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Maple Leaf Foods posts latest in a string of quarterly profits

MISSISSAUGA, Ont. – Maple Leaf Foods had $31.4-million in net income for the second quarter — the latest in a string of profitable earnings reports since the company completed a major multi-year overhaul of its operations.

The Toronto-area company, based in Mississauga, says it earned 23 cents per share of net income in the second quarter.

That compares with a year-earlier loss of $7.5 million or five cents per share, which marked the beginning of a bottom-line recovery for one of Canada’s largest food companies.

A big reason for the improvement in this year’s second quarter was higher operational earnings from the company’s meat products group, which rose to $62.9 million from $17.7 million last year, as well as lower costs elsewhere.

Maple Leaf’s sales were $854.6 million, compared to $820.8 million last year — primarily from the meat products group in both years.