MISSISSAUGA, ON,- Maple Leaf Foods Inc. ("Maple Leaf Foods" or the "Company") (TSX: MFI) The reported its financial results for the third quarter ended September 30, 2022.
"We are at an important inflection point in our business, grounded in exceptional underlying strength and opportunity even though this is not immediately obvious in current performance or reflected in our share price," said Michael H. McCain, Chief Executive Officer of Maple Leaf Foods. "The post pandemic economy has been challenging, but the headwinds it has created are transitional and short term. Quite simply, if global pork markets and labour constraints normalized, we would be delivering above our 14% Adjusted EBITDA margin target in the third quarter of 2022 and expecting that to continue. The good news is we are seeing strong signs of improvement on these fronts, plus we are on track with our London Poultry and Bacon Centre of Excellence projects which will deliver $130 million annually in Adjusted EBITDA once we get through the normal start-up work and are ramped up to full commercial production."
"In our plant protein business we are firmly on track to meet our Adjusted EBITDA neutral target in the latter half of 2023," continued Mr. McCain. "Our plans are clearly working. We expect to cut our Adjusted EBITDA losses in the fourth quarter this year by half year over year, and we are now examining initiatives which have the potential to take us beyond our target on this path to profitability. We do not believe the underlying strength and value of our business, including the significant returns that our major capital investment will soon be delivering, are currently reflected in our share price, yet are optimistic it will in time."
Source : Newswire.ca