Maple Leaf Profit Misses Estimates on Weak Pork Prices
Canadian packaged meat producer Maple Leaf Foods Inc missed analysts’ estimates for quarterly profit on Thursday, as weak pork prices offset growth in its prepared meats
Reuters
Pork prices have taken a beating from the Sino-U.S. trade war, with China’s retaliatory tariffs affecting demand from the South Asian country, which is the world’s biggest pork importer.
“the company earned 29 Canadian cents per share, missing analysts’ average estimate of 34 Canadian cents”
Excluding items, the company earned 29 Canadian cents per share, missing analysts’ average estimate of 34 Canadian cents, according to IBES data from Refinitiv.
Maple Leaf’s net earnings slumped 80 percent to C$11.9 million ($9 million), or 10 Canadian cents per share, in the fourth quarter ended Dec. 31, as the company recorded a C$40.7 million charge related to its investment in a poultry facility in Ontario.
Sales rose to C$893.9 million from C$876.8 million.
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