Michael Foods, the US egg-to-dairy group, has booked an increase in sales and earnings for 2013.
The company revealed today (21 March) that net earnings rose to US$50.36m in the 12 months to 28 December, up from $30.09m in the prior year. Adjusted EBITDA totalled $257.84m in the period, compared to $242.8m in 2012.
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Sales growth at the company’s egg and potato businesses offset a decline in cheese revenues. Total sales increased to $1.95bn in the period, compared to $1.86bn the year before.
“We saw solid growth across the egg and potato businesses behind customer wins. The cheese and dairy business began to respond in the fourth quarter to our focus on core product lines and markets. We are delighted to deliver another record year of EBITDA,” chairman and CEO Jim Dwyer commented.
Michael Foods has been the subject of recent takeover speculation, with reports suggesting interest from Tyson Foods. Fresh speculation this week has added Treehouse Foods to the list of would-be acquirers.
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