Michael Foods posts Q2 earnings of $10.6 million
Crystal Farms and food service egg products are main drivers.
Michael Foods, based in Minnetonka, Minn., posted earnings of $10.6 million on total sales of $369.1 million for their second quarter of fiscal 2009, ended July 4. Corresponding values for Q2 2008 were $11.2 million and $442.3 million, respectively.
Sales of egg products amounted to 68% of total sales, or $252.5 million. Net contribution from the egg products segment to corporate earnings amounted to $18.7 million (7.4% margin) complementing the $5.8 million derived from the Crystal Farms distribution segment and offsetting a small loss in the potato products segment.
Commenting on the results, Chairman and CEO Gregg Ostrander said: "Our second quarter results continued to reflect the strength and balance within our business portfolio. So far in 2009 Crystal Farms and food service egg products results have been the main drivers," he added.