US dairy and egg products firm Michael Foods has booked a jump in sales and earnings for 2011.
The company said Friday (23 March) that earnings for the year to end-December totalled US$14.3m, compared to a net loss of $31m in 2010.
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The company said its profits were hit in 2010 by merger-related costs, while in the back half of 2010 and throughout 2011 higher depreciation, amortisation and interest expenses weighed on the result. In June 2010, Michael Foods was acquired by GS Capital Partners for US$1.7bn.
It reported a 1.3% increase in adjusted EBITDA for 2011 to $230m. Sales during the period increased 10.3%, climbing to $1.77bn.
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