Cal-Maine plunges 22% on decreased Q1 earnings

Cal-Maine Foods Inc. (Nasdaq:CALM) lost nearly a quarter of its value this morning after reporting disappointing first-quarter fiscal 2009 earnings.

For the three months ended Aug. 30, the Jackson, Miss.-based fresh egg producer said it earned $11.1 million, or $0.47 per share, on revenue of $206.9 million compared with earnings per share of $18 million, or $0.76 per share, on revenue of $178.6 million in the year-ago period.

In a statement issued before the bell this morning, the company blamed “dramatically” higher feed costs for the decline in earnings.

By late morning, Cal-Maine is at $29.51, down $8.40 from Friday’s close.

For detailed price information and news stories on Cal-Maine Foods, click CALM.

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