Maple Leaf Foods Inc. (MFI.TO) reported that its fourth-quarter net earnings attributable to the common shareholders were C$54.61 million or C$0.38 per share compared to C$8.43 million or C$0.06 per share last year. Net earnings included C$12.8 million (C$0.07 per share) of pre-tax costs related to restructuring activities (2011: C$32.2 million, or C$0.17 per share).
Adjusted Operating Earnings for the fourth quarter were C$91.3 million compared to C$57.4 million last year, due to strong improvements in the Meat and Bakery Products Groups.
Adjusted Earnings per Share were C$0.38 in the quarter, compared to C$0.21 last year. Analysts polled by Thomson Reuters expected the company to report earnings of C$0.31 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the fourth quarter declined 3.3% to C$1.205 billion compared to C$1.245 billion last year, or 2.2% after adjusting for the impacts of divestitures and foreign exchange, primarily as a result of lower sales volumes. Three analysts had consensus revenue estimate of C$1.26 billion for the quarter.
On February 25, 2013, Maple Leaf Foods declared a dividend of C$0.04 per share payable March 28, 2013 to shareholders of record at the close of business March 8, 2013.
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