Post Holdings increased its gross profits $44.4 million to $148.6 million in the third quarter of fiscal year 2014, the first quarter that included financial results of Michael Foods. A company that manufactures and distributes value-added egg products and refrigerated potato products, Michael Foods was acquired by Post Holdings on June 2.
Post Holdings’ third quarter ended June 30.
The company announced on August 7 that of the $148.6 million in gross profits for the third quarter, $48.9 million came from three companies acquired in fiscal year 2013 and four companies, including Michael Foods, acquired in fiscal year 2014.
Post Holdings’ third quarter net sales were $633.0 million, an increase of $375.7 million, or 146.0 percent, when compared to third quarter of the previous year.
Michael Foods sales increase, profits decline for third quarter
Net sales for Michael Foods (including intersegment sales) were $150.5 million for the third quarter and nine months ended June 30. On a comparable basis, net sales for the third quarter of 2014 were up 7.1 percent, or $33.1 million, over the same period in 2013. Segment loss was reported at $12.5 million, having been negatively impacted by an inventory adjustment of $15.8 million resulting from acquisition accounting.
Michael Foods products include those sold under the Papetti's, All Whites, Better'n Eggs, Easy Eggs, Abbotsford Farms, Simply Potatoes and Crystal Farms brands across the foodservice, retail and food ingredient channels.