Maple Leaf Foods to raise prices due to rising meat costs
Writer:The Canadian Press
MISSISSAUGA, Ont. — Maple Leaf Foods Inc. (TSX:MFI) says it will look to raise prices in the third quarter to offset rising raw material costs in its prepared meats business.
The company says margins narrowed in its prepared meats business, partially offsetting other favourable market conditions as it reported higher second-quarter profits.
It says it earned $37.3 million in its latest quarter, up from $31.4 million a year ago.
The profit amounted to 28 cents per diluted share compared with 23 cents per diluted share a year ago.
On an adjusted basis, Maple Leaf says it earned 41 cents per share, up from 32 cents per share in the same quarter last year.
Sales for the three months ended June 30 totalled nearly $925.9 million, up from $854.6 million.
This article was first published in London Free Press.