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9h ago

Maple Leaf Profit Jumps in Q3 While Spun-Off Canada Packers Reports $25.6 Million and a Dividend

The pork spin-off leaves Maple Leaf holding 16% alongside an evergreen supply agreement.

Widespread inflation has led to some eye-popping meat prices, but dietitians say there are budget-friendly ways to get enough protein. Packages of chicken breasts are shown on a shelf at a grocery store in Oakville, Ont., Friday, Jan.6, 2023. THE CANADIAN PRESS/Richard Buchan
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Overview

  • Maple Leaf Foods posted third-quarter profit of $43.1 million on $1.36 billion in sales, with reported earnings of 35 cents per share and adjusted earnings of 49 cents.
  • Prepared foods sales rose 4.4%, poultry climbed 15.7%, and pork increased 10.4% versus a year earlier.
  • Canada Packers, separated last month, reported $25.6 million in third-quarter profit on $481.8 million in sales and declared a quarterly dividend of 23 cents per share.
  • The pork company processed more than one million hogs, up 3.7% year over year, citing gains from improved animal health, nutrition, and farm management.
  • Canada Packers plans to grow its brand in western Canada with ribs and pork loins and to drive productivity, cost control, and international market opportunities.