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Cal-Maine Foods Swings to Profit

Still, shares slip.
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Cal-Maine Foods

(CALM) - Get Report

reported improved results for the fiscal first quarter, but shares of the egg and dairy company were slipping Monday.

The Jackson, Miss., company reported net income of $18 million, or 76 cents a share for the first quarter, compared with a loss of $5.4 million, or 23 cents a share, for the year-earlier period.

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Sales rose to $178.6 million from $115.3 million a year earlier.

"We benefited from excellent egg prices during a quarter that is seasonally weak," said Fred Adams, chairman and chief executive of Cal Maine. "Demand for eggs was good from both retail and food service customers in the U.S. and we also experienced strong export sales to Europe and Japan."

Cal-Maine also said that USDA statistics indicate that the overall egg supply will be "moderate" in the months ahead.

Shares of Cal-Maine recently were down 39 cents, or 1.6%, to $24.85.