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AGT Food & Ingredients swings to loss in Q3

AGT Food & Ingredients Inc. said its third-quarter normalized net income came to a loss of 28 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 39 cents per share.

The per-share result swung to a loss from the prior-year profit of 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$6.5 million, compared with income of C$5.0 million in the year-earlier period.

The normalized profit margin declined to negative 1.8% from 1.8% in the year-earlier period.

Total revenue climbed 26.1% on an annual basis to C$362.8 million from C$287.7 million, and total operating expenses increased 26.9% year over year to C$344.2 million from C$271.2 million.

Reported net income totaled a loss of C$7.2 million, or a loss of 31 cents per share, compared to income of C$4.1 million, or 20 cents per share, in the prior-year period.