Cal-Maine Foods, a producer and marketer of shell eggs, reported that its first-quarter (Q1) profit surged from last year, with boost in net sales due to higher volumes and average selling prices.
Quarterly net sales were $356.94m, an increase of 12% from net sales of $319.53m last year. Net income increased significantly to $27.66m, from $8.76m in the same period last year.
The company witnessed continued strong demand from all the major market segments including retail, egg products and exports.
Sales of specialty eggs have continued to trend higher and accounted for 18.8% of total number of shell eggs sold and 26.8% of the company's shell egg sales revenue.
Cal-Maine Foods chairman, president and chief executive officer Dolph Baker said, "We are pleased with our financial and operating performance for the first quarter, marking a strong start to fiscal 2015.
"Looking ahead to the remainder of the year, we are monitoring macroeconomic conditions that could have an impact on Cal-Maine Foods and the egg industry."
The company believes it has the right growth strategy in place and look forward to the opportunities ahead for the company in fiscal 2015.
