Maple Leaf Foods' Q2 shows recovery from soft Q1 results
Maple Leaf Foods Inc. reported its financial results for the second quarter ended June 30, 2012. Adjusted Operating Earnings for the second quarter were $71.9 million compared to $77.5 million last year. Net earnings for the second quarter were $32.5 million, compared to $24.6 million in the second quarter last year, and Adjusted Earnings per Share were $0.28 compared to $0.30 last year.
"Our results rallied significantly from a weak first quarter due to improved profitability in both our fresh bakery and prepared meats businesses," said Michael H. McCain, president and CEO. "We've implemented selective price increases, grown our core branded businesses and our value creation initiatives are contributing to margin growth. While we made excellent progress in the quarter, we are heading into challenging commodity markets driven by drought conditions throughout North America that will fuel further food inflation. Our business fundamentals are strong and we will take action to manage ongoing cost increases."