Revenue for the second quarter of fiscal 2023, which ended November 28, was $802 million, an increase of 110% year-over-year. Net income for the period he was close to $199 million, compared to just $1.2 million in the same period last year. $4.07 per share. All these numbers are company records.
Sales and earnings were driven by pricing, while volumes were up 5%. The question arises here: where is the shortage in supply?
“These results reflect the current market, which is characterized by record average selling prices for conventional eggs, largely due to reduced supplies related to the outbreak of highly pathogenic avian influenza in the United States and high customer demand. It reflects the market environment.
The company said the average selling price of conventional eggs for the quarter was $2.88 per dozen, compared with $1.15 a year earlier. None of our production facilities tested positive for avian influenza.”