Adjusted operating earnings down 7% at Maple Leaf

by Staff
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TORONTO — Adjusted operating earnings were down 7% 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% 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 H. McCain, president and chief executive officer. “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% from C$48,808,000 during the same quarter of the previous year. The segment had sales of C$855,514,000, up 3% 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% from C$29,884,000 during the same quarter of the previous year. The segment had sales of C$404,736,000, down 2% 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% 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% from C$2,386,143,000 during the same period of the previous year.

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