Maple Leaf Foods Q3 net earnings down

Maple Leaf Foods Inc. has reported that net earnings attributable to common shareholders of the company for the third quarter ended September 30, 2012 were C$30.16 million, or C$0.21 per diluted share, compared to C$39.94 million, or C$0.28 per diluted share, for the same quarter ended September 30, 2011.

Sales for the third quarter ended September 30, 2012 were C$1.24 billion, compared to C$1.26 billion for the same quarter ended September 30, 2011.

Net earnings attributable to common shareholders of the company for the nine months ended September 30, 2012 were C$60.69 million, or C$0.42 per diluted share, compared to C$73.71 million, or C$0.52 per diluted share, for the same period ended September 30, 2011.

Sales for the nine months ended September 30, 2012 were C$3.66 billion, compared to C$3.65 billion for the same period ended September 30, 2011.

"Our third quarter marked a return to operating profit growth in 2012 as we continue to enhance performance in our base business and execute our value creation strategies," said Michael McCain, president and CEO. "We are achieving earnings growth in our consumer facing prepared meats and bakery businesses, and managing higher input costs through responsible pricing. While the challenges of consumer bread demand and pork market conditions continue, we are seeing signs of improvement in both."