Cal-Maine Foods Inc. CALM, -0.48% said Monday it had net income of $60.5 million, or $1.24 a share, in its fiscal fourth quarter to May 30, after a loss of $19.8 million, or 41 cents a share, in the year-earlier period. Sales rose to $453.3 million from $280.6 million. The FactSet consensus was for EPS of $1.20 and sales of $454.0 million.
“After three fiscal quarters characterized by an oversupply of eggs and depressed market prices, demand for eggs increased and market prices rose 62.4 percent during our fourth fiscal quarter over the average price for the first three quarters, as consumers purchased more eggs for preparing meals at home in response to the COVID-19 pandemic,” Chief Executive Dolph Baker said in a statement.
The demand trend coincided with the Easter season, a peak for egg sales.
The supply of eggs has continued to trend downward through the quarter, he said, as hen numbers fell by 13.9 million to 319.8 million, according to USDA numbers.
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