Maple Leaf Foods Inc. says it lost $53.7 million in its most recent quarter as it grappled with inflation and other market headwinds.
This is the best summary I could come up with:
“We’re singularly focused over the next couple of quarters to get through these rough waters from the pork markets,” said chief financial officer Geert Verellen on the conference call.
Despite the broad range of headwinds affecting Maple Leaf’s meat protein business, “the green shoots of improvement are growing,” wrote RBC analyst Irene Nattel in a note.
It found that the very high growth rates for plant protein products predicted by many industry experts likely won’t come to pass, Maple Leaf said.
It now expects more modest growth for plant protein, with a new goal to deliver neutral or better adjusted earnings before taxes, interest, depreciation and amortization in the second half of 2023.
Maple Leaf is also ready to realize the benefits of multi-year capital investments in two facilities, said Frank, one at London Poultry and one at the Bacon Centre of Excellence in Winnipeg.
The ramp-up of these two facilities is expected to be fully complete by the end of this year, he said, contributing $130 million in incremental adjusted earnings before taxes, interest, amortization and depreciation on an annualized basis.
I’m a bot and I’m open source!
the Bacon Centre of Excellence
gud but
So grocery stores are making record profits at the cost of both suppliers and consumers?
Wonderful.
