HomeTrending StocksHere is why Cal-Maine Foods Inc. (CALM) stock declined in the after-hours...

Here is why Cal-Maine Foods Inc. (CALM) stock declined in the after-hours on Tuesday?

Cal-Maine Foods Inc. (CALM) shares declined 7.70% in after-hours on Tuesday, December 28, 2021, and closed the daily trading at $35.35. However, in the regular trading session of Tuesday, CALM’s stock gained 3.79%. CALM shares have risen 1.92% over the last 12 months, and they have moved up 6.06% in the past week. Over the past three months, the stock has gained 6.69%, while over the past six months, it has soared 4.96%.

Let’s have a look at its recent news and developments.


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CALM latest development

On December 28, 2021, Cal-Maine Foods, Inc. (CALM) announced financial results for the second quarter of fiscal 2022.

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Q2 2022 financial highlights

  • CALM reported net sales of $390.9 million in Q2 2022 compared to $347.3 million in the second quarter of fiscal 2021.
  • The cost of sales was $347.15 million in Q2 2022 compared to $288.87 million in Q2 2021.
  • Selling, general and administrative expenses were $47.78 million in Q2 2022 compared to $43.87 million in Q2 2021.
  • It earned a net income of $1.2 million, or $0.02 per basic and diluted common share, for the second quarter of fiscal 2022, compared to net income of $12.2 million, or $0.25 per basic and diluted common share, for the second quarter of fiscal 2021.

CALM participation in the recent event

Cal-Maine Foods, Inc. (CALM) recently participated in the Stephens 2021 Annual Investment Conference which was held on December 1-3, 2021 at The Omni Hotel in Nashville, Tennessee. The chairman and chief executive officer, Dolph Baker, president and chief operations officer Sherman Miller, and vice president and chief financial officer Max Bowman, participated in a fireside chat during the event.

CALM important management changes

On November 18, 2021, Cal-Maine Foods, Inc. (CALM) announced the retirement of Michael D. (Mike) Castleberry, Vice President, and Controller, and the Company’s principal accounting officer, effective early January 2022. Castleberry has held this position since 2014 after serving as Director of Accounting since 2013.

Matt Glover has been named Vice President, Accounting to replace Mike and will transition to the role of principal accounting officer from November 29, 2021.

The company also appointed Jia Scott as Vice President Treasury.

Rhonda Whiteman has been promoted to Vice President, Operational Accounting. Whiteman joined Cal-Maine Foods in 2012 and has held numerous financial positions in areas including accounts payable, purchasing, analytics, and accounting management across the Company.

CALM expanded cage-free egg production

On October 25, 2021, Cal-Maine Foods, Inc. (CALM) Board of Directors approved a $23.0 million capital project to expand the Company’s cage-free egg production at its Okeechobee, Florida, production facility.

The company will construct two cage-free layer houses and one cage-free pullet house with a capacity for approximately 400,000 cage-free hens and 210,000 pullets, respectively. The Company plans to fund the project through a combination of available cash on hand, investments, and operating cash flow.

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Conclusion

Well, the recent financial results were unable to impress the analysts and investors, and hence it faced negativity in the after-markets on Tuesday. It can commence Wednesday pre-market trading with negative momentum as well.

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