Maple Leaf Foods reports $59.1M profit

Maple Leaf Foods Inc. is embarking on its “most ambitious brand renovation” in the coming year to become the most sustainable protein company in the world, CEO Michael McCain said on Wednesday.

“Looking forward, we are excited about the future,” he said in a statement as the company released its fourth-quarter earnings results.

“We have great confidence our brand strategy will support continued growth for years to come.”

Further information on Maple Leaf’s plans are expected to be a key topic during a company conference call with analysts scheduled later in the day, said Irene Nattel, an analyst with RBC Dominion Securities Inc.

The company delivered “solid” results for its final quarter of 2017 and the full year, Nattel added.

Maple Leaf reported a quarterly profit of $59.1 million, or 47 cents per share, compared with $76.2 million, or 57 cents per share, in the same quarter a year prior.

The company announced it would raise its quarterly dividend from 11 cents per share to 13 cents.

Sales in the quarter ending Dec. 31 totalled $876.8 million, up from $828.2 million in the last three months of 2016.