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 U.S. egg market according to Reuters, said its average selling price for a dozen eggs in the quarter ending Feb. 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. The jump in revenue and profit had been expected but easily topped forecasts. Shares of Cal-Maine were up 4% in premarket trading.
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