Maple Leaf Foods Inc. reported a loss in its first quarter compared with a profit a year ago as it faced a difficult pork market, cost inflation and higher startup expenses.
The company says it lost $57.7 million or 48 cents per share for the quarter ended March 31, compared with a profit of $13.7 million or 11 cents per share in the same quarter last year.
Sales in the quarter totalled $1.17 billion, up from $1.13 billion in the first three months of 2022.
The company says the increase came as sales in its meat protein group rose to $1.14 billion compared with $1.09 billion in the same quarter last year. Plant protein sales fell to $37.4 million compared with $44.9 million a year earlier.
On an adjusted basis, Maple Leaf says it lost 12 cents per share compared with an adjusted profit of three cents per share in its first quarter last year.
Analysts on average had expected an adjusted loss of 10 cents per share and $1.16 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.