February 24, 2017, Mississauga, Ont – Maple Leaf Foods Inc. recently reported net earnings of $181.7 million for the year ended December 31, 2016.
This is up from $41.6 million in net earnings reported at year-end 2015.
“We finished 2016 with a strong quarter sustained by solid commercial performance,” said Michael H. McCain, president and CEO of Maple Leaf Foods. “With the combination of our increasingly competitive cost structure, and commercial strategies that intersect with important consumer needs and trends, we are well positioned for future profitable growth.”
The company’s Meat Products Group, which includes value-added fresh poultry products, reported a 1.2 per cent increase in sales, earning $3,316.5 million for 2016. Fourth quarter sales alone were $824.4 million, a decrease of 5.1 per cent from the previous year.
Margins in prepared meats improved due to lower operating costs across the network. Earnings in fresh poultry declined slightly as industry processor margins receded from record levels in the fourth quarter of 2015.
Prepared meats sales declined slightly in response to a price increase in the first quarter but strengthened as the year progressed. Fresh poultry sales increased due to stronger volume and an improved sales mix.
Revenue up at Maple Leaf Foods
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