Maple Leaf Foods earns $25.7M in Q2 on higher plant protein sales
By CP STAFFIndustry Food & Beverage food and beverage food processing Maple Leaf Foods 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.