"Our focus has not deviated from stabilizing the financial performance of our business in the post-pandemic economic environment," said president and CEO
Frank's comments came as the company reported a loss of
The loss amounted to
Sales in the company's third quarter totalled
Pork markets have not yet fully normalized, he told analysts, though they did improve in the third quarter.
The company raised prices in previous quarters to keep up with inflation, which affected consumer demand this past quarter, said Frank on the call.
"We did experience some level of volume decline during the quarter, which is completely and fully consistent with what we would normally expect to see after pricing, especially in this kind of inflationary environment," he said.
"We are confident that the volume impacts will prove to be transitory in time."
On an adjusted basis, Maple Leaf said it earned
Analysts on average had expected an adjusted profit of
Shares in the company were down more than nine per cent in midday trading.
In its outlook, Maple Leaf said its capital expenditures for 2023 are expected to be about
It said it expects mid-single-digit sales growth in 2023 for its meat protein category.
In the company's plant protein category, Frank said it made "great strides" in the third quarter, and is on track to deliver its target of achieving neutral adjusted earnings before interest, taxes, depreciation and amortization by the end of the year.
Investors should be encouraged by another quarter of sequential improvements at Maple Leaf, wrote RBC analyst
Next year should mark an important inflection point for the company, she said, but gave a caveat: "The road from here to there is always bumpy."
This report by The Canadian Press was first published
Companies in this story: (TSX:MFI)
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