Maple Leaf Foods Inc. says its second-quarter sales rose by 12.5 per cent during the period, fuelled in part by growing demand for plant-based protein products.
The company says its revenue grew to $1.02 billion, up from $909.2 million a year ago, driven by acquisitions, its value-added product portfolio and continued double-digit growth in plant-based protein.
However, it posted a net loss of $6.3 million or five cents per share during the three months ended June 30 due to $60.7 million of non-cash fair value changes on balance sheet items.
On an adjusted basis, Maple Leaf reported operating earnings of $65.2 million, or 33 cents per share.
Analysts had expected quarterly revenue of $1 billion and earnings per share of 31 cents, according to the financial markets data firm Refinitiv.
Maple Leaf Foods chief executive Michael McCain says its meat protein business delivered excellent profit growth even with difficult market conditions, and it is well-positioned to capitalize on the growing demand for plant-based protein.
“We have materially stepped up our game as a leader in the plant-based protein market, positioning us to win in this high-growth business,” he said in a statement.