• Net profit reaches $23.9m
  • Operating profit amounts to $81.1m
  • Net sales climb 7.6%

US Michael Foods saw its earnings soar in the first six months of the year boosted by reduced costs and growth in its eggs and potato divisions.

In the six months to the end of June, earnings reached US$23.9m from $7.6m a year earlier. Operating profit amounted to $81.1m versus $58.2m in the year ago period.

"Michael Foods performed well in the second quarter, driven by continued growth in eggs and potatoes, cost favourability across our operations and reduced legal expenses versus year ago," said Jim Dwyer.

"Our integration of the Primera Foods egg business is going according to our acquisition plan," he added.

Sales in the period reached $948.6m, a 7.6% increase on the prior year period.

Click here to view the full earnings release.