Michael Foods Group reported financial results for the second quarter of 2013 ended June 29. Aided by growth in its egg products division, the company reported a 6.3 percent increase in net sales to $464.4 million compared to $436.7 million during the second quarter of 2012.
Michael Foods reported net sales in its egg products division of $343.5 million for the second quarter of 2013, up from $310.3 million during the comparable period in 2012. Net earnings in the egg products division were $14.3 million for the second quarter of 2013, up from $4.4 million in the second quarter of 2012.
For the six-month period ended June 29, Michael Foods' egg products division reported net sales of $688.9 million compared to $620.9 million during the first six months of 2012. Net earnings in the division for the six-month period in 2013 were $30.5 million, up from $16.8 million in 2012.
"Michael Foods performed well in the second quarter, driven by continued growth in eggs and potatoes, cost favorability across our operations and reduced legal expenses versus year ago. Cheese and dairy products continue to lag in the face of competitive spending that we are selectively defending. Our integration of the Primera Foods egg business is going according to our acquisition plan," said Jim Dwyer, chairman and CEO.
Overall, net earnings for the second quarter of 2013 were $9.6 million, compared to a loss of $1.7 million in 2012. Net sales for the six months ended June 29 increased 7.6 percent to $948.6 million, compared to $881.5 million in 2012. Net earnings for the six months ended June 29 were $23.9 million, compared to $7.6 million in 2012.
Earnings before interest, taxes, depreciation, amortization and other adjustments for the second quarter of 2013 were $59.5 million, compared to $52.7 million in 2012, an increase of 13 percent. Adjusted EBITDA for the six months ended June 29 were $126.8 million, compared to $114.5 million in 2012, an increase of 10.7 percent.