Cal-Maine Foods, the nation’s biggest egg producer, experienced a seven-fold year-over-year jump in quarterly profits in the three-month period ending February 25, according to its Tuesday afternoon earnings report.
Cal-Maine Foods, the nation’s biggest egg producer, experienced a seven-fold year-over-year jump in quarterly profits in the three-month period ending February 25, according to its Tuesday afternoonIt's been a profitable time to be in the egg business.Cal-Maine sold 291,000 cartons of a dozen eggs at an average price of $3.30 per carton last quarter, an increase of 1.3% in unit sales compared to the same period last year at more than twice the price.
Thanks to soaring retail egg prices nationwide as Cal-Maine’s competitors dealt with an avian flu outbreak that caused egg shortages, Cal-Maine scored $323 million in profits last quarter, a 718% year-over-year increase and a more than 2,000% increase from the same period in 2021. In a statement accompanying the earnings release, Cal-Maine CEO Sherman Miller defended his company’s surge in profits and warded off price-gouging accusations, noting his company is simply a “producer and distributor” that doesn’t sell directly to consumers and thus does not dictate market prices.
Shares of Cal-Maine jumped 9% in early Wednesday trading, adding more than $200 million in market capitalization. The company also announced it would make a $2.20 quarterly dividend payment to its shareholders, by far its highest dividend yield of the last five years, according to FactSet data.across the country: Analysts polled by FactSet project Cal-Maine’s quarterly revenue and profits to decline 28% and 50% next quarter, respectively, though both metrics will remain well above pre-2022 levels.Cal-Maine is by far the largest egg producer in the U.S.
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