MISSISSAUGA, Ont. — Maple Leaf Foods Inc. missed analyst estimates in the second-quarter as sales and profit fell due to a number of factors, including costs associated with a relaunch of three major brands.
Net income was $34.9 million or 28 cents per share in the three months ended June 30, down from $37.3 million or 29 cents per share in the second quarter of 2017.
Adjusted earnings amounted to 34 cents per share, which was four cents below analyst estimates.
Sales were also below analyst estimates, declining by 1.8 per cent to $909.2 million from $925.9 million.
Analysts had estimated 38 cents per share of adjusted earnings and nearly $928 million of revenue for the quarter, according to Thomson Reuters Eikon.
The company said sales of some products improved but they were offset by lower market values for pork and lower volumes of prepared meats.
Its shares were down about three per cent at $31.55 shortly after markets opened Thursday.
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The Canadian Press