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Maple Leaf Farms Announces Fourth Quarter and Full Year 2023 Results; Curtis Frank Details

Maple Leaf Farms Announces Fourth Quarter and Full Year 2023 Results; Curtis Frank Details


MISSISSAUGA, ONTARIO, CANADA
Monday, February 26th, 2024

Impressive increases were recorded across Maple Leaf Foods’ operations in the company’s recent release. Maple Leaf reported its financial results for the fourth quarter and full year ended December 31, 2023. For the three months ended December 31, 2023, Maple Leaf recorded $1,192.7 million in sales, a $7.2 million increase from the same period in 2022.

Curtis Frank, President and Chief Executive Officer, Maple Leaf Foods"In 2023, we made great progress in advancing our strategic blueprint, delivering top-line growth of 2.7 percent, recording an increase of $155 million in Adjusted EBITDA to $428 million for the year, and meeting our commitment to achieve Adjusted EBITDA neutral or better in our Plant Protein business as we exited the year," said Curtis Frank, President and Chief Executive Officer. "While these are important achievements, and we are pleased with our relative performance in challenging market conditions, we acknowledge that we still have work to do to realize our full potential."

Highlights from the report include:

  • Total company sales growth of 0.6 percent to $1,192.7 million, with an Adjusted EBITDA margin of 10.1 percent
  • Meat Protein Group sales grew to $1,159 million, an increase of 0.8 percent year over year
  • London Poultry plant and Bacon Centre of Excellence delivered approximately $25 million incremental Adjusted EBITDA
  • Plant Protein Group sales were $36.5 million

For the three months ended December 31, 2023, Maple Leaf recorded $1,192.7 million in sales, a $7.2 million increase from the same period in 2022

"In the fourth quarter, our Meat Protein results fell below our expectations, as a result of global pork market dislocations that have persisted longer and deeper than we anticipated, and a challenging consumer demand environment, plus we still have a short distance to go to bring home the full benefits from our London Poultry and Bacon Centre of Excellence projects," continued Frank. "With our refreshed strategic Blueprint announced today, we are sharpening our execution focus, bringing together our Meat Protein and Plant Protein businesses to build a powerful platform from which to grow in the U.S. market, and aligning the talents of our team to leverage the strength of our portfolio of leading brands, leadership in sustainability, and world-class assets."

For more from the report, click here.

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Maple Leaf Foods
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