A spike in egg prices has squeezed customers. But even with rising costs of its own, the leading US egg supplier has found that it can make even more money out of every egg.
The egg shortage has enabled record quarterly profits and sales at Cal-Maine Foods\n \n , the largest producer and distributor of eggs in the United States. The company produces brands such as Farmhouse Eggs, Sunups, Sunny Meadow, Egg-Land’s Best and Land O’ Lakes eggs. Cal-Maine’s profit increased 65% to $198 million during the three months ended Nov. 26 from a year ago. A supply shock triggered by the deadliest outbreak of a highly pathogenic avian influenza in US history has driven up prices.
And as supply remains tight and its profits surge, Cal-Maine said it expects the outbreak to continue to affect the overall supply of eggs this year. Cal-Maine on December 28 reported record quarterly sales of $801.7 million, a 110% increase compared with the same quarter last year. The company said it was “driven by record average conventional egg selling price” to its retail customers. Cal-Maine’s net average selling price per dozen conventional eggs for the quarter was $2.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
On the Front Lines of the Western Water Wars - CNN One Thing - Podcast on CNN AudioDespite recent rainstorms in California, the decades-long megadrought in the West shows no signs of easing. As a result, some states have been forced to pull back on the water they use from the Colorado River. In this episode, we hear the story of one Arizona community forced to take legal action against the city of Scottsdale after being cut off from its water supply – and why it could serve as a warning to the rest of the country as the climate crisis continues. Guest: Lucy Kafanov, CNN Correspondent
Read more »
Egg shortage sends New Zealanders rushing to buy their own hens | CNN BusinessEggs have soared in cost around the world over the past year as avian flu decimated chicken flocks and fallout from Russia's war with Ukraine raised the prices of energy and animal feed.
Read more »
Southwest pilots, others to get bonus pay for working during meltdown | CNN BusinessSouthwest Airlines has agreed to pay its pilots an estimated $45 million in bonus 'gratitude pay' for working through the company's service meltdown during the holiday travel period at the end of last year.
Read more »
Shopping carts keep disappearing from stores | CNN BusinessShopping carts keep wandering away from their stores, draining taxpayers' coffers, causing blight and frustrating local officials and retailers.
Read more »
Here are the companies that have laid off employees this year -- so far | CNN BusinessJust this week, Alphabet, Google's parent company, Microsoft and Vox Media announced layoffs that will affect more than 22,000 workers.
Read more »
Watch Aubrey Plaza give a tour of 'SNL' | CNN Business“I was actually voted the most famous person from Delaware. I beat Joe Biden.” SNL host Aubrey Plaza shared on honor she received from her home state.
Read more »