US: Prices, volumes boost Cal-Maine results
Cal-Maine enjoyed higher sales and earnings
US egg supplier Cal-Maine Foods has reported higher nine-month sales and profits, helped by increased volumes and improved selling prices.
Net income reached US$77.7m in the period to 1 March, compared to $54.3m a year earlier. Operating income stood at $98.5m, versus $66.9m a year ago.
The higher earnings came as net sales increased 11.1% to $1.07bn.
The improved results year-on-year were boosed by better sales and profits in Cal-Maine's third quarter.
Chairman, president and CEO Dolph Baker said Cal-Maine's net sales were up 10% in the company's third quarter.
"The higher sales reflect both improved volumes through the holiday season and higher average selling prices compared with the third quarter of fiscal 2013. Consumer demand for shell eggs has been strong at the retail level for both generic and specialty eggs, supported by below average temperatures across the country. In addition, the egg products segment of the industry has continued to experience strong demand due to the introduction of breakfast items at many quick serve restaurants, as well as increased exports."
Baker said lower feed costs also contributed to Cal-Maine's improved profits in the third quarter.
Cal-Maine, meanwhile, appointed Wil Webb, the general manager of its operations in Edwards in Mississippi, as its vice president of operations.
- What next for Nestle under new CEO Schneider?
- Unilever is "working harder" in tough environment
- Hemp food sales in the US set for growth
- Nestle catering for an ageing global population
- Brexit and UK food market policymaking
- Unilever sees growth but spreads decline continues
- Dairy Crest sees "momentum" in spreads
- Campbell's Soup's sustainable growth strategy
- Campbell takes Unilever to court in Australia
- Job cuts imminent as General Mills restructures