Cal-Maine Foods, the largest U.S. egg producer, increased its revenue 109% while only selling 1% more eggs during the quarter ending February 25, 2023.
The egg producer increased its price for conventional eggs by 152%, more than a dollar higher than the average specialty egg.
Cal-Maine Foods’ eggs were up to $3.68 per dozen, compared to the average $2.62 per dozen.
Reporting from The Blaze:
Sherman Miller, the company's CEO, reportedly told investors that the earnings spike is due to increased average selling prices of conventional eggs, along with high customer demand. "Elevated market pricing continues, primarily due to the impact of the ongoing epidemic of highly pathogenic avian influenza," Sherman reportedly said in a news release. The CEO also claimed that the avian flu has caused increased costs and supply chain problems, but it was also reported that there have been no bird flu outbreaks at any of the production facilities owned or contracted by Cal-Maine Foods.
