May 26th, 2024

Maple Leaf Foods reports $51.6M Q1 profit, sales edged lower

By The Canadian Press on May 2, 2024.

MISSISSAUGA, Ont. – Maple Leaf Foods Inc. reported a profit in its latest quarter compared with a loss a year ago as its sales edged lower.

The company says its profit amounted to $51.6 million or 42 cents per share for the quarter ended March 31 compared with a loss of $57.7 million or 48 cents per share a year earlier.

Sales totalled $1.15 billion, down from $1.17 billion in the same quarter last year.

The company says sales in its prepared foods operating unit fell 0.4 per cent compared with a year ago, with prepared meat sales up 2.9 per cent offset by a 5.7 per cent drop in plant protein and a 7.1 per cent decline in poultry sales compared with last year.

Pork operating unit sales fell 4.5 per cent compared with the first quarter of 2023.

On an adjusted basis, Maple Leaf Foods says it earned four cents per share in its latest quarter compared with an adjusted loss of 12 cents per share a year earlier.

This report by The Canadian Press was first published May 2, 2024.

Companies in this story: (TSX:MFI)

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