Post Holdings, parent company of Michael Foods, reported a year-over-year increase in profits for its two business segments that involve its egg operations.
The company, in releasing its financial results for the second quarter of fiscal year 2019 on May 2, reported a 10.5 percent increase in profit for its Foodservice segment, and a 33.8 percent increase in profit for its Refrigerated Retail segment.
Foodservice segment
The Foodservice segment, which primarily includes egg and potato products, achieved a profit of $47.4 million, up from the $42.9 million from the same quarter of the 2018 fiscal year.
The segment’s net sales were up 2.3 percent to $381 million, and on a pro-forma basis, net sales were up 1.6 percent.
Pro-forma volumes increased 0.9 percent for the quarter, driven by a 1.4 percent increase in egg volumes.
Refrigerated Retail segment
The Refrigerated Retail segment, which involves egg, cheese, sausage and side dish products, saw its profit rise $6.7 million to $26.5 million for the quarter.
Net sales were $219.5 million, a decrease of 0.1 percent, or $0.3 million, compared to the reported prior year period. Pro forma net sales decreased 4.4 percent, or $10.1 million, over the same period in fiscal year 2018. Pro forma volumes decreased 1.3 percent as a pro forma 5.5 percent increase in side dish volumes was more than offset by declines in all other products.
Post Holdings’ second quarter ended on March 31.
Post Holdings acquired Michael Foods in 2014. Michael Foods, a producer of table eggs and egg products, is the sixth largest egg company in the United States. At the conclusion of 2018, Michael Foods had a flock of 13.29 hens.
Other business segments for the St. Louis-based Post Holdings are Post Consumer Brands (North American ready-to-eat cereal), Weetabix (International ready-to-eat cereal and muesli), and Active Nutrition (ready-to-drink protein shakes and beverages, powders and nutrition bars).
