Cal-Maine Misses Q2 Estimates Amid Perishable Food Sector Weakness

Cal-Maine Foods (NASDAQ:CALM) reported Q2 revenues of $552.6 million, down 49.9% YoY, missing analysts' estimates by 2%. The company's gross margin and EPS also fell short of expectations. Cal-Maine's disappointing quarter was the weakest among the 10 perishable food stocks tracked, which collectively reported revenues beating consensus estimates by 1.6% but with a 4.7% decline in next quarter's revenue guidance. Amidst this news, share prices of the perishable food stocks have declined by an average of 8.8% since the latest earnings results.