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JACKSON, MISS. - Egg producer Cal-Maine Foods Inc. said Monday its fiscal first-quarter profit fell 38 percent, as higher feed costs outpaced strong demand for eggs.
| CALM | 22.52 |  0.87 |
Profit for the quarter ended Aug. 30 fell to $11.1 million, or 47 cents per share, from $18 million, or 76 cents per share last year.
Revenue rose 16 percent to $206.9 million from $178.6 million last year.
"Demand for eggs was strong in both the retail and food service markets," said Chief Executive Fred Adams Jr. in a statement. "However, our feed costs were dramatically higher and reduced the Company's earnings for the quarter compared with a year ago."
Corn and soy bean prices peaked in July but have fallen substantially in the last few weeks, Adams said.
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