June 14th, 2024

Maple Leaf Foods reports $4.3M Q3 loss, sales edge higher from year ago mark

By The Canadian Press on November 2, 2023.

A Maple Leaf Foods plant in Toronto is shown on Oct. 19, 2011. THE CANADIAN PRESS/Frank Gunn

TORONTO – Maple Leaf Foods Inc. reported a loss of $4.3 million in its latest quarter compared with a loss of $229.5 million a year earlier when the company took a large one-time, non-cash impairment charge related to its plant protein business.

The company says the loss amounted to four cents per share for the quarter ended Sept. 30 compared with a loss of $1.86 per share in the same quarter last year.

Sales in the company’s third quarter totalled $1.25 billion, up from $1.23 billion a year earlier.

On an adjusted basis, Maple Leaf says it earned 13 cents per share for the quarter compared with an adjusted loss of a penny per share a year ago.

Analysts on average had expected an adjusted profit of 21 cents per share and $1.30 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.

In its outlook, Maple Leaf says its capital expenditures for 2023 are expected to be about $200 million, down from its earlier guidance of less than $250 million.

This report by The Canadian Press was first published Nov. 2, 2023.

Companies in this story: (TSX:MFI)

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