Canadian pork processor Maple Leaf Foods Inc posted a better-than-expected fourth-quarter profit as margins in its prepared meats business improved.
Adjusted operating profit in the meat products group, including brands for example Schneiders and also the company’s namesake Maple Leaf brand, was $54.Six million, compared with a year-ago lack of $19.A million.
The Mississauga, Canada-based company said margins in the business were helped partly by lower operating costs in the new prepared meat plants and pricing.
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Maple Leaf, which recently completed a restructuring program were only available in 2010 to boost earnings by shutting or modernizing factories, raised its quarterly dividend by 1 cent per share to 9 cents per share.
Excluding items, Maple Leaf earned 25 cents per share, beating the average analyst estimate of 21 cents, according to Thomson Reuters I/B/E/S.
Net profit was $33.3 million, or 24 cents per share, for the fourth quarter ended Dec. 31, versus an internet lack of $28.2 million, or 20 cents per share, a year earlier.
Revenue rose nearly 10 % to $873.1 million in the latest quarter.
? Thomson Reuters 2016
