Prices for eggs rose significantly and avian bird flu continued to affect egg production, but Cal-Maine beat Wall Street expectations.
Cal-Maine Foods Inc. on Tuesday reported that sales more than doubled and its profit increased eightfold in the third quarter, as prices for eggs rose significantly and even as avian bird flu continued to affect egg production.
The... Cal-Maine Foods Inc. on Tuesday reported that sales more than doubled and its profit increased eightfold in the third quarter, as prices for eggs rose significantly and even as avian bird flu continued to affect egg production. The largest egg producer and distributor in the United States reported third-quarter net income of $323.2 million, or $6.62 a share, compared with $39.5 million, or 81 cents a share, in the year-ago period. Revenue more than doubled to $997.5 million from $477.5 million in the year-ago quarter. The average selling price per dozen eggs rose to $3.68, compared with $1.46 in the year-ago period.
Mississippi-based Cal-Maine did not provide numbers for a fourth-quarter outlook, though it did say “the [highly pathogenic avian influenza] HPAI outbreak will continue to exert downward pressure on the overall supply of eggs.” Analysts had forecast earnings of $2.99 a share on revenue of $697.6 million.
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