US egg firm Cal-Maine Foods has booked an increase in full-year profits as gains from a new venture in the speciality egg market more than offset higher costs from its fresh shell eggs.
In the 12 months ended 2 June, net profit climbed 47.5% to US$89.7m, the company reported today (30 July). Cal-Maine’s Eggland’s Best egg cooperative arranged a joint venture with Land O’ Lakes in May to extend its reach in the speciality egg market.
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Operating profit in the period increased 6.2% to $88.6m, while net sales amounted to $1.11bn compared to $941.9m last year.
“Our operations have continued to run well in fiscal 2012,” said president and CEO Dolph Baker. While our feed costs were high and volatile during the year, our management team has remained focused on executing our strategy of being an efficient, low cost producer.”
This month, the firm also agreed to acquire Pilgrim’s Pride’s commercial-egg operations in a bid to enhance its Texas operations.
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