Cal-Maine Foods' 2Q Earnings Climb 83 Percent on Egg Demand
(AP) — NEWS: Cal-Maine Foods Inc. said Monday that its fiscal second-quarter net income jumped 83 percent on higher demand for its eggs.
DETAILS: Cal-Maine, which is based in Jackson, Miss., said its acquisition last year of egg producer Maxim Production Co. helped boost its results.
In the second quarter, dozens of eggs sold rose 6 percent to 252.8 million from 238.1 million a year ago.
The company also said specialty eggs, which cost more than regular ones, have become more popular with customers. Besides conventional eggs, Cal-Maine also produces cage-free, organic and nutritionally enhanced eggs.
NUMBERS: Net income rose to $26.1 million, or $1.08 per share, for the quarter ending Nov. 30. That compares with $14.3 million, or 60 cents per share, a year earlier.
Revenue rose 8 percent to $354.3 million in the second quarter from $328.9 million from a year ago.
STOCK: In premarket trading Monday, shares rose 10 cents to $60.35.