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These factors more than offset strong growth in prepared meats volumes from earlier in the year and solid improvement in the Bakery segment, which we expect will accelerate.
Market conditions are expected to improve and our commercial fundamentals are good.
Several items are excluded from the discussions of underlying earnings performance as they are not representative of on-going operational activities.
Refer to the section entitled Reconciliation of Non-IFRS Financial Measures at the end of this News Release for a description and reconciliation of all non-IFRS financial measures.
59 of the 130th General Assembly to make operating and other appropriations and to provide authorization and conditions for the operation of state programs.
It is defined as earnings before income taxes adjusted for items that are not considered representative of on-going operational activities of the business, and items where the economic impact of the transactions will be reflected in earnings in future periods when the underlying asset is sold or transferred.For the first six months, sales declined 4.9% or 2.8% after adjusting for the impact of divesting the Company’s potato processing business and foreign exchange, due to similar factors as well as lower prepared meats volumes in the first quarter.Adjusted Operating Earnings for the second quarter declined to a loss of last year, primarily due to lower earnings in the prepared meats and primary pork processing businesses.We make high-quality, great tasting, nutritious and innovative food products under leading brands including Maple Leaf®, Maple Leaf Prime®, Maple Leaf Natural Selections®, Schneiders®, Schneiders Country Naturals® and Mina™. “Market conditions which affected first quarter results continued into the second quarter, although there was material improvement in important areas”, said Michael H. “Hog production returns, global pork markets and volatile raw material markets all contributed to a material year-over-year earnings decline.Our Company employs approximately 12,000 people in its operations across Canada and exports to more than 20 global markets including the U. This was compounded by the costs of transition and start-ups in our new prepared meat manufacturing and distribution network.