Maple Leaf reports $50.1M Q1 profit, sales up 11% compared with year ago

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Maple Leaf Foods Inc.reported a first-quarter profit of $50.1 million, up from $27.9 million a year ago, as its revenue grew 11 per cent.

The company says the profit amounted to 40 cents per diluted share for the three months ended March 31, compared with a profit of 22 cents per diluted share a year ago.

Sales totalled $907.1 million, up from $817.5 million in the first quarter last year.

On an adjusted basis, Maple Leaf says it earned 20 cents per share for the quarter, down from an adjusted profit of 29 cents per share a year ago.

Analysts on average had expected a profit of 31 cents per share and $890.8 million in revenue, according to Thomson Reuters Eikon.

Maple Leaf Foods chief executive Michael McCain says the quarter saw higher sales growth, fuelled by recent acquisitions, combined with some margin compression as the company invested in that growth.

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