Michael Foods reported its egg products division had net earnings for the year ending December 29, 2012, of $48.5 million, and $17.2 million for fourth quarter of 2012. The egg products division's figures compare to $50 million and $11.5 million earned for the year and fourth quarter from 2011.
Michael Foods, which also has refrigerated potato products plus cheese and dairy case products divisions, reported overall net earnings at $30.1 million for the year, up from $14.3 million in 2011. Earnings for the final quarter of 2012 were reported at $13.7 million, down from $19.3 million during the final quarter of 2011.
The company's annual and quarterly financial reports were announced on March 22.
"We drove volume and revenue in a volatile environment, gaining share in most of our businesses with continued emphasis on value-added products," said James Dwyer, Michael Foods president and CEO. "Our continuous improvement efforts paid dividends by improving service and quality levels while providing savings to offset increasing costs. While pricing lagged cost increases in the fourth quarter, we are confident in our pass-through pricing process and value-added portfolio. Michael Foods Inc. is well-positioned to continue to grow in the coming year."