Maple Leaf Foods reports Q3 net earnings

Maple Leaf Foods, a Canada-based food processing company, has reported net earnings of C$22.46 million, or C$0.17 per diluted share for the third quarter ended September 30, 2009, compared to a net loss of C$12.92 million, or C$0.10 per diluted share, for the third quarter ended September 30, 2008.

Sales for the third quarter of 2009 were C$1.29 billion, a 3.6% increase, compared to C$1.34 billion, for the third quarter of 2008.

For the first nine months of 2009, net earnings were C$30.23 million, or C$0.23 per diluted share, compared to a net loss of C$22.28 million, or C$0.18 per diluted share, for the corresponding period of 2008.

Sales for the first nine months of 2008 were C$3.89 billion, compared to $3.9 billion, for the first nine months of 2008.

Michael McCain, president and CEO of Maple Leaf Foods, said: "Our third quarter results showed a very material increase in profitability compared to last year and prior historical levels and we are very pleased with this significant progress. We benefited from the core strength of our bakery business, combined with substantial recovery in our packaged meats business.

"The sustainable earnings improvements from the protein restructuring implemented over the past three years are now more visible in our results. While we are making great progress, we still have to complete the work underway to fuel higher growth and margins consistent with our consumer packaged goods peer group."

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