In addition to launching a takeover bid for Schneider Corp., Maple Leaf Foods announced improved third quarter financial results last week.
Maple Leaf posted net earnings of $16.6 million, or 18 cents a share, on total sales of $962.3 million for the three months ending Sept. 30.
In the same quarter last year, its net earnings were $13.5 million or 15 cents a share on total sales of $761.3 million.
A large part of the increase came from the purchase of Burns and Gainers in October of last year.
Maple Leaf’s operating earnings, before taxes and interest, were $38.6 million compared to $35 million last year.
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A company news release said its meat division showed a decline in operating earnings due to disruptions arising from the integration of the Burns and Gainers organization. High hog prices have also affected packer profits throughout the industry.
The bakery products group reported operating earnings on par with last year and the small agribusiness group showed a substantial increase over last year.
The company and many of its meat workers are in a dispute over wages. Management says it must get lower labor costs to be internationally competitive.
In the first three quarters the company posed net earnings of $34.4 million, up 27 percent over last year at this time.
Its long-term debt as of Sept. 30 is $665.9 million, up from $591 million last year.
The company also announced a quarterly dividend of four cents a share.
