Maple Leaf Foods reported first-quarter net earnings from continuing operations of $46.1 million, nearly three times as much as the $16 million earned last year.
Sales increased by 6.2 per cent to $962.9 million from $906.7 million last year. Poultry sales were up by 11.7 per cent, The company hiked prices enough to cover increased chicken advertising.
President Curtis Frank, who is also the company’s chief executive officer, said the results came from “disciplined execution” of its strategic plan and operating efficiency, favourable product mix and cost management.
Net debt declined by $544 million to roughly $1 billion after Maple Leaf spun off Canada Packers which now runs its hog farms and Canada’s largest pork-packing plant at Brandon, Man.
