Maple Leaf Foods Quarterly Profit Rises 19 Percent

Canadian meat-packaging company Maple Leaf Foods Inc reported a 19 percent rise in quarterly profit on Thursday as it sold more pork products

The company, whose brands include Schneiders frozen meat and Larsen sausages, said adjusted operating earnings increased 24 percent to C$75 million ($60.2 million) in the second quarter ended June 30.

“Maple Leaf earned 41 Canadian cents per share compared with 32 Canadian cents a year earlier”

 

Maple Leaf, one of Canada’s biggest pork processors, is on the hunt for acquisitions in the United States, after years spent upgrading old factories and shedding business lines.

In February, the company bought U.S.-based Lightlife Foods Inc, a manufacturer of plant-based protein foods, for $140 million, Maple Leaf’s first deal since 2004.

Net earnings rose to C$37.3 million, or 28 Canadian cents per share, in the quarter, from C$31.4 million, or 23 Canadian cents, a year earlier.

On an adjusted basis, Maple Leaf earned 41 Canadian cents per share compared with 32 Canadian cents a year earlier.

Sales rose to C$925.9 million from C$854.6 million.

Reuters by Anirban Paul in Bengaluru; Editing by Martina D’Couto