Cal-Maine Foods 4th-quarter profit soars on prices

By Associated Press
July 28, 2008 | Comments (0)

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Egg producer Cal-Maine Foods Inc. said Monday its fiscal fourth-quarter profit almost doubled because of strong demand and pricing for eggs.

Profit rose 99 percent to $36.6 million, or $1.54 per share, from $18.3 million, or 77 cents per share, a year earlier.

Revenue rose nearly 39 percent to $235.6 million from $169.9 million.

For full-year 2008, profit soared to $151.9 million, or $6.40 per share, from $36.7 million, or $1.55 per share, a year earlier.

Sales jumped around 53 percent to $915.9 million from $598.1 million a year ago.

The company said high egg prices and strong demand for eggs boosted results. Also, the overall supply of eggs was slightly lower than last year, providing a better balance in the market.

"For fiscal 2008, our results reflect very good egg prices, record high feed costs, and a solid performance by the Cal-Maine management team," Chairman and Chief Executive Fred Adams, Jr., said in a statement.

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