Michael Foods has booked a jump in first-quarter net earnings due to lower financing costs.

The US food maker said net earnings for the quarter ended 31 March totalled US$9.4m, up from a loss of $0.4m last year.

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“The earnings increase in the current year was primarily due to the 2011 credit agreement refinancing-related costs of approximately $8.1m, the resulting reduction in interest expense,” the group said in a statement yesterday (14 May).

Earnings were also boosted by a “better alignment” of pricing with input costs, the group said.  

EBITDA for the quarter stood at $61.8m, compared to $56.4m in 2011, an increase of 9.6%.

Net sales for the quarter were up 6.6% to $444.8m, compared to $417.1m last year.

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