Maple Leaf Foods reports $41.5M Q4 loss, post weaker pork, cyberattack

MISSISSAUGA, Ont. –

Maple Leaf Foods Inc. raised its dividend because it reported a lack of $41.5 million in its newest quarter due partly to weaker pork markets and a cyberattack.

The meals processing firm says it should now pay a quarterly dividend of 21 cents per share, up from 20 cents per share.

The elevated fee to shareholders got here as Maple Leaf says its loss for the quarter ended Dec. 31 amounted to 34 cents per share in contrast with a revenue of $1.9 million or two cents per share within the final three months of 2021.

Sales totalled $1.19 billion, up from $1.12 billion a yr earlier.

The firm says its most up-to-date quarter included a $23-million hit associated to what it known as a cybersecurity incident in November and $25.8 million in startup bills associated to building initiatives.

On an adjusted foundation, Maple Leaf says it misplaced 28 cents per share in its fourth quarter in contrast with an adjusted revenue of 9 cents per share a yr earlier.

“2022 was clearly a year of unprecedented challenges for us on many fronts, including hyperinflation, dislocation in the pork markets, supply chain dysfunction, job vacancies and a cyberattack,” Maple Leaf Foods chief govt Michael McCain mentioned in a press release.

“Of course, our fourth-quarter results are not where we like them to be, given these unprecedented market conditions and the impacts of the cyberattack, but the underlying health of the business in normal markets is solid and in-line with where we expected to be at this point.”

This report by The Canadian Press was first printed March 9, 2023.