MISSISSAUGA, ON - Maple Leaf Foods Inc. (the "Company") (TSX: MFI) today reported its financial results for the fourth quarter and full year ended December 31, 2018. The Company also announced it will increase its quarterly dividend by $0.015 per share or 11.5% to $0.145 per share, effective the first quarter of 2019.
Quarter highlights
Sales growth driven by core business offset by declines in fresh market prices
Adjusted EBITDA(1) margin of 10.0% with strong commercial performance offset by adverse fresh market conditions
Meaningful progress on strategic growth initiatives including further momentum in sustainable meats, renovation of the entire brand portfolio completed and continued double-digit growth in plant protein
Closed the strategic acquisitions of Cericola Farms and VIAU Foods providing new and attractive growth avenues in underlying businesses
Announced $605.5 million investment to construct state-of-the-art poultry facility to meet the growing demand for value-added poultry while gaining significant processing efficiencies, resulting in an approximately $40.7 million restructuring charge in the quarter
"In a year marked by the most challenging industry pork markets in a decade, we delivered a 10% or greater Adjusted EBITDA margin in three out of four quarters," said Michael H. McCain, President and CEO. "Strong performance in our branded prepared meats business, a rapidly growing plant protein business, recent acquisitions and planned investments point to the strength of our foundational strategies. By striving passionately to 'raise the good in food,' we are uniquely positioning Maple Leaf for sustainable growth as we satisfy the protein demand of a growing population who have new ideas about what good food means."
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