Maple Leaf Foods returns to quarterly profit

Maple Leaf Foods Inc., one of Canada's largest food processors, said on Wednesday (Feb 24) it returned to a fourth-quarter profit helped by better performances in its prepared meats and fresh poultry businesses.

Maple Leaf said it earned CA$21.9 million (US$20.8 million), or CA$0.16 (US$0.15) a share, in the fourth quarter, that ended December 31, compared with a loss of CA$14.6 million (US$13.8 million), or CA$0.12 (US$0.11) a share, in the same period a year earlier.

Adjusted for the impact of restructuring and product recalls, the company earned CA$0.19 (US$0.17) a share, compared with CA$0.12 (US$0.11) for the same period a year earlier. However, revenue slipped 1% to CA$1.32 billion (US$1.24 billion).

According to reports, analysts had expected, on average, earnings per share of CA$0.22 (US$0.20) on revenue of CA$1.33 billion (US$1.25 billion).