Maple Leaf Foods reports results for first quarter

by Editor
Friday, May 01, 2009

Maple Leaf Foods Inc reported its financial results for the first quarter ended March 31, 2009.

Sales for the first quarter increased 6.3% to $1.3 billion compared to $1.2 billion last year, reflecting price increases and the benefit of favourable foreign currency changes on fresh meat sales.

Earnings from operations before restructuring and other related costs and other income (expense) (“Adjusted Operating Earnings”) decreased by 4.5% to $31.6 million compared to $33.1 million last year.

Adjusted Operating Earnings in the Meat Products Group declined to $11.4 million in the first quarter of 2009 compared to $25.0 million last year. Margins in packaged meat products were significantly lower than last year due to the impact of volume recovery efforts following last year’s product recall.