Spike in Egg Prices , Means Surging Profits for , Top US Egg Supplier.
The surging price of eggs means consumers are getting hit with another price hike.
However, the top egg supplier in the U.S. is currently taking in quarterly profits that have broken records. .
Cal-Maine Foods (CALM) is currently the nation's most significant egg distributor and producer.
Since Nov. of 2021, CALM has reported a 65 percent increase in profits from Sep. 2022 through Nov. 2022. .
In addition, .
... the company reported in December a 110 percent quarterly profit increase from the same quarter in 2021.
CALM's finance chief
cited three reasons for the
record increase in profits.
The significantly higher selling prices, our enduring focus on cost control, , Max Bowman, Cal-Maine’s Finance Chief, via CNN.
... and our ability to adapt to inflationary market pressures led to improved profitability overall, Max Bowman, Cal-Maine’s Finance Chief, via CNN.
The U.S. egg supply was hit by a deadly outbreak of avian flu. .
According to the
Centers for Disease Control and Prevention, .
... nearly 50 million egg-producing birds have died due to the outbreak since the beginning of 2022.
The outbreak led to an 11.1 percent increase in the prices of eggs from Nov. of 2022 to Dec. of 2022