MISSISSAUGA, ON, - Maple Leaf Foods Inc. ("Maple Leaf Foods" or "the Company") (TSX: MFI) today reported its financial results for the second quarter ended June 30, 2024.
"In the second quarter of 2024, we made excellent progress in executing our strategic playbook, delivering Adjusted EBITDA of $141 million, 37% growth over the second quarter of last year, and 11.2% Adjusted EBITDA Margin, a 310 basis point improvement year over year," said Curtis Frank, President and CEO of Maple Leaf Foods. "Several key elements contributed to our performance, including 3.2% year-over-year sales growth in our prepared meats business, improved pork market conditions, growth in our sustainable meats portfolio, better overall sales mix, and contributions from our large capital projects."
"We remain laser-focused on executing our priorities for 2024, and we are not taking our eye off the longer-term goals we have set for ourselves" continued Mr. Frank. "We are harvesting the benefits from our London poultry plant and Bacon Centre of Excellence, driving cost out of the business, deleveraging our balance sheet, and drawing on our team's proven ability to demonstrate agility in a challenging consumer demand environment."
"Looking ahead, we are on a clear path to unleashing the potential of our business by separating into two independent public companies, each primed for growth and positioned to be a leader in its field," stated Mr. Frank. "I am confident, that these two companies - Maple Leaf Foods and the new Pork Company - will unlock the value of their respective organizations for the benefit of all stakeholders, with dedicated management teams and the financial independence to pursue their own value creation strategies. This will be the next exciting milestone step in executing the Maple Leaf playbook."
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