CA - Maple Leaf Foods Non-GAAP EPS of -C$0.12 revenue of C$1.17B
2023-05-11 08:41:38 ET
- Maple Leaf Foods press release ( OTCPK:MLFNF ): Q1 Non-GAAP EPS of -C$0.12.
- Revenue of C$1.17B (+3.5% Y/Y).
- Meat Protein Group sales grew to $1,143.9 million, an increase of 5.0% year over year. Adjusted EBITDA was $87.3 million, Adjusted EBITDA margin was 7.6%, an improvement of 100 basis points from the fourth quarter of 2022.
- Plant Protein Group sales were $37.4 million. Plant Protein Group Adjusted EBITDA improved by 60.9% year over year to a loss of $12.0 million, en route to an Adjusted EBITDA target of neutral or better in the latter half of 2023.
- Outlook: Meat Protein: Expect mid-to-high single digit sales growth in 2023, and Adjusted EBITDA Margin expansion to achieve a target range of 14% - 16% when conditions normalize.
- Plant Protein: Targeting to deliver neutral or better Adjusted EBITDA in the latter half of 2023.
- Capital expenditure: for 2023 is expected to be less than $250 million with up to $120 million attributable to Maintenance Capital (i) and the balance attributable to Growth Capital.
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Maple Leaf Foods Non-GAAP EPS of -C$0.12, revenue of C$1.17B