Maple Leaf Foods earns $25.7M in Q2 on higher plant protein sales
The company says its net income amounted to 21 cents per share for the three months ended June 30
MISSISSAUGA, Ont. — Maple Leaf Foods Inc. earned $25.7 million in its latest quarter on higher revenues led by a 41% gain from its plant protein group.
The company says its net income amounted to 21 cents per share for the three months ended June 30, compared with a loss of five cents per share or $6.3 million a year earlier.
Adjusted profits were 35 cents per share, up 6% from 33 cents per share in the second quarter of 2019 as stronger sales were largely offset by COVID-19 costs and strategic investments in plant protein.
Revenues increased 7% to $1.09 billion from $1.02 billion in the prior year.
That included a 5.8% sales growth in meat driven by more hogs processed and higher sales to Asia, and a 41.4% growth in plant protein on higher volumes.
Maple Leaf Foods was expected to report 25 cents per share in adjusted profits on $1.12 billion in revenues.