Canadian meat and poultry company Maple Leaf Foods reported a strong fourth quarter and a return to profitability during fiscal year 2015.
The company on March 1 reported its financial results for both periods ending December 31, 2015.
For the fourth quarter, Maple Leaf Foods saw its net earnings from continuing operations reach CA$33.3 (US$24.8 million), a huge turnaround from a loss of CA$23 million (US$17.1 million) during the same quarter in 2014.
For the year, Maple Leaf Foods net operating earnings reached CA$41.6 million (US$30.9 million), compared to a loss of CA$213.8 million (US$159.3 million) during fiscal year 2014. The largest factor in its return to profitability was that it completed its prepared meats network strategy and closed the final two outdated facilities during the first half of the year and reduced a majority of the ramp-up inefficiencies in its new scale facilities.
“We are very pleased with our consistent earnings growth in the year and fourth quarter, driven by our commercial performance and continued progress lowering operating costs in our new plant network,” Michael H. McCain, president and CEO of Maple Leaf Foods, said in a press release.
“We are entering 2016 with momentum, confident that the strategic goals of our transformational investments have been met, with only normal ramp-up inefficiencies in a single facility remaining. Additionally, Maple Leaf is now a North American leader in the evolution of sustainability in our industry and sustainable protein production, which will underpin our growth well into the future. This, combined with a strong balance sheet, exciting innovation and brand leadership, give us great cause for optimism in the years ahead.”