The leading egg producer in the US, Cal-Maine Foods, saw its revenue double and its profit soar by 718% in the last quarter, due to significantly higher egg prices.

The company’s average selling price for a dozen eggs in the quarter ending on February 25 was $3.30, more than double the previous year’s average of $1.61.

Although the total number of eggs sold only rose 1%, the company’s overall revenue rose 109% to $997.5m.

Despite the expected jump in revenue and profit, it easily topped forecasts, leading to a 4% rise in pre-market trading of Cal-Maine shares.

The company attributes its success to not having any positive tests for avian flu at its production facilities, unlike other producers who were forced to reduce their egg supply, driving up prices.

Print Friendly, PDF & Email