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Maple Leaf Foods profit beats consensus by 16.8% in Q4

Maple Leaf Foods Inc. said its fourth-quarter normalized net income amounted to 24 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 21 cents per share.

The per-share result swung to a profit from the prior-year loss of 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$33.6 million, compared with a loss of C$8.4 million in the year-earlier period.

The normalized profit margin climbed to 3.8% from negative 1.1% in the year-earlier period.

Total revenue increased 10.0% year over year to C$873.1 million from C$794.0 million, and total operating expenses rose year over year to C$835.4 million from C$812.0 million.

Reported net income came to C$32.5 million, or 24 cents per share, compared to a loss of C$22.7 million, or a loss of 16 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 34 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 54 cents.

EPS was a loss of 60 cents in the prior year.

Normalized net income was C$47.5 million, compared with a loss of C$84.5 million in the prior year.

Full-year total revenue grew from the prior-year period to C$3.29 billion from C$3.16 billion, and total operating expenses came to C$3.22 billion, compared with C$3.24 billion in the prior-year period.

The company said reported net income came to C$41.1 million, or 29 cents per share, in the full year, compared with a loss of C$215.5 million, or a loss of C$1.53 per share, the prior year.