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 In a press release dated August 4th Maple Leaf Foods (MFI.TO) announced results for the 2nd Quarter of FY 2021 ending July 30th.
The following table summarizes the results for the period compared with the values for the corresponding quarter of the previous fiscal year (Values expressed as US$ x 1,000 except EPS. Conversion Can$1 = US$0.80)
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2nd Quarter Ending July 30th
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2021
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2020
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Difference (%)
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Sales:
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$927,089
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$875,659
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+5.8
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Gross profit:
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$108,525
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$133,851
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-18.9
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Operating income:
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$15,940
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$33,804
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-52.9
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Pre-tax Income
Net Income
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$11,371
$7,019
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$29,750
$20,527
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-61.8
-65.8
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Diluted earnings per share:
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$0.056
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$0.168
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-66.7
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Gross Margin (%)
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11.7
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15.3
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-23.5
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Operating Margin (%)
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1.7
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3.9
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-56.4
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Profit Margin (%)
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0.8
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2.3
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-65.2
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Long-term Debt:
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$1,025,875
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$759,700
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+35.0
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12 Months Trailing:
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Return on Assets (%)
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5.1
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Return on Equity (%)
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8.3
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Operating Margin (%)
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7.3
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Profit Margin (%)
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3.8
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Total Assets
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$3,363,122
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$2,948,390
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+14.1
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Market Capitalization
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$2,586,000
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Meat Protein segment sales Q2 2021 $894.0 million. EBITDA $103.8
Plant Protein segment sales Q2 2021 $38.5 million. EBITDA $(20.7)
52-Week Range in Share Price: $18.56 to $ 24.53 50-day Moving average $20.19
Market Close: Wed. 4th August $19.48. Close post release Thu. 5th August $20.84
Forward P/E 22.1 Beta 0.3
In commenting on Q2 results Michael H. McCain, president and CEO stated "As we anticipated, our second quarter faced material market headwinds and a difficult year-over-year comparable quarter due to COVID-19 effects, and yet our business delivered excellent results" He added "In Meat Protein, performance was impressive with sales growth of 7.4% and Adjusted EBITDA margins of 11.6%. We expect our margins to fully recover beginning in the third quarter.
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Michael McCain CEO |
With respect to the Plant Protein segment McCain opined “We continue to invest for long-term growth, we expected our sales in the first and second quarters to come in soft. At the same time, we expect to return to our strategic growth targets or above in the second half of this year. Our brand momentum, innovation pipeline and customer activity all support this.