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Maple Leaf Foods profit misses consensus by 27.2% in Q1

Maple Leaf Foods Inc. said its normalized net income for the first quarter was 3 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.

The per-share result swung to a profit from the prior-year loss of 31 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$4.7 million, compared with a loss of C$43.7 million in the prior-year period.

The normalized profit margin rose to 0.6% from negative 6.1% in the year-earlier period.

Total revenue increased 9.7% on an annual basis to C$780.2 million from C$711.3 million, and total operating expenses climbed on an annual basis to C$766.1 million from C$746.1 million.

Reported net income totaled a loss of C$2.9 million, or a loss of 2 cents per share, compared to a loss of C$125.8 million, or a loss of 90 cents per share, in the prior-year period.