Maple Leaf Foods Takes Over Plant Protein Business, Announces Third Quarter Loss, Sales Rise

MISSISSAUGA, Ont. – Maple Leaf Foods Inc. reported a loss of $229.5 million in the third quarter as it took a one-time charge related to the value of its plant-based protein business.

The company says the loss was $1.86 per share for the quarter ended Sept. 30, compared to profit of $44.5 million or 36 cents per share in the same quarter last year.

Maple Leaf says its most recent quarter included a $190.9 million non-cash one-time impairment charge related to its plant-based protein group and a $31.5 million decrease in the fair value of biological assets.

On an adjusted basis, Maple Leaf says it lost a penny per share in its most recent quarter, compared to adjusted earnings of 38 cents per share in the same quarter last year due to weaker business performance due to inflation and labor issues.

Sales for the quarter totaled $1.23 billion, compared to $1.19 billion in the third quarter of 2021.

The company says the increase was driven by higher sales in its meat protein group, partially offset by lower sales in the plant protein group.

This report from The Canadian Press was first published on November 8, 2022.

Companies in this story: (TSX:MFI)

The Canadian Press