August 1, 2012 / 12:52 PM / 5 years ago

UPDATE 1-Maple Leaf Foods profit rises, beats estimates

* Q2 adj earnings/share C$0.28 vs year-ago C$0.30, estimate C$0.23

* Revenue C$1.26 billion, matching Wall Street view

Aug 1 (Reuters) - Canadian food processor Maple Leaf Foods reported a higher quarterly profit on Wednesday as it reaped the benefits of price increases for some products and an ongoing effort to modernize its meat operations.

Second-quarter net earnings rose to C$32.5 million ($32.5 million), or 21 Canadian cents per share, from C$24.6 million, or 17 Canadian cents, a year earlier.

Adjusted earnings per share fell to 28 Canadian cents from 30 cents.

Revenue for the company, which is one of Canada’s biggest pork processors and bakers, rose about 2 percent to C$1.26 billion.

Analysts had on average expected Maple Leaf to earn 23 Canadian cents a share on sales of C$1.26 billion, according to Thomson Reuters I/B/E/S.

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