Maple Leaf Foods takes plant protein business charge and reports Q3 loss, sales up

Maple Leaf Foods Inc. reported a third-quarter loss of $229.5 million as it took a one-time charge related to the value of its plant protein business.

The company said the loss amounted to $1.86 per share for the quarter ended Sept. 30 compared with a profit of $44.5 million or 36 cents per share in the same quarter last year.

Maple Leaf's most recent quarter included a $190.9-million one-time non-cash impairment charge related to its plant protein group and a $31.5-million decrease in the fair value of biological assets.

On an adjusted basis, Maple Leaf said it lost a penny per share in its latest quarter compared with an adjusted profit of 38 cents per share in the same quarter last year as a result of weaker commercial performance due to inflation and labour challenges.

Sales in the quarter totalled $1.23 billion, up from $1.19 billion in the third quarter of 2021.

The company said the increase was driven by higher sales in its meat protein group, partially offset by lower sales in the plant protein group.