Maple Leaf Foods Inc. reported a loss of $26.2 million in its latest quarter compared with a loss of $53.7 million a year earlier as it prepares for a spin-off of its pork business.
Last month, Maple Leaf announced plans to hive off its pork business into a new publicly traded company, a transaction expected to close in 2025.
The company said its loss amounted to 21 cents per diluted share for the quarter ended June 30 compared with a loss of 44 cents per diluted share for the same quarter last year.
Several elements contributed to the improved performance in Maple Leaf's second quarter, said president and CEO Curtis Frank in a press release, including sales growth in prepared meats, better pork market conditions, growth in the company's sustainable meats portfolio, a better overall sales mix, and contributions from large capital projects.
Capital expenditures in the quarter were $16 million, down from $53 million a year earlier, reflecting the completion of large capital projects. The company expects that as the year progresses, it will continue to see returns from investments into its London, Ont., poultry plant and the Bacon Centre of Excellence in Winnipeg.
Sales in the quarter totalled $1.26 billion, down from $1.27 billion a year earlier.
Sales for Maple Leaf's prepared foods business rose about one per cent, while sales for its pork business fell 4.2 per cent compared with last year.
On an adjusted basis, Maple Leaf says it earned 18 cents per share in its latest quarter compared with a break even result on an adjusted per share basis a year ago.
Maple Leaf said that for the full 2024 year, it expects low single-digit revenue growth. It also expects its adjusted margin will expand compared with 2023 thanks to several factors including the return on its large capital investments as well as operational and cost efficiencies.
This report by The Canadian Press was first published Aug. 8, 2024.
Companies in this story: (TSX:MFI)
This is a corrected story. An earlier version incorrectly stated the change in prepared food sales.
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