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.
