JACKSON, Miss. (AP) — Cal-Maine Foods Inc. sold more eggs at higher prices in its fiscal second quarter, boosting profit despite rising feed costs.
Profit rose to $23.3 million, or 97 cents per share, in the quarter ended Nov. 26. That's up 53 percent from $15.2 million, or 64 cents per share, in the 2010 quarter.
Sales at the nation's largest producer of fresh eggs rose to $290.4 million in the quarter, up 24 percent from $234.5 million from a year ago.
CEO Dolph Baker said in a statement that egg demand was higher this year and that the company was aided by increased sales of higher-priced specialty eggs. The average wholesale price of a dozen eggs rose to $1.27 from $1.09, helping Cal-Maine absorb a 20 percent increase in feed costs.
