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.
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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.
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By GlobalData
