US dairy and egg products firm Michael Foods Group has posted profits in its third-quarter.
For the three months ended 1 October, the company reported net earnings of US$570,000 compared to a loss of $5.9m the same period last year.
Go deeper with GlobalData
Last June, Michael Foods was acquired by GS Capital Partners for US$1.7bn. The company said the transaction had a significant impact on earnings in the third quarter and the first nine months of the year due to higher depreciation, amortization of intangibles and interest costs. Adjusted EBITDA stood at $55.3m, down 10.5% on last year.
Operating profit was up 62%, reaching $28.9m for the period. Net sales climbed 7% to $459.5m with $311.7m of these in its egg products sector despite an extra week in last year’s third quarter. The additional week in the 2010 third quarter represented an estimated 7% of the net sales in that period.
For the nine months ended 1 October, the company reported a net loss of $5m. Adjusted EBITDA dropped 3% to $159.1m.
However, net sales for the nine months were $1.2m, up 11% on the same period last year.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
