Cal-Maine posts improved 1st-qtr on higher pricing
Oct 1 (Reuters) - U.S. egg supplier Cal-Maine Foods Inc
reported improved quarterly results, helped by higher selling prices that mitigated the impact from increased feed costs.
Cal-Maine posted a first-quarter profit of $9.4 million, or 39 cents per share, up from $3.1 million, or $13 cents per share, a year earlier.
Revenue in the quarter ended Sept. 1 rose about 12 percent to $272.9 million.
The company, however, said it expects feed costs to remain high in the current fiscal year due to the drought conditions -- the worst in the United States in half a century -- that damaged the national corn and grain crops.
Jackson, Mississippi-based Cal-Maine's shares closed at $44.94 on Friday on the Nasdaq.
(Reporting by Arpita Mukherjee in Bangalore; Editing by Sreejiraj Eluvangal)
Keywords: CALMAINEFOODS RESULTS/