![]() This report by The Canadian Press was first published May 11, 2023. Shares in the company were up almost 10 per cent Thursday at $27.43. On an adjusted basis, Maple Leaf said it lost 12 cents per share compared with an adjusted profit of three cents per share in its first quarter last year.Īnalysts on average had expected an adjusted loss of 10 cents per share and $1.16 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.Īnalyst Irene Nattel at RBC Capital Markets said in a note that Maple Leaf's meat and plant protein businesses delivered marginally better results than forecast. McCain said the company has seen demand in China for pork products go up, as European supply contracts. "Our objective is for the plant protein business to be highly profitable," he said on the call with analysts. Grassfed lean red meat Coconut milk Cottage cheese Eggs Salmon Guava Peas Bison Tuna Turkey Chicken Peanut Butter Beans. Chickpeas compounds include zinc, iron, and folate acid. McCain also said that the company hopes to achieve neutral adjusted earnings before interest, taxes, depreciation and amortization on its plant protein business this year. Chickpeas This healthy food is not only a great source for protein, but also has a substantial mineral and fiber count. Maple Leaf is also taking advantage of renewed access to Chinese markets, he said. McCain said in a news release that the company's supply chain has made "exceptional progress back to full normalization," and the company has been raising prices to mitigate inflation. Plant protein sales fell to $37.4 million compared with $44.9 million a year earlier. The company said the increased revenue came as sales in its meat protein group rose to $1.14 billion compared with $1.09 billion in the same quarter last year. Sales in the quarter totalled $1.17 billion, up from $1.13 billion in the first three months of 2022. ![]() The company said Thursday it lost $57.7 million or 48 cents per share for the quarter ended March 31 compared with a profit of $13.7 million or 11 cents per share in the same quarter last year. McCain said on the call that some of the post-pandemic difficulties the industry has faced are starting to abate. The remarks came as Maple Leaf reported a loss in its first quarter compared with a profit a year ago as it faced a difficult pork market, cost inflation and higher startup expenses. I could not be more thankful or prouder of the team that we have the resilience that they've shown over decades," he said. "Our vision to be the most sustainable protein company on Earth is inspiring and enduring. ![]()
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