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 On February 25th Maple Leaf Foods (TSX:MFI) posted results for Fiscal 2020 ending December 31st. For the year, sales attained $3,399 million* with net earnings of $89.49 million and an EPS of $0.72. Comparable figures for FY2019 were sales of $3,114 million with earnings of $58.96 million and an EPS of $0.47.
The Meat Products segment attained sales of $3,252 million with operating earnings of $72.3 million or an adjusted earnings of $263.5 million. The Plant Protein segment attained sales of $166.5 million with an operating loss of $(25.5) million, but an adjusted loss of $(99.3) million.
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In commenting on results, Michael H. McCain, President and CEO, stated “Our 4th Quarter capped off a record performance year with strong top-line gains coupled with solid adjusted EBITDA margin expansion.” He added, “Momentum softened in plant protein with solid improvement in the core line-up offset by soft fresh and food service performance. We remain confident in our long-term position supported by innovation and brand investment.”
The company noted that although Plant Protein segment sales grew 19.5 percent. SG&A expenses totalled $144 million with increased expenditures in advertising, promotion, and marketing to support brand renovation and new product innovation. During FY2020, the company spent $490.7 million on capital projects including $334 million on construction principally for the London ONT, Processing Plant.
The company posted total assets of $3.135 billion on December 31st with long term debt of $724.9 million.
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Michael McCain CEO Maple Leaf Foods |