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Maple Leaf Foods Q2 loss narrows YOY

Maple Leaf Foods Inc. said its second-quarter normalized net income was a loss of 5 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

The per-share loss narrowed 67.2% year over year from 15 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$7.0 million, compared with a loss of C$21.1 million in the prior-year period.

The normalized profit margin increased to negative 0.9% from negative 2.5% in the year-earlier period.

Total revenue decreased year over year to C$820.8 million from C$831.8 million, and total operating expenses decreased year over year to C$825.5 million from C$852.2 million.

Reported net income came to a loss of C$7.1 million, or a loss of 5 cents per share, compared to a loss of C$40.7 million, or a loss of 29 cents per share, in the prior-year period.