Michael Foods profit, net sales down in second quarter
Post Holdings segment's profit cut in half during quarter ending March 31, 2017
Michael Foods reported a segment profit of $42.7 million during the second quarter of the 2017 fiscal year, less than half of the $89.6 million profit reported during the second quarter of fiscal year 2016.
Michael Foods – the egg, potato, cheese and pasta segment of Post Holdings, also reported net sales of $515 million for the quarter, a 7.7 percent year-over-year decline. The company partially attributed this decline to reduced pricing related to the rollback of the temporary component of avian influenza pricing, and reduced market-based pricing in the ingredient and retail shell egg channels.
As a whole, Post Holdings reported a net loss of $4 million for the quarter, compared to a net income of $4.9 million that was achieved during the same period in the 2016 fiscal year. Post Holdings’ net sales for the second quarter were around $1.26 billion, down from net sales of about $1.27 billion for the second quarter of 2016.
The second quarter of fiscal year 2017 ended on March 31.
Michael Foods, which according to the WATTAgNet Top Poultry Companies Database, was the seventh largest egg company in the United States in 2016. The company has a flock of about 12.96 million hens.
Michael Foods was acquired by Post Holdings in June 2014. Since that time, Post Holdings has acquired Willamette Egg Farms and National Pasteurized Eggs. Both acquired companies have been consolidated into Post’s Michael Foods subsidiary.