Maple Leaf Foods Q1 Loss Widens - Quick Facts

(RTTNews) - Maple Leaf Foods Inc. (MFI.TO) said first-quarter net loss attributable to common shareholders widened to C$132.91 million from C$14.94 million in the prior year. Loss per share widened to C$0.95 from C$0.11. Prior-year results have been restated.

Adjusted loss per share was C$0.24, flat with last year. Loss per share from continuing operations widened to C$0.89 from C$0.22.

Sales grew to C$711.35 million from C$689.35 million, amid higher pricing and a higher value sales mix.

Michael McCain, President and CEO, said, "Although our financial performance is challenging in transition, particularly with volatile raw material costs, our first quarter was marked by significant accomplishments.''

McCain said the company's prepared meats network transition continues to proceed on course as it ramped up production at the new flagship facility in Hamilton and materially improved performance in Western Canadian plant expansions.

Pork markets were impacted in an unprecedented way due to a virus in the U.S. hog industry, which renewed pressure from a sharp rise in raw material costs. The company accelerated price increases in the second quarter to recover margins.