Adjusted operating earnings decline at Maple Leaf

by Meat&Poultry Staff
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TORONTO — Adjusted operating earnings were down 7 percent at Maple Leaf Foods Inc. during the second quarter. During the quarter ended June 30 the company had adjusted operating earnings of C$71,885,000 ($71,787,731), equal to C$0.28 per share on the common stock, which compared with C$77,536,000, or $C0.30 per share, during the same quarter of the previous year. Sales for the quarter were C$1,260,250,000 ($1,258,544,747), up 2 percent from C$1,238,201,000 during the same quarter of the previous year.

“Our results rallied significantly from a weak first quarter due to improved profitability in both our fresh bakery and prepared meats businesses,” said Michael McCain, president and CEO. “We’ve implemented selective price increases, grown our core branded businesses and our value creation initiatives are contributing to margin growth. While we made excellent progress in the quarter, we are heading into challenging commodity markets driven by drought conditions throughout North America that will fuel further food inflation. Our business fundamentals are strong and we will take action to manage ongoing cost increases.”

During the quarter, the Protein Group had adjusted operating earnings of C$41,294,000, down 15 percent from C$48,808,000 during the same quarter of the previous year. The segment had sales of C$855,514,000, up 3 percent from C$833,130,000 during the same quarter of the previous year.

The Bakery Products Group had adjusted operating earnings of C$32,150,000, up 8 percent from C$29,884,000 during the same quarter of the previous year. The segment had sales of C$404,736,000, down 2 percent from C$405,071,000 during the same quarter of the previous year.

The company as a whole had adjusted operating earnings of C$112,404,000 during the six months, down 12 percent from $128,223,000 during the same period of the previous year. Sales for the six months were C$2,421,073,000, up 1 percent from C$2,386,143,000 during the same period of the previous year.

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