Even though the price of eggs has gone up by more than 100%, Cal-Maine Foods, which makes the most eggs in the US, has made 718% more money than it did in the previous quarter.
CNN said that Reuters said that the business controlled 20% of the U.S. egg market. A dozen eggs from Cal-Maine cost an average of $1.61 in the first quarter of 2022. A year later, on February 25, the end of the quarter, that number went up to $3.30.
The company made more than twice as much money, or $997.5 million, because it sold 1% more eggs than it did the year before.
The business is making a scary amount of money. The business made $39.5 million in profit a year ago. CNN says that the business had a quarterly profit of $323,2 million, which is a 718 percent increase from the same time last year.
Because of the avian flu, it’s very hard for the egg business to make eggs, but Cal-Maine says they haven’t seen a single case.
Politicians have said that egg producers charge too much for their eggs.
Warren (D-MA) and Porter (D-CA) wrote to Cal-Maine, “American families who work hard to put food on the table deserve to know if the higher prices they are paying for eggs are a fair response to a lack of eggs or out-of-control corporate greed.”
CNN says that the price of eggs has started to go down, but they are still 55% more expensive than they were a year ago. The most recent predictions of U.S. inflation are used to figure this out.