(Mississauga) Maple Leaf Foods reported a loss of $26.2 million in its latest quarter, compared with a loss of $53.7 million a year earlier.
The company said the loss was 21 cents per share for the quarter ended June 30, compared with a loss of 44 cents per share in the same quarter last year.
Several factors contributed to Maple Leaf’s improved second-quarter performance, president and CEO Curtis Frank said in a news release, including growth in prepared meats sales, improved pork market conditions, growth in the company’s sustainable meats portfolio and an improved overall sales mix.
Capital expenditures in the quarter were $16 million, down from $53 million a year earlier, reflecting the completion of major investment projects.
The company expects to see returns on its investments in its London, Ont., poultry plant and the Bacon Centre of Excellence in Winnipeg as the year progresses. Sales for the quarter totaled $1.26 billion, down from $1.27 billion a year earlier.
The company says sales at its prepared foods unit rose about 1.0%, while sales at its pork unit fell 4.2% from a year ago. On an adjusted basis, Maple Leaf says it earned 18 cents per share in its latest quarter, compared with a breakeven result on an adjusted per-share basis a year ago.
Maple Leaf said it expects modest revenue growth for the full year of 2024. It also expects its adjusted losses to be lower than in 2023, driven by several factors including returns on investments and operational and cost efficiencies.
Last month, Maple Leaf announced plans to spin off its pork business into a new publicly traded company, a deal expected to close in 2025.