Toronto – One of Canada’s largest food processors is taking measures to simplify its operations and boost its share prices.
That was part of a discussion at a shareholders’ meeting this week with Maple Leaf Foods’ president and CEO, Michael McCain.
McCain also spoke about new initiatives and efficiency measures the company will undertake.
He also said there could be more price increases in store for consumers as the company is facing the challenges of rising food and raw material costs. The price of wheat, for instance, has risen dramatically in the past year.
First quarter highlights
The company’s latest quarterly report includes these highlights:
• Adjusted Operating Earnings(1) increased 61% to $50.7 million
• Value creation initiatives on track and contributing to margin growth
• Net earnings in the quarter decreased 47% to $10.5 million, including $26.1 million in pre-tax restructuring costs
• Adjusted Earnings per Share(1) increased to $0.18 from $0.07 last year