Maple Leaf Foods Inc. reported its financial results for the fourth quarter and full year ended December 31, 2014. Sales from continuing operations were $794 million for Q4, an increase of 6.1% from last year.
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The increase was 5.1% after adjusting for the impact of foreign exchange, due to higher pricing across the Meat Products Group, partially offset by lower volumes in the prepared meats business. Sales from continuing operations of $3,157.2 million for the year increased 6.9%, or 5.8% after adjusting for foreign exchange, due to the same factors.
Adjusted Operating Earnings for the fourth quarter was a loss of $13.7 million compared to a loss of $56.0 million last year. The Meat Products Group benefited from higher pricing, which was partially offset by network transitional costs and lower volumes.
In addition the Agribusiness Group benefited from higher market prices for hogs and lower feed costs. For the full year, Adjusted Operating Earnings was a loss of $75.5 million compared to a loss of $136.5 million last year, due to similar factors.
Adjusted Earnings per Share was a loss of $0.08 in the fourth quarter compared to a loss of $0.41 last year. For the full year, Adjusted Earnings per Share was a loss of $0.58 compared to a loss of $1.08 last year.
Net loss from continuing operations for the fourth quarter was $23.0 million (loss of $0.16 per basic share attributable to common shareholders(5)) compared to a loss of $47.9 million (loss of $0.34 per share) last year.
This included $11.5 million ($0.06 per share) of pre-tax expenses related to restructuring and other related costs (2013: $12.5 million, or $0.07 per share).
Net loss from continuing operations for the year was $213.8 million (loss of $1.51 per share). Excluding one-time financing costs of $98.6 million ($71.2 million after tax) related to the repayment of the Company's long-term notes payable during the second quarter of 2014, net loss from continuing operations after restructuring was $142.6 million compared to a net loss of $141.4 million (loss of $1.01 per share) last year.
This amount included $67.6 million ($0.36 per share) of pre-tax expenses related to restructuring and other related costs (2013: $75.2 million or $0.40 per share). ■
French railway workers stormed the Ecological Transformation Ministry's building Tuesday in Paris to protest a restructuring plan for the freight transportation unit of the French railway company SNCF.