TORONTO — With improved results in the bakery business and ongoing efforts to recover from a product recall, Maple Leaf Foods returned to profit in the second quarter.
Net earnings for the quarter ended June 30 were C$4,899,000 ($4,516,190), equal to C$0.04 per share on the common stock, which compared with a loss of C$9,353,000 during the same quarter of the previous year. Sales for the quarter were C$1,320,803,000 ($1,217,595,134), down 3% from C$1,355,301,000 during the same quarter of the previous year.
"Our stronger results reflect good performance in our bakery businesses and steady improvement in our prepared meats business, recovering from the product recall of last August," said Michael H. McCain, president and chief executive officer. "We are realizing material positive benefits from the transformation of our protein operations over the past several years, which protected us from challenging commodity markets in the quarter. While we have made good progress, there remains significant value creation opportunity with very positive effects on our financial results."
For the six months ended June 30, the company had net earnings of C$7,770,000 ($7,163,715), or C$0.06 per share, which compared with a loss of C$9,363,000 during the same period of the previous year. Sales for the six months were C$2,600,102,000 ($2,396,949,628), down 2% from C$2,558,564,000 during the same period of the previous year.