Latest news with #Cal-MaineFoods
Yahoo
23-07-2025
- Business
- Yahoo
Higher Egg Prices Lift Results for Cal-Maine Foods; Shares Hit a Record
Shares of Cal-Maine Foods (CALM) traded at an all-time high when the biggest U.S. egg producer easily beat profit and sales estimates on higher prices and volumes. The company reported fourth-quarter fiscal 2025 earnings per share of $7.04, while analysts surveyed by Visible Alpha were looking for $6.28. Revenue soared 72.2% to $1.10 billion, also topping forecasts. The average selling price of eggs was $3.31, a 54.9% jump from the year before. Cal-Maine attributed the rise to 'the reduced supply of shell eggs across the industry due to outbreaks of highly pathogenic avian influenza ('HPAI') during a period of high demand for eggs and egg products around the Easter holiday.' In addition, the company sold 311.4 million dozen, up from 285.6 million in 2024, 'reflecting both organic and inorganic expansion.' CEO Sherman Miller said Cal-Maine 'continued to be resilient through a period of unprecedented challenges for our industry.' Shares of Cal-Maine Foods are up more than 15% in morning trading and have added about 20% of their value in 2025. Read the original article on Investopedia
Business Wire
22-07-2025
- Business
- Business Wire
Cal-Maine Foods Reports Financial and Operational Results for Fourth Quarter and Fiscal 2025
RIDGELAND, Miss.--(BUSINESS WIRE)--Cal-Maine Foods, Inc. (NASDAQ: CALM) ('Cal-Maine Foods' or the 'Company'), today reported financial and operational results for the fourth quarter and fiscal year ended May 31, 2025. Fourth Quarter and Fiscal 2025 Financial, Operational and Business Highlights Quarterly net sales of $1.1 billion and net income of $342.5 million, or $7.04 per diluted share Fiscal year net sales of $4.3 billion and net income of $1.2 billion, or $24.95 per diluted share Record total specialty dozens sold in the quarter due to continued strong consumer demand and the added production from ISE America, Inc. which was acquired in the first quarter of fiscal 2025 Significant progress on proactive steps to add production capacity and help mitigate the egg supply shortage across the country, including: An 18% increase in the average number of layer hens during the fourth quarter of fiscal 2025, compared to the prior-year quarter, reflecting re-start of prior-year facility outages and both organic and inorganic expansion A 48% increase in the Company's breeder flocks as of the end of the fourth quarter of fiscal 2025 compared to the end of the prior-year quarter A 56% increase in total chicks hatched during the fourth quarter of fiscal 2025 compared to the prior-year quarter Continued progress on ongoing organic expansion projects that are expected to add approximately 1.1 million cage-free layer hens and 250,000 pullets and contract production of 1.2 million free range layer hens Added production support through the integration of recently acquired assets, including the processing facilities from ISE America, Inc. and feed mills from Deal-Rite Feeds, Inc. Announced the acquisition of Echo Lake Foods, a producer and marketer of quality prepared foods, with the transaction closing subsequent to the end of the fourth quarter of fiscal 2025 on June 2, 2025 Declared a cash dividend of approximately $114.2 million, or approximately $2.35 per share, pursuant to the Company's established dividend policy Ceased to be a 'controlled company' upon conversion of all of the Company's Class A Common Stock into Common Stock Completed an underwritten public offering of Common Stock by the Company's founder's family Purchased approximately $50 million of its Common Stock, or 551,876 shares, pursuant to the Company's $500 million share repurchase program, leaving approximately $450 million remaining under the share repurchase program Commenting on the fourth quarter of fiscal 2025 results, Sherman Miller, president and chief executive officer of Cal-Maine Foods, stated, 'Our results for the fourth quarter of fiscal 2025 marked a strong finish to a challenging, but successful year of transformation for Cal-Maine Foods. We continued to advance our growth strategy in a dynamic market environment, maintained a strong focus on safely, efficiently and sustainably managing our operations, added production capacity to meet customer demand and stayed disciplined in our investments. 'Following the end of the fourth quarter, we closed the acquisition of Echo Lake Foods, which aligns with our strategy to diversify our product portfolio by expanding our prepared foods offerings. We are excited about the new market opportunities that Echo Lake Foods provides for Cal-Maine Foods, our customers and our shareholders, and we look forward to continuing to work together on a successful integration,' added Miller. Key Fourth Quarter and Fiscal 2025 Financial Drivers Net sales for the fourth quarter of fiscal 2025 were $1.1 billion compared with $640.8 million for the same period last year. Net income attributable to Cal-Maine Foods for the fourth quarter of fiscal 2025 was $342.5 million, or $7.04 per diluted share, compared with $113.2 million, or $2.32 per diluted share, for the fourth quarter of fiscal 2024. The higher net sales were primarily driven by an increase in the net average selling price of shell eggs and also reflected higher volumes sold. The higher market prices were a direct result of the reduced supply of shell eggs across the industry due to outbreaks of highly pathogenic avian influenza ('HPAI') during a period of high demand for eggs and egg products around the Easter holiday. Net sales for fiscal 2025 were $4.3 billion compared with $2.3 billion for fiscal 2024. Net income attributable to Cal-Maine Foods for fiscal 2025 was $1.2 billion, or $24.95 per diluted share, compared to $277.9 million, or $5.69 per diluted share. The increase in sales revenue was primarily due to an increase in the net average selling price of eggs as well as an increase in the dozens sold reflecting both organic and inorganic expansion. For the fourth quarter of fiscal 2025, the net average selling price per dozen was $3.305 compared with $2.133 for the fourth quarter of fiscal 2024. The net average selling price generally reflects a blend of higher market-based prices for most conventional eggs with lower negotiated-price arrangements for specialty eggs, based on long-standing pricing frameworks with customers that the Company has honored throughout the various cycles that characterize the egg industry. Overall demand for shell eggs was strong during the fourth fiscal quarter, which included the busy Easter holiday season. The Company sold 311.4 million dozen shell eggs, representing a 9.0% increase, including the contribution from acquisitions, compared with 285.6 million dozens for the fourth quarter of fiscal 2024. Sales of conventional eggs totaled 189.6 million dozens, compared with 180.5 million dozens for the prior-year period, an increase of 5.0%. Specialty egg volumes also increased by 16.0% to a record 121.8 million dozens sold for the fourth quarter of fiscal 2025 compared with 105.0 million dozens sold for the prior-year period. Fourth quarter farm production costs per dozen remained relatively flat compared to the prior-year period as the Company benefited from more favorable commodity pricing for key feed ingredients that were offset with higher facility costs. For the fourth quarter of fiscal 2025, feed costs per dozen were down 2.2% compared with the fourth quarter of fiscal 2024. Costs for outside egg purchases increased significantly quarter-over-quarter, primarily due to higher shell egg prices. Max Bowman, vice president and chief financial officer of Cal-Maine Foods, commented, 'Our financial results reflect Cal-Maine Foods' ability to respond to the challenges of a dynamic market. Our strategic focus on both organic growth and adding production capacity through acquisitions allowed us to meet customer demand with favorable results. As always, we remain focused on optimizing the aspects of our business in which we have operating control and managing efficiently and safely regardless of the market environment.' Additional details on the fourth quarter and fiscal 2025 financial drivers are shown in the chart below. Fourth Quarter and Fiscal 2025 Key Statistics 13 Weeks Ended 52 Weeks Ended May 31, 2025 June 1, 2024 May 31, 2025 June 1, 2024 Dozen Eggs Sold (000) 311,393 285,555 1,282,611 1,147,633 Conventional Dozen Eggs Sold (000) 189,563 180,513 812,396 746,687 Specialty Dozen Eggs Sold (000) 121,830 105,042 470,215 400,946 Dozen Eggs Produced (000) 287,993 243,851 1,135,955 1,018,835 % Specialty Sales (dozen) 39.1 % 36.8 % 36.7 % 34.9 % % Specialty Sales (dollars) 30.3 % 38.9 % 29.5 % 41.7 % Net Average Selling Price (per dozen) $ 3.305 $ 2.133 $ 3.134 $ 1.932 Net Average Selling Price of Conventional Eggs (per dozen) $ 3.784 $ 2.062 $ 3.490 $ 1.730 Net Average Selling Price of Specialty Eggs (per dozen) $ 2.559 $ 2.254 $ 2.519 $ 2.309 Feed Cost (per dozen) $ 0.493 $ 0.504 $ 0.490 $ 0.550 Expand HPAI Comments Outbreaks of HPAI have continued to occur in U.S. poultry flocks. In calendar year 2024, 40.2 million commercial layer hens and pullets were depopulated due to HPAI, and in calendar year 2025, an additional 39.0 million commercial layer hens and pullets have been depopulated through May. HPAI is currently widespread in the wild bird population worldwide and no farm is immune from HPAI. The extent of possible future outbreaks in commercial laying hens, with heightened risk during migration seasons, cannot be predicted. The widely reported spread of HPAI in dairy cattle increases risks to Cal-Maine Foods' operations and those of other egg producers. According to the U.S. Centers for Disease Control and Prevention, the human health risk to the U.S. public from the HPAI virus is considered to be low. Also, according to the USDA, HPAI cannot be transmitted through safely handled and properly cooked eggs. There is no known risk related to HPAI associated with eggs that are currently in the market and no eggs have been recalled due to HPAI. Dividend Payment and Share Repurchases For the fourth quarter of fiscal 2025, Cal-Maine Foods will pay a cash dividend of approximately $2.35 per share to holders of its Common Stock. The dividend is payable on August 19, 2025, to holders of record on August 4, 2025. The final amount paid per share will be based on the number of outstanding shares on the record date. Pursuant to Cal-Maine Foods' variable dividend policy, for each quarter in which the Company reports net income, the Company pays a cash dividend to shareholders in an amount equal to one-third of such quarterly net income. Following a quarter in which the Company does not report net income, the Company will not pay a dividend with respect to that quarter or for a subsequent profitable quarter until the Company is profitable on a cumulative basis computed from the date of the most recent quarter for which a dividend was paid. On February 25, 2025, the Company announced that its Board of Directors approved a new share repurchase program that authorizes the Company, in management's discretion, to repurchase shares of Cal-Maine Foods' Common Stock from time to time up to an aggregate purchase price of $500 million. During the fourth quarter fiscal 2025, the Company repurchased approximately $50 million of its Common Stock, or 551,876 shares, from the Company's founder's family members, leaving approximately $450 million remaining under the share repurchase program. The Company expects to opportunistically repurchase shares from time to time in the open market, subject to market conditions and other factors. Looking Ahead Miller added, 'Cal-Maine Foods has continued to be resilient through a period of unprecedented challenges for our industry. We are extremely proud of our teams across our operations who have remained focused on managing our operations in a responsible manner while navigating the ongoing risks associated with HPAI. Our consistent ability to meet the demands of our customers is a testament to our ability to execute our strategy regardless of market conditions. As a leader in our industry, we are mindful of our critical role in providing an affordable, high-value protein option to support the nation's food supply. We believe we have a proven operating model and the operational scale that allows us to continue to expand our shell egg production capacity and product mix, both organically and through strategic acquisitions. With the addition of Echo Lake Foods, we have a significant opportunity to continue to pursue additional growth in our prepared foods portfolio, which we expect will diversify our product offering, leverage our existing distribution channels and expand our reach in retail, quick service restaurants, and other food service customers. 'Looking ahead to fiscal 2026, we believe Cal-Maine Foods is well-positioned to continue delivering on our growth and returns strategy with our leading production capability, fully integrated operations, expanding product portfolio, broad distribution reach and commitment to financial discipline. Above all, we remain committed to Cal-Maine Foods' unwavering mission to be the most sustainable producer and reliable supplier of consistent, high quality fresh shell eggs, egg products and prepared foods in the country. We look forward to the year ahead for Cal-Maine Foods as we pursue the opportunities before us and deliver value to all our stakeholders.' About Cal-Maine Foods Cal-Maine Foods, Inc. is primarily engaged in the production, packaging, marketing and distribution of fresh shell eggs, including conventional, cage-free, organic, brown, free-range, pasture-raised and nutritionally enhanced eggs, as well as a variety of egg products and prepared foods. The Company, which is headquartered in Ridgeland, Mississippi, is the largest producer and distributor of fresh shell eggs in the nation and sells most of its shell eggs throughout the majority of the United States. Forward Looking Statements Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management's current intent, belief, expectations, estimates and projections regarding our Company and our industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include, among others, (i) the risk factors set forth in the Company's SEC Filings (including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K), (ii) the risks and hazards inherent in the shell egg business (including disease, pests, weather conditions, and potential for product recall), including but not limited to the current outbreak of HPAI affecting poultry in the U.S., Canada and other countries that was first detected in commercial flocks in the U.S. in November 2023 and that first impacted our flocks in December 2023, (iii) changes in the demand for and market prices of shell eggs and feed costs, (iv) our ability to predict and meet demand for cage-free and other specialty eggs, (v) risks, changes, or obligations that could result from our recent or future acquisition of new flocks or businesses, such as our acquisition of Echo Lake Foods completed June 2, 2025, and risks or changes that may cause conditions to completing a pending acquisition not to be met, (vi) our ability to successfully integrate and manage the business of Echo Lake Foods and realize the expected benefits of the acquisition, including synergies, cost savings, reduction in earnings volatility, margin expansion, financial returns, expanded customer relationships, or sales or growth opportunities, (vii) our ability to retain existing customers, acquire new customers and grow our product mix including our prepared foods product offerings, (viii) the impacts and potential future impacts of government, customer and consumer reactions to recent high market prices for eggs, (ix) potential impacts to our business as a result of our Company ceasing to be a 'controlled company' under the rules of The Nasdaq Stock Market on April 14, 2025, (x) risks relating to potential changes in inflation, interest rates and trade and tariff policies, (xi) adverse results in pending litigation and other legal matters, (xii) global instability, including as a result of the war in Ukraine, the conflicts involving Israel and Iran, and attacks on shipping in the Red Sea. The Company's SEC filings may be obtained from the SEC or the Company's website, Readers are cautioned not to place undue reliance on forward-looking statements because, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. Further, forward-looking statements included herein are made only as of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we disclaim any intent or obligation to update publicly these forward-looking statements, whether because of new information, future events, or otherwise. CAL-MAINE FOODS, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (Unaudited) (In thousands, except per share amounts) SUMMARY STATEMENTS OF INCOME 13 Weeks Ended 52 Weeks Ended May 31, 2025 June 1, 2024 May 31, 2025 June 1, 2024 Net sales $ 1,103,658 $ 640,789 $ 4,261,885 $ 2,326,443 Cost of sales 572,148 454,353 2,411,000 1,784,872 Gross profit 531,510 186,436 1,850,885 541,571 Selling, general and administrative 94,917 57,781 314,449 252,625 (Gain) loss on involuntary conversions - (13,603 ) 156 (23,532 ) (Gain) loss on disposal of fixed assets 742 70 (259 ) 26 Operating income 435,851 142,188 1,536,539 312,452 Other income, net 17,348 9,773 66,603 47,519 Income before income taxes 453,199 151,961 1,603,142 359,971 Income tax expense 111,069 39,031 384,910 83,689 Net income 342,130 112,930 1,218,232 276,282 Less: Loss attributable to noncontrolling interest (345 ) (311 ) (1,816 ) (1,606 ) Net income attributable to Cal-Maine Foods, Inc. $ 342,475 $ 113,241 $ 1,220,048 $ 277,888 Net income per common share: Basic $ 7.05 $ 2.32 $ 25.04 $ 5.70 Diluted $ 7.04 $ 2.32 $ 24.95 $ 5.69 Weighted average shares outstanding: Basic 48,554 48,761 48,719 48,717 Diluted 48,678 48,902 48,891 48,873 Expand CAL-MAINE FOODS, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (Unaudited) (In thousands) SUMMARY BALANCE SHEETS May 31, 2025 June 1, 2024 ASSETS Cash and short-term investments $ 1,392,100 $ 812,377 Receivables, net 272,361 162,442 Inventories, net 295,670 261,782 Prepaid expenses and other current assets 7,979 5,238 Current assets 1,968,110 1,241,839 Property, plant and equipment, net 1,026,684 857,234 Other noncurrent assets 89,825 85,688 Total assets $ 3,084,619 $ 2,184,761 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $ 194,208 $ 189,983 Dividends payable 114,163 37,760 Current liabilities 308,371 227,743 Deferred income taxes and other liabilities 210,233 159,975 Stockholders' equity 2,566,015 1,797,043 Total liabilities and stockholders' equity $ 3,084,619 $ 2,184,761 Expand
Business Wire
18-07-2025
- Business
- Business Wire
Cal-Maine Foods, Inc. Announces Publication of Fiscal 2024 Sustainability Report
RIDGELAND, Miss.--(BUSINESS WIRE)--Cal-Maine Foods, Inc. (NASDAQ: CALM) today released the Company's updated Fiscal 2024 Sustainability Report, which highlights Cal-Maine Foods' progress on the Company's key sustainability initiatives. As in previous reports, the Company is providing updated information utilizing select portions of the United Nations Sustainable Development Goals and Sustainability Accounting Standards Board (SASB) framework. Sherman Miller, president and chief executive officer of Cal-Maine Foods, stated 'We are proud of our sustainability achievements over the past year as highlighted in Cal-Maine Foods Fiscal 2024 sustainability report. This report marks the sixth consecutive year to share our progress with our stakeholders, confirming our commitment to continuously enhance our practices. Since our founding in 1957, we have seen significant growth in our operations and market reach. At the same time, we have upheld a deep-rooted commitment to ethical business practices, responsible growth and environmental stewardship. Our key sustainability initiatives reflect the same values that have shaped our culture and governance and guided our relationships with our valued customers, employees, the communities where we live and work, the environment, and the chickens under our care. Above all, we strive to be true to our mission to be the most sustainable producer and reliable supplier of consistent high-quality fresh eggs, egg products, and prepared foods in the country, demonstrating a 'Culture of Sustainability' in everything we do.' The report may be found on the Company's website at About Cal-Maine Foods Cal-Maine Foods, Inc. is primarily engaged in the production, packaging, marketing and distribution of fresh shell eggs, including conventional, cage-free, organic, brown, free-range, pasture-raised and nutritionally enhanced eggs, as well as a variety of egg products and prepared foods. The Company, which is headquartered in Ridgeland, Mississippi, is the largest producer and distributor of fresh shell eggs in the nation and sells most of its shell eggs throughout the majority of the United States.
Euronews
10-07-2025
- Business
- Euronews
Trump administration sues California over egg prices, blames red tape
The US government sued California over its regulation of eggs and chickens, claiming that "unnecessary red tape' provoked an egg price spike across the country. 'The laws and regulations challenged by the complaint impose costly requirements on farmers that have the effect of raising egg prices for American consumers by prohibiting farmers across the country from using commonly accepted agricultural methods that helped keep eggs affordable,' said a statement from the Department of Justice. The lawsuit, filed in Los Angeles, targeted three pieces of legislation: AB 1437, Proposition 2 and Proposition 12. It argued that nationwide egg regulation is the responsibility of the federal government, rather than states, to allow for 'national uniformity'. California can regulate farms within the state, but it cannot impose requirements on eggs from other states that are sold in California, said the lawsuit. The disputed laws impose a number of requirements related to food safety and animal welfare. For example, Proposition 2 prevents farmers from confining a chicken to the extent where it is unable to "lie down, stand up, fully extend its limbs, and turn around freely'. This is not the first time that California's egg regulations have sparked legal challenges. Six states sued California in 2014, although the plaintiffs lost the case in both a federal district court and a court of appeals. In March this year, the US Department of Justice also launched an investigation to determine whether egg producers were price fixing during the bird flu outbreak. Major producer Cal-Maine Foods, probed by the DOJ, reported net income of $508.5mn for the December to February quarter, a 247% year-on-year increase. In 2024, egg prices rose 65%, although they started to fall again in April this year. Earlier this year, Turkey agreed to send 5,000 tonnes of eggs to the US by July to help alleviate the shortage.
Time of India
20-06-2025
- Time of India
Crack in the case: 280,000 eggs vanish from top US producer — then a bizarre ransom note shocks investigators
The Great Egg Heist: How 280,000 Eggs Vanished in a $100,000 Scam- A bizarre egg theft has stunned authorities, leaving one big question: how did 280,000 eggs—worth nearly $100,000—disappear from a Maryland farm without a trace? What began as a routine delivery ended with a criminal mystery, potential corporate controversy, and the involvement of America's largest egg producer—Cal-Maine Foods. How did 280,000 eggs just vanish from a Cal-Maine farm? On April 11, 2025, a truck rolled into Warwick, Maryland, to pick up 280,000 large and extra-large brown eggs from a Cal-Maine farm. The shipment was headed to Florida. Everything seemed normal—until it wasn't. Five days later, the eggs never arrived. When the Florida-based freight broker contacted the farm to confirm delivery, they were met with silence and confusion. The shipping documents were legitimate, but something didn't add up. The trucker listed on the paperwork wasn't the one who picked up the eggs. That's when the real drama began. In April 2025, a routine shipment of brown eggs was scheduled to be delivered from Maryland to Florida by a freight broker contracted with Cal-Maine Foods. But instead of arriving at its final destination, the shipment was rerouted to Staten Island, where it vanished without a trace. Live Events The shipment, which included 18 pallets of large and extra-large brown eggs, never reached the intended buyer. Who is behind the egg heist? According to law enforcement and industry insiders, the scam was part of an elaborate freight fraud operation . Here's how it unfolded: A con artist using the name "Bernardo" posed as a legitimate freight broker on a trucking platform. He hijacked the identity of a real trucking company to appear credible. The driver assigned to pick up the load had no idea he was delivering the shipment to the wrong location. Once the eggs were delivered to an unknown facility in Staten Island, the fraudster sent a bizarre ransom note demanding $7,500 through Zelle or wire transfer for the 'safe return' of the stolen eggs. Investigators believe the trucker was duped , not complicit, and authorities are still searching for the real 'Bernardo,' who remains at large. What is Cal-Maine saying about the theft? Cal-Maine has confirmed the disappearance of the egg shipment and is cooperating with federal authorities. However, the company is already facing scrutiny from the U.S. Department of Justice , which is investigating potential anti-competitive practices and pricing manipulation. Lawmakers are now weighing legislation that could cut federal subsidies to large egg producers like Cal-Maine if they are found to engage in market exploitation. Who is Cal-Maine foods and why does this matter? Cal-Maine Foods is the nation's largest egg supplier, producing more than 13 billion eggs each year. They supply to major retailers including Walmart, Costco, and various house brands like Eggland's Best and Land O'Lakes. Roughly one in five eggs sold in the U.S. comes from Cal-Maine. The stolen eggs were part of their recent $110 million expansion in Maryland, where they acquired 4,000 acres and 4.7 million hens from ISE America in 2024. Despite this, Cal-Maine remained quiet after the theft—refusing interviews and offering no public statement. Could this be linked to soaring egg prices and public outrage? In recent years, egg prices have surged due to outbreaks of bird flu and tight supply. At one point, federal agents were seizing eggs more often than drugs at the U.S. border. In March 2023, consumers were paying over $6–$10 per dozen. Meanwhile, Cal-Maine—who didn't lose any hens to bird flu—reported quarterly profits 169 times higher than the year before. Farmers and lawmakers have accused the company of price gouging. Angela Huffman, co-founder of Farm Action, even sent a formal complaint to the FTC and DOJ, asking them to investigate. By April 2025, the Justice Department confirmed it had launched an antitrust investigation into Cal-Maine and other major egg producers. Three days after Cal-Maine posted record profits and executives sold off millions in shares—280,000 eggs vanished. Was the egg heist an inside job or organized scam? Detective William Muller of Cecil County Sheriff's Office took over the case. Working with the freight broker, Minh Dang, investigators learned that the eggs had been picked up by someone posing as a legitimate trucker. The job had been posted on DAT, a major freight matching site. The thief, calling himself 'Bernardo,' passed all standard security checks. But the truck wash receipt pointed to a different name. Dang's calls were ignored—until one reply came in: 'You need to zelle or wire $7,500 if you want your eggs.' Detectives now suspect a freight fraud operation where criminals impersonate truckers to steal valuable goods. It's a growing trend in the logistics industry. But eggs—fragile and time-sensitive—were never a common target until prices exploded. What happened to the eggs after staten island? The hired trucker, who had no idea he was involved in a scam, followed orders and delivered the cargo—not to Florida, but to a random parking lot in Staten Island. There, a temporary loading dock was set up. He fell asleep in his cab and woke up to find the eggs—and the people—gone. Authorities believe the eggs were offloaded and likely sold to small grocery stores and bodegas in New York City. A local bagel shop owner joked he would've welcomed cheap eggs but was never approached. The investigation hit a dead end, with the scammer—still known only as 'Bernardo'—remaining at large. Why is cargo theft on the rise in 2025? The egg heist highlights a growing trend in organized cargo theft, especially of high-value consumer staples. Industry reports show a 35% increase in food and beverage cargo thefts in the U.S. since 2023. The reason? Surging food prices, labor shortages, and weak digital security in logistics systems have created the perfect storm. Eggs, in particular, have become a hot commodity. Prices soared in early 2025 after a severe avian flu outbreak, pushing wholesale egg prices up by nearly 28% year-over-year. Cal-Maine, which controls roughly 20% of the U.S. egg market, has come under fire for alleged price-gouging. Is this just the beginning of more food cargo thefts? Experts say freight fraud, especially involving perishable goods, is on the rise. The sharp increase in egg value made them a black-market commodity. Organized crime rings have adapted quickly, using phishing, stolen identities, and insider information to intercept shipments. In the case of Cal-Maine's heist, all signs point to a well-planned operation. The motive? It could've been financial, or even symbolic—a rebellious strike against what some see as corporate greed. Detective Muller believes price pressure, public frustration, and poor oversight created the perfect storm for a crime like this. What's next for cal-maine, the justice department, and America's egg supply? The egg market remains under scrutiny. Average carton prices are still 69% higher than a year ago, though they've dropped sharply since news of the DOJ investigation surfaced. A new bill introduced in Congress seeks to block federal relief funds from going to large egg corporations with record profits. Cal-Maine, for its part, denies all wrongdoing and says it's simply a 'price taker' in a complex supply chain. Angela Huffman, now back on her Ohio farm, says she's still watching the story unfold closely. 'It's about more than eggs,' she says. 'It's about fairness.' As for the Maryland farm, workers are beefing up their security—just in case the bunny, or someone much worse, tries again. FAQs: Q1: What is the Great Egg Heist involving Cal-Maine Foods? A: It's the theft of 280,000 eggs worth $100,000 from a Maryland farm through a freight scam. Q2: Why is Cal-Maine under investigation by the DOJ? A: The DOJ is investigating Cal-Maine for alleged price gouging and antitrust violations in the egg market.
