Post Holdings, parent company of egg products company Michael Foods, reported a net loss for the fourth quarter of fiscal year 2019.
The diversified food company reported a net loss of $61.1 million for the quarter, compared to a net loss of $17.6 million for the fourth quarter of fiscal year 2018. For the full 2019 fiscal year, Michael Foods posted net earnings of $121.7 million, a decline from the fiscal year 2018 net earnings of 457.3 million. The fiscal year for Post Holdings ended on September 30.
Company-wide, Post Holdings reported net sales of $1.44 billion for the fourth quarter, which was a decline from the net sales of $1.63 billion for the fourth quarter of fiscal year 2018.
However, the two business units of Post Holdings that involve egg products both saw increases in net sales.
Segment performances
The Foodservice segment, which primarily involves egg and potato products, saw its net sales rise 4.5% on a year-over-year basis to $417.6 million. Volumes increased 3.7%, driven by increases of 4.2% in egg volumes, the company said in a press release. The segment’s profits also rose to $39.8 million, a 4.7% improvement when compared to the same quarter of fiscal year 2018. For the full year, the Foodservice segment saw its net sales increase 5.1% and its profit rise 25.9% when compared to 2018.
Post Holdings’ Refrigerated Retail segment -- which involves side dishes, egg products, cheese products and sausage products – saw its net sales increase 2% year-over-year for the quarter to $219.1 million, and volumes increase 3.1%. For the full year, the segment’s net sales were up 14.7% to $907.3 million, while the segment profit improved 5.7% to 95.1 million.
Michael Foods, according to the Egg Industry Top Companies rankings, is the sixth largest egg company in the United States. At the conclusion of 2018, it had a flock of 13.29 million hens.
