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Maple Leaf Foods Inc. reports Q3 profit down from year ago, sales up

MISSISSAUGA, Ont. — Maple Leaf Foods Inc. reported its third-quarter profit fell compared with a year ago, hurt by difficult pork market conditions including volatile hog prices and the Chinese import suspension of Canadian pork.

The company says strong performance in prepared meats, value-added pork and poultry and plant protein, and a favourable resolution of an income tax audit was more than offset by the difficult pork market and investments in its plant protein business.

Maple Leaf says it earned $13.4 million or 11 cents per share for the quarter ended Sept. 30 compared with a profit of $26.6 million or 21 cents per share a year ago.

Sales totalled $995.8 million, up from $874.8 million in the same quarter last year.

On an adjusted basis, Maple Leaf says it earned three cents per share in the quarter, down from an adjusted profit of 29 cents per share. 

Analysts on average had expected a profit of 31 cents per share for the quarter, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Oct. 30, 2019.

Companies in this story: (TSX:MFI)

The Canadian Press