USA – Maple Leaf Foods Inc. is reporting increased sales in the first quarter of 2025, with revenue rising to US$1.24 billion, up 8.2% compared to the same period last year.
Growth was recorded across all core segments, led by a 12% increase in pork, followed by prepared foods at 7.1% and poultry at 6%.
The company’s adjusted EBITDA climbed to US$166.3 million, reflecting a 42.9% year-over-year increase, while the adjusted EBITDA margin rose to 13.4%.
Although net income slipped slightly to US$49.6 million from US$51.6 million in Q1 2024, adjusted earnings per share saw a significant jump to US$0.43, up from US$0.04 during the same period last year.
In pork, the company cited higher processing volumes and improved market pricing as key factors behind the double-digit growth.
Prepared foods benefited from stronger demand at retail level along with a more profitable mix of products, supporting segment growth.
Poultry also contributed to the overall performance, driven by increased volume and changes in distribution channels.
Despite the decline in net income, the company maintained its full-year outlook, continuing to expect mid-single-digit revenue growth and adherence to its capital management strategy.
Spin-off of Pork Division Progresses
Earlier in May, the Ontario Superior Court granted interim approval allowing Maple Leaf to move forward with its planned shareholder meeting on June 11, which will address the proposed spin-off of its pork business.
The planned separation, originally announced in July 2024, involves transferring the pork operations into a newly formed company called Canada Packers Inc.
Canada Packers will be led by Dennis Organ, who currently heads Maple Leaf’s Pork Complex and is set to become the new company’s president and CEO.
The financial operations will be overseen by Deepak Bhandari, who rejoined Maple Leaf in 2023 in preparation for the restructuring and is slated to serve as chief financial officer.
Other key roles include Lance Mistelbacher as senior vice president of commodities and risk management, and Jonathan Sawatzky in charge of hog production and procurement.
The leadership team also features David Typer managing sales and product optimization, Mauricio Alanis leading sustainability initiatives, and LeeAnn Peters overseeing food safety and animal welfare programs.
The company has not provided a specific timeline for completing the spin-off but indicated the process remains on track.
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