Maple Leaf Foods Q4 Net Earnings Increase
Maple Leaf Foods has reported net earnings of CAD21.92 or CADAD0.16 per diluted share for the fourth quarter ended December 31, 2009 compared to net loss of CAD14.58m or CAD0.12 loss per diluted share for the same quarter prior year.
Sales for the fourth quarter decreased 1% to CAD1.32bn compared to CADAD1.34bn last year, while sales for the year were consistent at CAD5.2bn.
Earnings in the fourth quarter benefited from an increased contribution from the prepared meats business following a major product recall in August 2008. Although earnings are higher, they compare with a quarter that was materially impacted by the August 2008 product recall, and there still remains significant room to further increase sales and profitability.
For the Meat Products group, net sales for the quarter were CAD842.18m compared to CAD846.32m for the prior year quarter. Bakery Products Group sales were CAD432.04m compared to CAD444.21m for the corresponding quarter prior year.
Michael McCain, president and CEO of Maple Leaf Foods, said: Our prepared meats results improved substantially, although an unexpected, counter seasonal run-up in raw material costs compressed margins in both primary processing and prepared meats late in the quarter. In our bakery operations, lower wheat costs were more than offset by higher promotional activity to launch new products and poor market conditions affecting our UK business.”
For the fiscal 2009, net earnings were CAD52.15m or CAD0.39 per diluted share compared to loss of CAD36.86m or CAD0.29 loss per diluted share for the last year quarter. Sales for the fiscal year 2009 was CAD5.22bn compared to CAD5.24bn for the previous year2008.
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