods, Inc. (CALM) reported Monday a net loss of $45.72 million or $0.94 per share for the first quarter, compared to net income of $12.41 million or $0.26 per share in the year-ago quarter.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.85 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined 29.2 percent to $241.2 million from last year's $340.6 million. Analysts were looking for revenues of $254.52 billion for the quarter.

Results for the first quarter of fiscal 2020 include a non-cash impairment charge of $2.9 million related to decommissioning some older, less efficient production facilities as the Company continues to invest in new facilities to meet the increasing demand for specialty eggs and reduce its production costs.

The Company also announced that it will not pay a dividend with respect to the first quarter of fiscal 2020 as it pays a cash dividend to shareholders in an amount equal to one-third of such quarterly income.

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