US-based egg producer Cal-Maine Foods has reported net income of US$36.7m for its full 2007 fiscal year, against a net loss of $1m recorded 12 months earlier.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Net sales for the full year rose by 25% to $598.1m.
For the fourth quarter, net earnings reached $18.3m, against a net loss of $210,000 in the corresponding period last year. Fourth-quarter net sales rose by 31% to $169.9m.
“Our results for the fourth quarter reflect strong egg prices and a more favourable market,” said chairman and CEO Fred Adams, Jr. “The demand for eggs was good during the quarter, aided by a strong export market. A reduced available egg supply also helped support a more balanced supply-demand equation. Feed costs remain high, primarily due to demand for corn from ethanol producers. However, higher egg prices more than offset the higher cost of feed during the quarter.”
Adams was also bullish about current trading and market conditions. “Looking ahead, egg prices have continued to be strong into our fiscal 2008 first quarter,” he said. “In addition, USDA statistics indicate that the egg supply in the months ahead will be lower than the same time a year ago. All of our operations are running smoothly and we are optimistic about our business for the year ahead.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
