CANADA, Mississauga, Ontario. Net income at Maple Leaf Foods Inc. surged 70% in the third quarter, lifted by lower operating costs, higher prices and stronger sales volume.
For the three months ended 30 September, net income for the period was $24.8 mill., compared with $13.96 mill. reported in the third quarter of 2015. Total sales for the third quarter were $636.8 mill, compared with $611.91 mill. in the year-ago quarter.
On a segment basis, the Meat Products group, which includes value-added prepared meals, lunch kits, snacks and value-added pork and poultry products, reported a 4.1% increase in sales to $633.81 mill., or 2.8% after adjusting for foreign currency exchange.
Adjusted operating earnings totaled $49.2 mill. compared with $21.1 mill. a year ago. In the Agribusiness Group, that includes the company’s Canadian hog production operations, adjusted operating earnings swung to a loss of $3.3 million in the third quarter, compared with earnings of $1.2 mill. in the third quarter of 2015.