Michael Foods reported a net earnings increase of 52.3 percent for the first quarter ending March 30, while its egg products division saw in 30.9 percent increase in earnings.
The company saw its overall net earnings reach $484.3 million for the quarter, compared to $444.8 million net earnings for the same period a year ago. Its egg products division improved to $16.2 million for the quarter from $12.4 million from the first quarter of 2012.
"In the first quarter, despite continued headwinds associated with weaker consumer demand, we were able to find ways to help many of our customers grow their volumes and revenues," said Michael Foods Chairman and CEO Jim Dwyer. "We also continued to improve our operations while maintaining safety, quality and service standards."
The company's net sales for the quarter saw an increase of 8.9 percent from the same period a year ago, but the egg product sales went up 11 percent.
Quarterly earnings before interest, taxes, depreciation and amortization and other adjustments for the company were at $67.2 million, compared to $61.8 million a year ago, an increase of 8.8 percent. Egg products' adjusted earnings before interest, taxes, depreciation and amortization went from $48.1 million to $52.3 million, an improvement of 8.6 percent.
During a conference call with shareholders on May 13, company officials said they anticipate another quarter of year-over-year growth in terms of volume and earnings before interest, taxes and amortization for the second quarter.
The company saw its overall net earnings reach $484.3 million for the quarter, compared to $444.8 million net earnings for the same period a year ago. Its egg products division improved to $16.2 million for the quarter from $12.4 million from the first quarter of 2012.
"In the first quarter, despite continued headwinds associated with weaker consumer demand, we were able to find ways to help many of our customers grow their volumes and revenues," said Michael Foods Chairman and CEO Jim Dwyer. "We also continued to improve our operations while maintaining safety, quality and service standards."
The company's net sales for the quarter saw an increase of 8.9 percent from the same period a year ago, but the egg product sales went up 11 percent.
Quarterly earnings before interest, taxes, depreciation and amortization and other adjustments for the company were at $67.2 million, compared to $61.8 million a year ago, an increase of 8.8 percent. Egg products' adjusted earnings before interest, taxes, depreciation and amortization went from $48.1 million to $52.3 million, an improvement of 8.6 percent.
During a conference call with shareholders on May 13, company officials said they anticipate another quarter of year-over-year growth in terms of volume and earnings before interest, taxes and amortization for the second quarter.
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