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Maple Leaf Q3 profit beats on overall sales growth

Reuters — Maple Leaf Foods, one of Canada’s biggest pork processors, posted a quarterly profit that beat analysts’ estimates, helped by growth across all its businesses.

The company, whose brands include Schneiders, Maple Leaf and, since March, Lightlife, said adjusted operating earnings rose to $65.15 million in the third quarter from $61.52 million a year earlier.

Maple Leaf’s sales increased 6.6 per cent to $908.4 million.

The company’s net earnings jumped 18.2 per cent to $37.6 million, or 29 cents per share, in the quarter ended Sept. 30.

Excluding items, the company earned 39 cents per share, beating the average analyst estimate of 38 cents, according to Thomson Reuters I/B/E/S.

The company said the prepared meats business, its biggest, witnessed margin compression due to high raw material costs.

Maple Leaf said it “implemented pricing action” during the latter part of the quarter to address those input costs.

Reporting for Reuters by John Benny in Bangalore. Includes files from Network staff.

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