Cal-Maine Foods says egg prices continue to move higher due to reduced supply

CFO Max Bowman says: "Egg prices have continued to move higher in fiscal 2023 due to the effects of a further reduction in supply related to the impact of the HPAI outbreak, combined with good customer demand buoyed in the second quarter of fiscal 2023 by typical seasonal consumer demand. Conventional egg net average selling price per dozen increased to $2.883 compared with $1.151 a year ago, and both conventional and specialty egg revenue reached record levels for the second quarter of fiscal 2023. Net average selling price for specialty eggs rose 24.9% to $2.370 per dozen, compared with $1.898 per dozen for the second quarter of 2022. We saw our highest ever quarterly sales of specialty eggs of $227.8 million, or 29.4% of total shell egg revenue. Specialty dozens sold were 33.8% of total dozens sold compared with 28.7% in the prior-year period."