Sales and profits both declined in the third quarter, reports Maple Leaf Foods Inc.
"It was a challenging period driven by temporary global trade instability, but our performance held up exceptionally well reflecting the strength of our balanced portfolio and commercial momentum in our business," said Michael H. McCain, president and chief executive officer.
"These abnormal markets have no impact on our core business strategies or our longer-term financial goals.
“We are focused on key levers of value creation over time, including our sustainability agenda, our brands, strategic acquisitions and cost reduction."
Third-quarter sales were down by 3.7 per cent to $874.8 million and the cumulative total so far this year is a decline of 1.7 per cent to $2.2 billion.
Net earnings fell by 29 per cent for the third quarter to $26.6 million and the cumulative total fell from $105 to $89.4 million.
It amazes me that with the newest and biggest meat-processing plant in the nation, and the dollar so favourable for sales to the U.S., that Maple Leaf struggles to set sales and profit records.
