Maple Leaf Foods Inc, one of Canada’s biggest pork processors, posted a quarterly profit that missed analysts’ estimates, hurt by lower hog prices and higher investments in its flagship brands.
The company’s sales fell 3.7 percent to $874.8-million, as the drop in fresh pork prices offset growth in sustainable meat and plant-based protein products. Analysts on average had expected sales of $901.1-million.
“It was a challenging period driven by temporary global trade instability,” Chief Executive Officer Michael McCain said in a statement.
The company’s net earnings fell to $26.6-million, or 21 cents per share, in the quarter ended Sept. 30, from $37.6-million, or 29 cents per share, a year earlier.
Excluding items, the company earned 29 cents per share, missing the average analyst estimate of 33 cents, according to Refinitiv data.