Maple Leaf Foods reports Q1 loss, plans price increases
Maple Leaf Foods Inc. reported its financial results for the first quarter, March 31, 2014. Adjusted Operating Earnings for the first quarter was a loss of $29.9 million compared to a loss of $27.9 million last year. Net loss from continuing operations was $124.6 million compared to $30.6 million last year.
"Although our financial performance is challenging in transition, particularly with volatile raw material costs, our first quarter was marked by significant accomplishments," said Michael H. McCain, President and CEO. "Our prepared meats network transition continues to proceed on course as we ramped up production at our new flagship facility in Hamilton and materially improved performance in our Western Canadian plant expansions. The first of five plant closures occurring this year was completed early in the second quarter.