In a press release dated May 5th, Maple Leaf Foods (MFI) reported on the first quarter of Fiscal 2021 ending March 31st. For the period, sales (all figures in US$) attained $863,528 million, three percent lower than the corresponding first quarter of 2020. Net income was $39,107 million compared to a net loss of $(3.04) million in Q1 2020. EPS attained $0.31 compared with a loss of $(0.02) in Q1 2020. In reviewing the two production segments, Meat Products posted sales of $830 million with an adjusted operating earnings of $65 million. The Plant Protein segment attained sales of $34.9 million and lost $(24) million. Maple Leaf Foods has assets of $3.412 billion and carries long-term debt and lease obligations of $921 million.
In commenting on results, Michael H. McCain, President and CEO, stated “Maple Leaf remains committed to delivering shared value and to building an enduring company with a vision to be the most sustainable protein company on earth.” He added, “As we cross the one-year mark of the COVID-19 pandemic I continue to be inspired by our dedicated front-line team members who come into work each day to produce the food we all need to stay healthy.”
The report highlighted the 3.3 percent increase in sales of the Meat Protein group compared to an 8.1 percent decline in Plant Protein group sales. During the quarter, capital expenditures amounted to $152 million, most of which was required for the London, Ontario poultry plant.
Maple Leaf Foods has a market capitalization of $2.72 billion and has traded over a 52 week period in a range of $19.02 to $25.23 with a 50-day moving average of $21.04. On a trailing 12- month basis, operating margin was 5.8 percent and profit margin 2.6 percent. The company generated a return on assets of 4.2 percent and 5.8 percent on equity. Approximately 40 percent of the float is held by insiders and 27 percent by institutions.