Cal-Maine Swings to $58.6M Q1 Loss as Egg Prices Collapse 59%
CALM is trading near its 52-week low of $66.62 (2.4% below the low) on elevated volume (1.8× avg).
Summary
Cal-Maine reported a $58.6M Q1 loss as conventional egg prices fell 59.3% year-over-year. The company suspended its dividend and continues repurchasing shares while investing in Prepared Foods expansion. CEO Sherman Miller said wholesale egg prices fell nearly 60% in September and industry indicators show flock growth moderating.
Updated with a Dow Jones Newswires report · What changed
Updates
· Dow Jones Newswires — CEO Sherman Miller said wholesale egg prices fell nearly 60% in September and industry indicators show flock growth moderating; shares fell 3.4% to $66.22.
- Demand and Product Mix — Underlying demand for eggs remains healthy. Healthy demand for specialty eggs helped mitigate pricing pressures, and specialty eggs and prepared foods accounted for more than half of net sales in the recent quarter.
- Industry Supply Indicators — Industry steps to limit overabundance include slowing breeder activity, increasing chick cancellations, softer hatchery demand, and more aggressive flock rotations. CEO Miller said these indicators do not establish that the market will turn, but they provide important context on the potential direction of supply.
- Q1 Sales — First-quarter net sales fell 42% to $539.6 million, missing Wall Street estimates for $561.6 million. The quarter ended Aug. 29.
- Q1 Loss — The Q1 loss compared with a profit of $199.3 million in last year's comparable period. Analysts polled by FactSet expected a Q1 loss of 77 cents a share.
All 10 details
- Underlying demand for eggs remains healthy.
- Industry steps to limit overabundance include slowing breeder activity, increasing chick cancellations, softer hatchery demand, and more aggressive flock rotations.
- Healthy demand for specialty eggs helped mitigate pricing pressures.
- Specialty eggs and prepared foods accounted for more than half of net sales in the recent quarter.
- First-quarter net sales fell 42% to $539.6 million.
- First-quarter net sales missed Wall Street estimates for $561.6 million.
- The quarter ended Aug. 29.
- The Q1 loss compared with a profit of $199.3 million in last year's comparable period.
- Analysts polled by FactSet expected a Q1 loss of 77 cents a share.
- CEO Miller said these indicators do not establish that the market will turn, but they provide important context on the potential direction of supply.
Key Events · Earnings and Guidance · CALM
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New · · Dow Jones Newswires
CEO Comments on Industry Indicators
CEO Sherman Miller said industry indicators show flock growth moderating. Industry steps to limit overabundance include slowing breeder activity, increasing chick cancellations, softer hatchery demand, and more aggressive flock rotations. CEO Miller said these indicators do not establish that the market will turn, but they provide important context on the potential direction of supply.
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New · · Dow Jones Newswires
Demand and Specialty Sales
Underlying demand for eggs remains healthy. Healthy demand for specialty eggs helped mitigate pricing pressures. Specialty eggs and prepared foods accounted for more than half of net sales in the recent quarter.
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New · · Dow Jones Newswires
Shares Fall 3.4%
Shares fell 3.4% to $66.22.
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Updated · · Dow Jones Newswires
Q1 Loss of $58.6M
Net loss of $58.6M ($1.26/share diluted) vs. $199.3M profit a year ago. Net sales fell 41.5% to $539.6M, or 42% as stated by CEO Miller. First-quarter net sales missed Wall Street estimates for $561.6 million. Analysts polled by FactSet expected a Q1 loss of 77 cents a share. The quarter ended Aug. 29.
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Updated · · Dow Jones Newswires
Conventional Egg Price Collapse
Conventional Shell Eggs average selling price fell 59.3% year-over-year, driving segment loss of $71.0M vs. $168.2M income last year. CEO Sherman Miller said wholesale egg prices fell nearly 60% in September.
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Dividend Suspended
No Q1 dividend under variable policy. Cumulative loss to recover before any future dividend is $94.5M.
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Share Repurchases Continue
Repurchased 66,601 shares for $5.0M in Q1; additional 204,888 shares for $14.9M after quarter-end. $315.7M remains under $500M authorization.
Analysis · CALM · Industrial Applications And Services
A 59.3% collapse in conventional shell egg prices drove Cal-Maine's first quarter to a $58.6 million loss, a sharp reversal from the $199.3 million profit a year ago. The company's cash cushion is eroding—down $156 million from May—even as it invests in Prepared Foods capacity. The variable dividend remains suspended with a $94.5 million cumulative loss to recover, and the company continues buying back stock, spending $19.9 million on repurchases in and after the quarter. The strategic shift toward Specialty and Prepared Foods (now 54% of sales) is the only bright spot, but it cannot offset the commodity price collapse. CEO Sherman Miller said wholesale egg prices fell nearly 60% in September and industry indicators show flock growth moderating, though he cautioned these indicators do not establish that the market will turn.
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At the time of this filing, CALM was trading at $65.00 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $3.2B. The 52-week trading range was $66.62 to $98.44. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.