Maple Leaf Foods reported net earnings of $21.9 million in the quarter ending Dec. 31, compared to a net loss of $14.6 million in the same period of 2008.
“The increased earnings in the fourth quarter reflect significantly better performance in our protein business, offset slightly by a softer quarter in the bakery segment,” said Michael McCain, president and chief executive, in a news release on Wednesday.
In the last quarter of 2008, the company was still dealing with a major product recall in August due to listeria contamination that killed at least 20 people.
When adjusted for the impact of restructuring and product recalls, the company earned $57.8 million or 19 cents a share in the fourth quarter this year, compared with $35.4 million or 12 cents for the same period a year earlier.
For the year, the company had net earnings of about $52 million compared to a loss of about $37 million in 2008.
“In 2009, we substantially completed the restructuring of our protein operations and focused our company on higher margin consumer packaged goods,” McCain said.
“Looking ahead, our priority is to increase earnings and margins to levels consistent with our peers. We have work to do on this goal and it will involve achieving the full potential of our prepared meats business, investing in our plant network to reduce costs and delivering higher levels of organic growth.”
