In this file:
· Maple Leaf Foods (OTCMKTS:MLFNF) PT Lowered to C$42.00
· Maple Leaf Q1 performance challenged by war in Ukraine, pandemic
Maple Leaf Foods (OTCMKTS:MLFNF) PT Lowered to C$42.00
May 6th, 2022
Maple Leaf Foods had its price target lowered by Scotiabank from C$43.00 to C$42.00 in a research note published on Thursday, The Fly reports.
Separately, Royal Bank of Canada dropped their price target on shares of Maple Leaf Foods from C$43.00 to C$42.00 in a report on Thursday, April 28th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of Buy and a consensus target price of $38.80.
Shares of MLFNF stock opened at $21.13 on Thursday. Maple Leaf Foods has a one year low of $19.30 and a one year high of $25.68. The company’s 50-day moving average is $22.74 and its 200 day moving average is $23.19.
Maple Leaf Foods Company Profile ...
Maple Leaf Q1 performance challenged by war in Ukraine, pandemic
By Keith Nunes, Meat+Poultry
TORONTO – Maple Leaf Foods Inc.’s fiscal 2022 first-quarter financial results are a microcosm of the market for animal-based meat and plant-based meat alternatives. The company’s Meat Protein Group’s performance was strong while the Plant Protein Group’s business continued to struggle, and management is in the process of rightsizing its operations.
Pressuring earnings during the quarter was the “extraordinary instability” around the world, said Michael H. McCain, president and chief executive officer. Events forcing the company to adapt include the ongoing COVID-19 pandemic, inflation, supply chain disruptions and the conflict between Russia and Ukraine.
“We were really clear, and I hope you will agree we were very clear last quarter, that Q1 2022 would be rough, and it was,” McCain said during a May 4 conference call with securities analysts. “We experienced the full force of the unstable external environment in the first quarter. We experienced the extremely high rates of absenteeism due to the omicron variant. We experienced the global supply chain disruptions, the soaring inflation, and it was accentuated by one of the harshest winters in Manitoba weather that we’ve ever felt.”
Those events pushed earnings down for the quarter ended Dec. 31, 2021. Net income was C$13.6 million ($10.6 million), equal to C11¢ (8¢) per share on the common stock, and down from C$47.7 million, or C39¢ per share, the year prior.
Quarterly sales rose to C$1.13 billion ($883 million) from C$1 billion during the first quarter of fiscal 2021.
Meat Protein Group sales rose 7.5% during the quarter to $1.1 billion ($859 million) and was driven by price increases implemented during prior quarters and a favorable mix shift in product sales, according to the company...