Egg Giant's Soaring Profits Amid Price-Fixing Probe
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Cal-Maine Foods, the largest US egg seller, reported a 247% surge in net income to $508.5 million for the quarter ending February, driven by an 80% increase in average egg prices due to the avian flu outbreak. While the company cites increased production and acquisitions, it's also under investigation by the Department of Justice for potential price fixing. Wholesale egg prices have recently fallen from record highs as bird flu cases decline and flocks recover, leading to expectations of lower grocery store prices.
Cal-Maine Foods, the largest US egg seller, reported a 247% surge in net income to $508.5 million for the quarter ending February, driven by an 80% increase in average egg prices due to the avian flu outbreak. While the company cites increased production and acquisitions, it's also under investigation by the Department of Justice for potential price fixing. Wholesale egg prices have recently fallen from record highs as bird flu cases decline and flocks recover, leading to expectations of lower grocery store prices.
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