Preliminary results show drop in Post Holdings earnings
Parent company of egg processor Michael Foods releases preliminary financial results for most recent quarter
Post Holdings, the parent company of egg processor Michael Foods, released preliminary figures for the third quarter of fiscal year 2016, showing net earnings of about $3.3 million and net sales of about $1.25 billion.
The third quarter ended on June 30.
Those unaudited figures represent a sizeable decrease in net earnings when compared to the third quarter of fiscal year 2015. Post Holdings reported net earnings of $19.8 million during that quarter. In terms of net sales, Post Holdings experienced a small increase. The company’s net sales were reported $1.21 billion during the third quarter of fiscal year 2015.
Headquartered in St. Louis, Post Holdings is a consumer packaged goods holding company operating in the center-of-the-store, foodservice, food ingredient, private label, refrigerated and active nutrition food categories, according to the company’s website. Post Holdings entered the U.S. egg industry in 2014 when it acquired Michael Foods from GS Capital Partners for a price of $2.45 billion. Post’s Michael Foods division grew in 2015, when it acquired Willamette Egg Farms for a price of $90 million. The Willamette Egg operations were consolidated into Post Holdings’ Michael Foods division.
According to the WATTAgNet Top Poultry Companies Database, Michael Foods houses 13.45 million hens.