Canadian packaged meat producer Maple Leaf Foods Inc missed analysts’ estimates for quarterly profit on Thursday, as weak pork prices offset growth in its prepared meats.
Pork prices have taken a beating from the Sino-U.S. trade war, with China’s retaliatory tariffs affecting demand from the South Asian country, which is the world’s biggest pork importer.
Excluding items, the company earned 29 cents per share, missing analysts’ average estimate of 34 cents, according to IBES data from Refinitiv.
Maple Leaf’s net earnings slumped 80 per cent to $11.9 million, or 10 cents per share, in the fourth quarter ended Dec. 31, as the company recorded a $40.7 million charge related to its investment in a poultry facility in Ontario.
Sales rose to $893.9 million from $876.8 million.
(Reuters)
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