Q2 2024 Maple Leaf Foods Inc Earnings Call Transcript
Key Points
- Adjusted EBITDA grew approximately 37% year-over-year to $141 million, showcasing strong financial performance.
- Free cash flow increased by $103 million compared to the previous year, indicating improved cash management.
- The adjusted EBITDA margin improved by 310 basis points to 11.2%, driven by better pork markets and contributions from capital projects.
- Prepared meats business saw a 3.2% increase in revenue year-over-year, demonstrating resilience in a challenging consumer environment.
- Significant growth in retail channel sales for poultry, with a 12% increase, highlighting strong brand performance.
- Total sales in the second quarter were slightly down by 0.4% compared to last year, indicating stagnant revenue growth.
- Poultry sales declined by 3.9% year-over-year, affected by reduced sales to industrial channels.
- The plant protein segment did not achieve breakeven profitability, with increased SG&A costs impacting results.
- The pork complex saw a 4.2% decline in revenue due to less buy-sell activity and foreign exchange impacts.
- Consumer demand for premium offerings like RWA and organic fresh poultry remains soft, affecting sales mix.
Good morning. Ladies and gentlemen, thank you for standing by, and welcome to Maple Leaf's second quarter 2024 financial results conference call. As a reminder, this conference call is being broadcast live on the internet and recorded. (Operator Instructions) I would now like to turn the conference over to Janet Craig, Investor Relations at Maple Leaf Foods. Please go ahead, Ms. Craig.
Thank you, Ken, and good morning, everyone. Speaking on the call today will be Curtis Frank, President and Chief Executive Officer; Dave Smales, Chief Financial Officer; and Dennis Organ, President, Pork Complex, and the incoming CEO of the new Pork company.
Before we begin, I would like to remind you that some statements made on today's call may constitute forward-looking information, and our results may differ materially from what we discuss. Please refer to our second quarter 2024 MD&A and other information on our website for a broader description of operations -- operational and risk factors
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