April 24th, 2024

Maple Leaf Foods reports $9.3M Q4 loss compared with $41.5M loss a year earlier

By The Canadian Press on February 22, 2024.

MISSISSAUGA, Ont. – Maple Leaf Foods Inc. reported a fourth-quarter loss of $9.3 million compared with a loss of $41.5 million a year earlier.

The meat processor says the loss amounted to eight cents per share for the quarter ended Dec. 31 compared with a loss of 34 cents per share in its fourth quarter of 2022.

Sales totalled $1.19 billion for the quarter, about the same as a year earlier.

Sales for the company’s meat protein business amounted to $1.16 million, up from $1.15 billion in the fourth quarter of 2022, while plant protein sales totalled $36.5 million, down from $40.0 million a year earlier.

On an adjusted basis, Maple Leaf says it earned eight cents per share in its latest quarter compared with an adjusted loss of 28 cents per share in the fourth quarter of 2022.

Maple Leaf also announced that Adam Grogan has been promoted to the role of chief operating officer, while Casey Richards has been posted to the newly created job of president, Maple Leaf Foods USA.

This report by The Canadian Press was first published Feb. 22, 2024.

Companies in this story: (TSX:MFI)

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