Net sales for the quarter just ended were $206.9 million, up $28.3 million from a year earlier. Cal-Maine is the largest U.S. egg company.
“Egg prices and total dozens sold were both up for the first quarter of fiscal 2009 compared with the same period last year. Demand for eggs was strong in both the retail and food service markets,” says Fred Adams, Jr., Cal-Maine chairman and CEO.
“However, our feed costs were dramatically higher and reduced the company’s earnings for the quarter compared with a year ago,” Adams says. “Corn and soybean meal prices peaked in July, but have dropped substantially in the last few weeks. While estimates for the final crop yields vary widely, it is expected that feed prices will remain volatile and high for the year ahead. USDA statistics indicate that egg supply will remain flat for the next few months.”
