{"id":30104,"date":"2014-10-30T15:40:50","date_gmt":"2014-10-30T07:40:50","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=30104"},"modified":"2014-10-31T10:47:28","modified_gmt":"2014-10-31T02:47:28","slug":"maple-leaf-foods-continues-to-post-losses-sales-drop-after-canada-bread-sale","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2014\/10\/30\/maple-leaf-foods-continues-to-post-losses-sales-drop-after-canada-bread-sale\/","title":{"rendered":"Maple Leaf Foods continues to post losses, sales drop after Canada Bread sale"},"content":{"rendered":"<p><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/10\/maple-leaf-foods.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-30214\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/10\/maple-leaf-foods.jpg\" alt=\"maple leaf foods\" width=\"610\" height=\"340\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/10\/maple-leaf-foods.jpg 610w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/10\/maple-leaf-foods-300x167.jpg 300w\" sizes=\"auto, (max-width: 610px) 100vw, 610px\" \/><\/a><\/p>\n<p>TORONTO &#8212; A slimmed-down Maple leaf Foods Inc. (TSX:MFI) is reporting losses at its continuing operations during the third quarter as it closes older plants, including one in New Brunswick, and shifts production to a newer operation in southern Ontario.<\/p>\n<p>Maple Leaf&#8217;s net loss was $26.7 million or 19 cents per share, which was more than the $24.5 million or 18 cents per share in last year&#8217;s third quarter.<\/p>\n<p>On an adjusted basis, there was an improvement year-over-year with a loss of 13 cents per share, compared with 19 cents per share a year earlier but missed analyst estimates.<\/p>\n<p>The Toronto-based company, which has sold its Canada Bread bakery division, had $830 million of sales from continuing operations in the latest quarter.<\/p>\n<p>That compared to $757.8 million of sales in the third quarter of 2013, when Maple Leaf also had $461.9 million of sales from operations that are now listed as discontinued.<\/p>\n<p>Maple Leaf Foods&#8217; revenue was slightly ahead of the $814-million anticipated by analysts but the adjusted loss was 15 cents bigger than the estimated loss of four cents per share, according to Thomson Reuters data.<\/p>\n<p>The third quarter&#8217;s net loss included $14.3 milion or seven cents per share of expenses related to restructuring, up from $11.4 million or six cents per share a year earlier.<\/p>\n<p>&#8220;We continue to make important advances towards our strategic goals,&#8221; Maple Leaf Foods president Michael H. McCain said.<\/p>\n<p>McCain said that Maple Leaf is continuing to transfer production to its new plant in Hamilton from other locations.<\/p>\n<p>The company said Thursday that production has ended in Moncton, N.B., but three more sites remain to be closed.<\/p>\n<p>&#8220;While the ongoing cost of duplicate supply chains and start-ups continues to be material, we are achieving milestones every quarter.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO &#8212; A slimmed-down Maple leaf Foods Inc. (TSX:MFI) is reporting losses at its continuing operations during the third quarter &hellip;<\/p>\n","protected":false},"author":44,"featured_media":30214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1482,19,18],"tags":[],"class_list":["post-30104","post","type-post","status-publish","format-standard","has-post-thumbnail","category-breaking","category-business","category-news-ca","mauthors-the-canadian-press"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/30104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=30104"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/30104\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/30214"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=30104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=30104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=30104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}