Egg sales for the Post Holdings subsidiary Michael Foods increased 9.3 percent during the first quarter of fiscal year 2018, the company reported.
Post Holdings, in a press release dated February 1, announced its quarterly financial results for the period ending December 31, 2017. In the release, the company stated that egg sales were up by 9.3 percent when compared to the first quarter of fiscal year 2017, and that increase was driven by a 3.8 percent increase in volume, as well as increased market-based pricing in the ingredient and retail shell egg volumes.
As a whole, Post Holdings’ net sales for the quarter amounted to $1,433.1 million, an increase of 14.7 percent, or $183.3 million, compared to the prior year
Michael Foods’ net sales were recorded at $577.1 million for the first quarter, a year-over-year increase of 6.9 percent. Michael Foods reported a $17 million loss for the first quarter. That loss was largely attributed to a provision for $74.5 million in legal settlements related to egg antitrust class action claims.
Michael Foods, according to the WATTAgNet Top Poultry Companies Database, is the seventh largest egg company in the United States. In 2016, the company’s flock included 12.96 million hens.
Post Holdings acquired Michael Foods from GS Capital Partners for $2.45 billion in 2014.
Post acquisition of Bob Evans Farms completed
The company, in its release, also revealed that it’s acquisition of Bob Evans Farms was finalized on January 12, and that acquisition will be reflected in the financial results of the second quarter.
Bob Evans Farms is a leading producer and distributor of refrigerated potato, pasta and vegetable-based side dishes, pork sausage, and a variety of refrigerated and frozen convenience food items.
Upon the close of the Bob Evans Farms acquisition, Post Holdings formed a refrigerated retail business unit and a foodservice business unit.
