US: Michael Foods reports higher profits
- Q3 profit up
- Sales boost earnings
- Volumes increase
Volumes were up at Michael Foods in Q3
US food group Michael Foods has booked an increase in third-quarter profits on the back of higher sales and lower finance costs.
The company, which manufactures a range of egg lines, refrigerated potato items and dairy products, posted net earnings of US$8.7m for the three months to 29 September, compared to profits of $570,000 a year earlier. Adjusted EBITDA was up 10.3% at $61m.
Michael Foods pointed to higher volumes and said margins had improved after better matching pricing to its input costs. Net sales increased 2.5% to $470.9m.
President and CEO Jim Dwyer said: "Our volume and revenue growth is being driven by new distribution and increased velocity with existing customers. We are also seeing the continued effectiveness of our pass-through pricing mechanisms and continuous improvement programmes."
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