Maple Leaf Foods saw its net earnings increase by about 18.2 percent during the third quarter of fiscal year 2017. The quarter ended on September 30.

The Canadian meat, poultry and plant-based protein company reported net earnings of CA$37.6 million (US$29.3 million), up from the CA$31.8 million (US$24.8 million) recorded during the third quarter of fiscal year 2017. The company’s net earnings for the first nine months of the 2017 fiscal year, however, is down slightly from the same period of fiscal year 2016, as Maple Leaf Foods’ earnings were about CA$500,000 (US$389,532) lower.

Sales for both the quarter and the first nine months of the year were up, with a 6.6 percent year-over-year increase in sales being reported for the third quarter, and a 5.5 percent year-over-year increase for the first nine months.

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"We continued to deliver year-over-year sales and earnings growth in the third quarter, benefiting from our balanced portfolio which offset a sharp spike in raw material costs and the margin compression we expected from this," said Michael H. McCain, president and CEO of Maple Leaf Foods. "We are accelerating profitable growth by leveraging our leadership in sustainability and executing on our strategies, which provides significant market differentiation and growth opportunities.”

The company reported that its value-added fresh portfolio had a “robust performance,” but the strength of that performance was partially offset by high raw material costs. Maple Leaf Foods also gained in the quarter because of the sale of one of the company’s former processing plants.

Headquartered in Mississaugua, Ontario, Maple Leaf Foods’ product line includes value-added prepared meats, lunch kits and snacks, value-added fresh pork and poultry products and refrigerated plant protein products sold under flagship national brands such as Maple Leaf, Maple Leaf Prime, Maple Leaf Natural Selections, Schneiders, Schneiders Country Naturals, Mina and Lightlife.