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Maple Leaf Foods Unveils Third Quarter 2022 Financial Results; Michael H. McCain Discusses

Maple Leaf Foods Unveils Third Quarter 2022 Financial Results; Michael H. McCain Discusses


MISSISSAUGA, ONTARIO, CANADA
Friday, November 11th, 2022

Maple Leaf Foods is on track to achieve further growth in multiple areas of its business. We learned this from a recent announcement, as the supplier has released its financial results for the third quarter ended September 30, 2022.

Michael H. McCain, Chief Executive Officer, Maple Leaf Foods"We are at an important inflection point in our business, grounded in exceptional underlying strength and opportunity even though this is not immediately obvious in current performance or reflected in our share price," said Michael H. McCain, Chief Executive Officer. "The post-pandemic economy has been challenging, but the headwinds it has created are transitional and short term. Quite simply, if global pork markets and labor constraints normalized, we would be delivering above our 14 percent Adjusted EBITDA margin target in the third quarter of 2022 and expecting that to continue. The good news is, we are seeing strong signs of improvement on these fronts, plus we are on track with our London Poultry and Bacon Centre of Excellence projects which will deliver $130 million annually in Adjusted EBITDA once we get through the normal start-up work and are ramped up to full commercial production."

Due to multiple successes across its operations, Maple Leaf is now poised to achieve its growth goals in the next quarter. Details of the report, according to a press release, include:

  • Total company sales grew 3.6 percent to $1,231.9 million, with an Adjusted EBITDA Margin of 6.2 percent
  • Meat Protein Group sales grew to $1,194.5 million, an increase of 3.8 percent year over year. Adjusted EBITDA was $100.9 million, and Adjusted EBITDA Margin was 8.5 percent
  • In the Plant Protein Group, SG&A declined by 42 percent to $19.9 million, as part of the journey toward Adjusted EBITDA neutrality in the second half of 2023

Maple Leaf Foods has released its financial results for the third quarter ended September 30, 2022, announcing its total company sales grew 3.6 percent to $1,231.9 million

"In our plant protein business, we are firmly on track to meet our Adjusted EBITDA neutral target in the latter half of 2023," continued McCain. "Our plans are clearly working. We expect to cut our Adjusted EBITDA losses in the fourth quarter this year by half year over year, and we are now examining initiatives which have the potential to take us beyond our target on this path to profitability."

To read the press release in full, click here.

Stay tuned as Deli Market News continues to bring you the latest reports.

Maple Leaf Foods
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