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Egg producer Cal-Maine swings to Q2 profit amid rising prices

43525 egg producer cal maine swings to q2 profit amid rising prices

Cal-Maine Foods Inc. , the No. 1 egg producer and distributor in the U.S., swung to a profit in the fiscal fourth-quarter as the average price of its shell eggs rose nearly 30%. Cal-Maine said it earned $110 million, or $2.25 a share, in the quarter, contrasting with a loss of 9 cents a share in the year-ago period. Sales rose 70% to $593 million, the company said. Analysts polled by FactSet expected Cal-Maine to report earnings of $1.84 a share on sales of $576 million. “Fiscal year 2022 results reflect stable demand and an improved shell egg net average selling price, up 29.7%, to $1.579 per dozen,” the company said…

Source: Marketwatch

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