Maple Leaf Foods boosts Q2 profit to $32.5 million, revenue edges up | iNFOnews

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Maple Leaf Foods boosts Q2 profit to $32.5 million, revenue edges up

August 01, 2012 - 9:26 AM

TORONTO - Maple Leaf Foods Inc. (TSX:MFI) says it has just completed a good quarter that showed improved profitability in some of its segments, as the meat and bakery company introduced price increases on some products.

The Toronto-based company's net income was $32.5 million in the three months ended June 30, up 32 per cent from $24.6 million in the second quarter of 2011.

Total sales from Maple Leaf's four business groups edged up to $1.26 billion from $1.24 billion.

Maple Leaf says its adjusted operating earnings fell to $71.9 million or 28 cents per share from $77.5 million or 30 cents per share a year earlier.

The results were slightly below analyst expectations, although there were relatively few estimates.

The consensus estimate compiled by Thomson Reuters before Maple Leaf's announcement was for $33.35 million of net income, 23 cents of adjusted earnings and $1.25 billion of revenue.

News from © The Canadian Press, 2012
The Canadian Press

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