Sugar beet production falls some at Lantic’s Taber facility, but revenue tops $1B for first time

By MEDICINE HAT NEWS on December 2, 2022.

https://www.medicinehatnews.com@MedicineHatNews

Warm weather this fall in southern Alberta hurt sugar content in the sugar beet harvest, Lantic Sugar announced on Thursday while releasing its fourth-quarter financial results.

The company that produces Rogers sugar says its 2022 slicing campaign is well underway and will conclude in February. While deliveries from producers met expected volumes, the company expects lower yield to bring final production at the Taber facility to between 100 million and 110 million tonnes. The total in 2021 was 120 million tonnes.

Revenue for the whole 2022 financial year topped $1 billion for the first time and unadjusted earnings reached $89.5 million.

“Our Sugar segment continued to perform strongly in the fourth quarter of 2022, driving our highest full-year adjusted EBITDA in our 135-year history,” said Mike Walton, president of Lantic Inc.

“Over the next fiscal year, we anticipate stable financial results,” he said citing steady and growing sugar demand, better conditions for the maple division, offset by higher operating costs and inflation.

Capital spending outlined is earmarked for Lantic’s distribution facility in Toronto and early work on a planned expansion at its Montreal production plant.

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