Shares of Cal-Maine Foods Inc. (CALM) soared 6.62% during intraday trading on Wednesday, following the release of the company's fiscal third-quarter financial results.

The significant price increase is primarily attributed to the egg producer reporting better-than-expected earnings and sales for the quarter. Cal-Maine posted earnings per share of $1.06, which surpassed analyst consensus estimates ranging from $0.70 to $0.82. Furthermore, the company's quarterly revenue of $667 million exceeded the average estimate of approximately $642 million, despite representing a 53% decline from the prior-year period when egg prices were at historic highs.

While the company's profit and sales fell year-over-year due to materially lower conventional egg prices, the results were not as weak as Wall Street had anticipated. Investors responded positively to the earnings beat and the company's ongoing strategic shift towards higher-margin specialty eggs and prepared foods, which now account for over half of its net sales. Management's outlook for a progressive recovery in prepared foods volumes also contributed to the positive sentiment driving the stock higher.