The remarks came as Maple Leaf 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. McCain said on the call that some of the post-pandemic difficulties the industry has faced are starting to abate.
Sales in the quarter totalled $1.17 billion, up from $1.13 billion in the first three months of 2022. McCain said in a news release that the company’s supply chain has made “exceptional progress back to full normalization,” and the company has been raising prices to mitigate inflation.McCain also said that the company hopes to achieve neutral adjusted earnings before interest, taxes, depreciation and amortization on its plant protein business this year.
McCain said the company has seen demand in China for pork products go up, as European supply contracts.Maple Leaf's Michael McCain says grocery code of conduct will have 'absolutely no impact' on food prices
Source: News Formal (newsformal.com)
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