Sales down in second quarter for Maple Leaf Foods
Meat group is bright spot
Toronto-based Maple Leaf Foods Inc. reported a 4% drop in sales for the second quarter of 2010 compared to a year ago, down to CAN$1,271.4 million from $1,320.8 million, and a net earnings decline to $3 million from $4.9 million. The company attributed results to foreign exchange effects for its U.S. and U.K. bakery operations and fresh pork sales and lower sales volume for prepared meats.
The weak results were offset by better performance in its Meat Products Group, which saw adjusted operating earnings increase to $14.4 million compared with $1.7 million last year due to better results in fresh poultry operations and better markets and operating efficiencies. Overall, the company reported adjusted operating earnings up 20% to $52.2 million compared to $43.6 million last year.