Cal-Maine Foods Inc (CALM)

If Trump’s threat to impose sweeping 25% tariffs on imports from Canada and Mexico February 1 comes to fruition, it would potentially be hugely impactful to our coverage and a discussion is justified. It bears…

2024 animal protein production was heavily influenced by multiple factors including disease, hurricanes to new feed additives that drove strong weight gains in beef. Early 2025 production has proved far from normal, as well –…

Excluding a contingency adjustment related to the Fassio acquisition, CALM reported Q2 EPS of $4.58, well ahead of consensus, but below our $4.80 estimate. Conventional pricing was materially ahead of our projection, but lower-than-expected produced…

The imminent changeover in Administrations is of greater import for our coverage universe than many other sectors as it portends material changes on multiple fronts, including regulatory policy (food and biofuels) and tariffs. Many of…

Bird flu’s jump to dairy herds has been a game changer for the egg industry, resulting in a nearly year-round threat. There have been multiple large outbreaks over the past month (very early in the…

In an early September WSJ Op-Ed, Robert F. Kennedy Jr. (RFK) laid out prospective policy ideas that warrant examination given his nomination to lead the Department of Health and Human Services (HHS) – his nomination…

Cal-Maine’s Q1 results disappointed relative to both HJR and consensus; relative to HJR, feed costs came in materially lower than our estimate, but were more than offset by lower-than-expected price realization. We had attempted to…

Given the ferocity of Hurricane Helene’s winds and its drenching rains, damage to the broiler industry that is concentrated in the Southeast is to be expected. The industry is no stranger to hurricane damage as…

Due to higher-than-expected egg prices, we have raised our Q1 estimate to $3.19 from $2.70 (cons $2.83) and our full-yr goes to $8.04 from $6.71. Pricing has fallen sharply over the past 2-3 weeks, but…

2024 has borne a striking resemblance to 2014/2015 – sharp contraction in cattle herd (bottomed in 2014, down 9% from 2007 peak), dropping feed costs, bird flu and supply challenges within the broiler industry. This…