JACKSON, Miss. (AP) — Cal-Maine Foods Inc.'s fiscal second-quarter earnings sank 39 percent, as acquisition costs and higher prices for corn and soybean meal outweighed the egg producer's revenue growth.
The Jackson, Miss., company's shares dropped Monday after it announced results for its second fiscal quarter, which ended Dec. 1.
Cal-Maine earned $14.3 million, or 60 cents per share. That compares with $23.3 million, or 97 cents per share, in the 2011 quarter. Revenue rose 13 percent to $328.9 million.
Cal-Maine said corn and soybean meal are its main feed ingredients, and last summer's severe drought brought high corn prices. The company expects feed prices to remain high and volatile for the rest of fiscal 2013.