Eggs-Tortion? Profits for Largest U.S. Egg Producer Soar 718%

Remember when the price of eggs soared, and providers said it was inflation and higher transportation costs and a sudden drop in production and some kind of avian flu?

Pepperidge Farm remembers.

But it turns out that Cal-Maine Foods, the largest U.S. producer, more than doubled its revenue last quarter to nearly a billion dollars because of sharply higher egg prices — and profits surged 718%. And production wasn’t down. Cal-Maine, which controls about 20% of the domestic egg market, said the total number of eggs it sold rose by 1%, CNN reported.

The company said the average selling price for a dozen eggs in the quarter ending February 25 was $3.30. That’s more than twice what a dozen cost a year earlier, when its average price was $1.61, Cal-Maine said. Thus, net income soared to $323.2 million from just $39.5 million a year ago, CNN reported.

In January, the cost of a dozen eggs surpassed the price of a pound of beef, marking the first time that’s happened since the U.S. Bureau of Labor Statistics (BLS) began keeping data in 1980. The average price of a dozen large Grade A eggs ran at $4.82 in January 2023, while a pound of ground beef was $4.64, the BLS said. In January 2022, eggs were $1.93, and beef was $4.77, but egg prices have soared by 70% in the last year alone, according to the bureau. (Read more from “Eggs-Tortion? Profits for Largest U.S. Egg Producer Soar 718%” HERE)

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