(Mississauga) Maple Leaf Foods reported a first-quarter loss on Thursday, after posting a profit in the same period last year as it faced challenges unique to the pork market, cost inflation and higher start-up expenses.
The company lost 57.7 million, or 48 cents per share, for the quarter ended March 31, which compared to a profit of 13.7 million, or 11 cents per share, in the same period last year .
Quarterly sales totaled 1.17 billion, following 1.13 billion in the first three months of 2022.
Sales in the animal protein sector climbed to 1.14 billion from 1.09 billion last year. Those of the vegetable protein sector fell to 37.4 million, against 44.9 million a year earlier.
On an adjusted basis, Maple Leaf said it lost 12 cents per share, while its adjusted profit was 3 cents per share in the first quarter last year.
Analysts on average had expected an adjusted loss per share of 10 cents and revenue of $1.16 billion, according to forecasts compiled by financial data firm Refinitiv.