Cal-Maine Foods, the largest egg producer in the United States, reported revenue doubled and profit surged 718% last quarter because of sharply higher egg prices
The company, which controls about 20% of the US egg market according to Reuters, said its average selling price for a dozen eggs in the quarter ending February 25 was $3.30, more than double the average of $1.61 a year earlier. Despite the higher prices, the total number of eggs it sold edged up 1%, so its overall revenue rose 109% to $997.5 million. That doubling of revenue was nothing compared to its profits, however. Net income soared to $323.2 million from only $39.5 million a year ago.
But Cal-Maine said in its earnings statement that there have been no positive tests for avian flu at any of its owned or contracted production facilities. Egg producers’ pricing decisions have been criticized by some politicians, who accuse them of profiteering and price gouging.
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