Maple Leaf Foods’ net earnings soar in first quarter

Maple Leaf Foods reported net earnings of CA$47.7 million (US$39.1 million) during the first quarter of fiscal year 2021, marking a significant turnaround from the loss of CA$3.7 million recorded during the first quarter of fiscal year 2020.

Roy Graber Headshot
(Maple Leaf Foods)
(Maple Leaf Foods)

Maple Leaf Foods reported net earnings of CA$47.7 million (US$39.1 million) during the first quarter of fiscal year 2021, marking a significant turnaround from the loss of CA$3.7 million recorded during the first quarter of fiscal year 2020.

The Canada-based producer of meat, poultry and plant-based proteins, announced its most recent financial results on May 5. The first quarter ended on March 31.

Total company sales were up 3% to CA$1.05 billion, with the meat protein sales making the difference. Meat protein sales were up 3.3% on a year-over-year basis, the company reported, while plant-based protein sales declined 8.1%, or 2.5% excluding foreign exchange impacts.

The Meat Protein Group is comprised of prepared meats, ready-to-cook and ready-to-serve meals, value-added fresh pork and poultry products that are sold to retail, foodservice and industrial channels, and agricultural operations in pork and poultry, and includes the following brands: Maple Leaf, Maple Leaf Prime, Schneiders, Mina and Greenfield Natural Meat Co.

The Plant Protein Group includes the brands Lightlife and Field Roast, and is comprised of refrigerated plant protein products, premium grain-based protein, and vegan cheese products sold to retail, foodservice and industrial channels. 

Commenting on the quarterly results and the company’s long-term focus, Michael H. McCain, Maple Leaf Foods president and CEO, said: "Maple Leaf remains committed to delivering shared value, and to building an enduring company, with a vision to be the most sustainable protein company on earth. We continue to deliver on our commitments. As we cross the one-year mark of the COVID-19 pandemic, I continue to be inspired by our dedicated front-line team members who come into work each day to produce the food we all need to stay healthy. Our number one priority is to keep our people healthy during this global crisis, and beyond. At the same time, we are delivering on our financial commitments, including both significant revenue growth and margin expansion in our meat protein business, while re-investing for extremely high long-term revenue growth in the strategically important plant protein business.

“Our long-term focus means we measure our success over years, while ensuring we understand and calibrate the mid-term performance of our business against our business strategy. Our strategy's success is evident in our strength in high growth food categories, which now represent over 20% of our overall business. As a carbon neutral company, we are ready for an exciting future in the next challenge of climate crisis we must collectively overcome."

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