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4th Quarter Ending December 31st.
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2021
|
2020
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Difference (%)
|
|
Sales:
|
$873,986
|
$880,785
|
-0.8
|
|
Gross profit:
|
$110,999
|
$140,608
|
-21.1
|
|
Operating income:
|
$17,399
|
$41,735
|
-58.3
|
|
Pre-tax Income
Net Income1
|
$5,662
$1,465
|
$27,577
$19,776
|
-79.5
-95.3
|
|
Diluted earnings per share:
|
$0.01
|
$0.20
|
-95.0
|
|
Gross Margin (%)
|
12.7
|
16.0
|
-20.6
|
|
Operating Margin (%)
|
2.0
|
4.7
|
-57.5
|
|
Profit Margin (%)
|
0.2
|
2.2
|
-90.9
|
|
Long-term Debt:
|
$972,717
|
$581,137
|
+67.4
|
|
12 Months Trailing:
|
|
|
|
|
Return on Assets (%)
|
4.1
|
|
|
|
Return on Equity (%)
|
6.3
|
|
|
|
Operating Margin (%)
|
5.9
|
|
|
|
Profit Margin (%)
|
2.8
|
|
|
|
Total Assets
Intangibles and goodwill % of assets
|
$3,420,929
23.3
|
$3,010,960
25.7
|
+13.6
|
|
Market Capitalization
|
$3,127,800
|
|
|
 For FY 2021: Net earnings of $80.2 million on sales of $3,526 million with a diluted EPS of $0.64
For FY 2020: Net earnings of $88.4 million on sales of $3,357 million with a diluted EPS of $0.71
Q4 2021 Meat Protein Segment:
Sales, $1,085 million, up 0.5% from Q4 2020.
Adjusted operating earnings $77.8 million down 15.4% from Q4 2020.
Q4 2021 Plant Protein Segment:
Sales, $45.5 million, down 13.3% from Q4 2020.
Adjusted operating loss $(47.8) million 48% deterioration from Q4 2020.
52-Week Range in Share Price: $18.95 to $25.43 50-day Moving average $23.37
Forward P/E 19.4 Beta 0.3
Market Close pre-release February 23rd $24.74
Market Close post-release November 4th $21.74 (-12.0%).
Insider shareholding 39.2%. Institutional shareholding 24.6%
 In commenting on Q3 results Michael H. McCain, president and CEO of Maple Leaf Foods stated “In a challenging environment we delivered another record year in 2021 in our Meat Protein business," He added "While Q4 saw an unexpected tornado of supply chain chaos driven by the Omicron COVID variant, our team is resilient and we expect this storm to pass quickly. For the year, Meat Protein sales grew 8% and we delivered record Adjusted EBITDA of $527 million."
With respect to the Plant Protein Segment McCain commented, “We have completed our analysis of both category and consumers to arrive at material new insights that are leading us to adjust our business model of investment matching a revised view of sustainable long-term growth rates. We now expect steady, but not spectacular growth in this category, and appropriately will adjust the business model to be Adjusted-EBITDA neutral or better within the next 18 months".
The Company provided the following guidance:-
Meat Protein: Expect strong mid-to-high single digit sales growth with Adjusted EBITDA Margin expansion near the lower end of the 14% - 16% target by the end of 2022.
Plant Protein: The Company has made significant progress in the critical review of the plant protein category announced in late 2021. While work is continuing, analysis to date demonstrates a clear slowdown in projected growth rate for the overall category compared to very high growth rates predicted in 2019. The Company will therefore be adjusting its strategy and investment thesis and is setting a new target to deliver neutral or better Adjusted EBITDA within an 18-month timeframe.
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