We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
CalMaine Foods (CALM) to Report Q4 Earnings: What's in Store?
Read MoreHide Full Article
CalMaine Foods (CALM - Free Report) is anticipated to report a year-over-year decline in earnings reflecting the recent decline in egg prices when it reports its fourth-quarter fiscal 2023 results this month.
Q3 Results
In the last reported quarter, CalMaine Foods delivered earnings per share of $6.62, which marked a solid improvement from earnings of 81 cents per share in the year-ago quarter. Earnings per share also beat the Zacks Consensus Estimate of $5.09 by a margin of 30.1%.
CALM has a trailing four-quarter negative earnings surprise of 20.5%, on average.
CalMaine’s revenues in the third quarter of fiscal 2023 had surged 109% year over year to $997.5 million. This was driven by significantly higher market prices and favorable demand boosted by the busy holiday season.
Q4 Estimates
The Zacks Consensus Estimate for fourth-quarter fiscal 2023 earnings per share for CALM is pegged at $1.38. The estimate has plunged 57% over the past 30 days. The consensus mark indicates a year-over-year decline of 39%.
CalMaine Food’s results in the last reported quarter had benefited from significantly higher average selling prices for conventional eggs, primarily due to fears of reduced supply, stemming from the outbreak of the highly pathogenic avian influenza in the United States in 2022. Volumes had been strong due to solid customer demand.
However, egg prices reversed course this year declining 10.9% sequentially in March, 1.5% in April and 13.8% in May, per the U.S. Bureau of Labor Statistics. This was mainly due to a recovery in egg production amid weaker consumer demand. This is expected to reflect on CalMaine Food’s top-line performance in the fourth quarter of fiscal 2023.
Farm production costs have been high mainly due to elevated feed costs. This is also likely to have weighed on margins in the quarter under review. Nevertheless, the company’s ongoing focus on cost control is likely to have helped counter some of this impact.
What Our Zacks Model Indicates
Our proven model does not conclusively predict an earnings beat for CalMaine Foods this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here, as elaborated below. You can see the complete list of today's Zacks #1 Rank stocks here.
Earnings ESP: The Earnings ESP for CALM is 0.00%.
Zacks Rank: The company currently carries a Zacks Rank of 3.
Price Performance
CALM shares have declined 10.2% in the past year against the industry’s 3.2% growth.
Image Source: Zacks Investment Research
Stocks Poised to Beat Estimates
Here are some stocks which have the right combination of elements to post an earnings beat in their upcoming releases.
The TJX Companies (TJX - Free Report) has an Earnings ESP of +1.85% and a Zacks Rank of 2. The company is expected to report second-quarter fiscal 2024 results on Aug 16. The company’s earnings outperformed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 4.4%.
The consensus estimate for TJX’s to-be-reported quarter’s earnings stands at 76 cents per share, implying a year-over-year increase of 10%. The estimate has moved up 1% over the past 30 days. TJX is expected to report revenues of $12.4 billion, which suggests a 4.7% growth from the year-ago quarter's reported figure.
Lowe's Companies (LOW - Free Report) is expected to report second-quarter fiscal 2023 results on Aug 16. LOW has an Earnings ESP of +0.03% and a Zacks Rank of 3 at present. Its earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 3.7%.
The Zacks Consensus Estimate for LOW’s first-quarter earnings has moved down 1% to $4.52 per share over the past 30 days. The estimate suggests a decrease of 3.2% from the year-ago quarter’s reported earnings. Lowe’s quarterly revenues are projected to decline 8.7% year over year to $25.1 billion.
Deere & Company (DE - Free Report) , expected to release third-quarter fiscal 2023 earnings on Aug 18, has an Earnings ESP of +2.71% and a Zacks Rank of 3. The Zacks Consensus Estimate for Deere’s fiscal third-quarter earnings is currently pegged at $8.11 per share, suggesting a year-over-year improvement of 31.7%. The estimate has been revised downward 0.4% in the past 30 days.
Revenues for the quarter are projected at $14.2 billion, suggesting 9.2% year-over-year growth. DE’s earnings outperformed the consensus estimate in three of the trailing four quarters while missing in one, the average surprise being 7.2%.
Image: Bigstock
CalMaine Foods (CALM) to Report Q4 Earnings: What's in Store?
CalMaine Foods (CALM - Free Report) is anticipated to report a year-over-year decline in earnings reflecting the recent decline in egg prices when it reports its fourth-quarter fiscal 2023 results this month.
Q3 Results
In the last reported quarter, CalMaine Foods delivered earnings per share of $6.62, which marked a solid improvement from earnings of 81 cents per share in the year-ago quarter. Earnings per share also beat the Zacks Consensus Estimate of $5.09 by a margin of 30.1%.
CALM has a trailing four-quarter negative earnings surprise of 20.5%, on average.
CalMaine’s revenues in the third quarter of fiscal 2023 had surged 109% year over year to $997.5 million. This was driven by significantly higher market prices and favorable demand boosted by the busy holiday season.
Q4 Estimates
The Zacks Consensus Estimate for fourth-quarter fiscal 2023 earnings per share for CALM is pegged at $1.38. The estimate has plunged 57% over the past 30 days. The consensus mark indicates a year-over-year decline of 39%.
Cal-Maine Foods, Inc. Price and EPS Surprise
Cal-Maine Foods, Inc. price-eps-surprise | Cal-Maine Foods, Inc. Quote
Factors at Play
CalMaine Food’s results in the last reported quarter had benefited from significantly higher average selling prices for conventional eggs, primarily due to fears of reduced supply, stemming from the outbreak of the highly pathogenic avian influenza in the United States in 2022. Volumes had been strong due to solid customer demand.
However, egg prices reversed course this year declining 10.9% sequentially in March, 1.5% in April and 13.8% in May, per the U.S. Bureau of Labor Statistics. This was mainly due to a recovery in egg production amid weaker consumer demand. This is expected to reflect on CalMaine Food’s top-line performance in the fourth quarter of fiscal 2023.
Farm production costs have been high mainly due to elevated feed costs. This is also likely to have weighed on margins in the quarter under review. Nevertheless, the company’s ongoing focus on cost control is likely to have helped counter some of this impact.
What Our Zacks Model Indicates
Our proven model does not conclusively predict an earnings beat for CalMaine Foods this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here, as elaborated below. You can see the complete list of today's Zacks #1 Rank stocks here.
Earnings ESP: The Earnings ESP for CALM is 0.00%.
Zacks Rank: The company currently carries a Zacks Rank of 3.
Price Performance
CALM shares have declined 10.2% in the past year against the industry’s 3.2% growth.
Image Source: Zacks Investment Research
Stocks Poised to Beat Estimates
Here are some stocks which have the right combination of elements to post an earnings beat in their upcoming releases.
The TJX Companies (TJX - Free Report) has an Earnings ESP of +1.85% and a Zacks Rank of 2. The company is expected to report second-quarter fiscal 2024 results on Aug 16. The company’s earnings outperformed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 4.4%.
The consensus estimate for TJX’s to-be-reported quarter’s earnings stands at 76 cents per share, implying a year-over-year increase of 10%. The estimate has moved up 1% over the past 30 days. TJX is expected to report revenues of $12.4 billion, which suggests a 4.7% growth from the year-ago quarter's reported figure.
Lowe's Companies (LOW - Free Report) is expected to report second-quarter fiscal 2023 results on Aug 16. LOW has an Earnings ESP of +0.03% and a Zacks Rank of 3 at present. Its earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 3.7%.
The Zacks Consensus Estimate for LOW’s first-quarter earnings has moved down 1% to $4.52 per share over the past 30 days. The estimate suggests a decrease of 3.2% from the year-ago quarter’s reported earnings. Lowe’s quarterly revenues are projected to decline 8.7% year over year to $25.1 billion.
Deere & Company (DE - Free Report) , expected to release third-quarter fiscal 2023 earnings on Aug 18, has an Earnings ESP of +2.71% and a Zacks Rank of 3.
The Zacks Consensus Estimate for Deere’s fiscal third-quarter earnings is currently pegged at $8.11 per share, suggesting a year-over-year improvement of 31.7%. The estimate has been revised downward 0.4% in the past 30 days.
Revenues for the quarter are projected at $14.2 billion, suggesting 9.2% year-over-year growth. DE’s earnings outperformed the consensus estimate in three of the trailing four quarters while missing in one, the average surprise being 7.2%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.