Maple Leaf Foods Inc. reported its financial results for the third quarter ended September 30, 2011. Net earnings increased to $43.0 million from a loss of $19.9 million, while value creation initiatives remained on track and contributing to margin growth. Sales for the third quarter of 2011 decreased 2% to $1,262.2 million compared to $1,293.2 million last year. After adjusting for the impacts of divestitures and a stronger Canadian dollar, sales increased by 6%, primarily as a result of higher selling prices.
"Our third quarter reflects strong earnings growth in our protein business, and we are particularly pleased with the performance of our consumer-facing prepared meats operations," said Michael H. McCain, president and CEO. "We are managing high commodity costs through pricing, cost reduction and continuing to drive higher value product innovation. Our strategic value creation initiatives are also contributing to results and we are on track to deliver sustained earnings growth."