Maple Leaf Foods’ earnings for the first quarter of 2025 were CA$50 million, a CA$2 million decrease compared to the same quarter last year, according to its most recent financial review.
The drop was attributed to a reduction in market value of the company’s biological assets, as well as reduced interest expenses and incremental costs associated with the company’s upcoming pork operations, known as Canada Packers Inc., Maple Leaf Foods Chief Executive Officer and President Curtis Frank explained during the company’s May 8, 2025, conference call.
A reduction in the market value of Maple Leaf’s biological assets also affected its gross profit for the quarter, which decreased over CA$8 million to CA$217.8 million. However, Frank noted that this was partially offset by improved pork market conditions, favorable volume and mix impacts in its prepared foods and poultry sectors and growth in operating efficiencies.
Maple Leaf Foods’ sales in the first quarter of 2025 improved, and came to CA$1,241.3 million, compared to CA$1,147.3 million in Q1 of 2024, an increase of over 8%. Additionally, its prepared foods and poultry sales increased seven and 6%, respectively, primarily due to volume growth and improvements in the company’s product mix, as well as pricing and advantageous foreign exchange impacts.
According to Frank, the company has released 28 new products this year and released over 50 new products in 2024.
Canada Packers to be operational in 2025
According to Frank, the creation of Canada Packers Inc. has been well underway since announcing the separation of the company’s pork operations in 2024.
Paperwork for the spinoff will be filed on May 12, 2025, and the company plans to meet with its shareholders on June 11, 2025, to approve the transaction, which would allow closing to occur in the second half of 2025.
