April 29, 2010 / 1:16 PM / 7 years ago

UPDATE 1-Maple Leaf profit rises, misses expectations

* Adj EPS C$0.09 vs consensus C$0.13

* Rev C$1.19 bln vs consensus C$1.28 bln (Adds details)

TORONTO, April 29 (Reuters) - Maple Leaf Foods Inc (MFI.TO), one of Canada’s largest food processors, reported a higher first-quarter profit on Thursday but missed expectations, as a weak performance from its bakery business and rising raw meat costs weighed on the results.

Maple Leaf, which was the focus of a deadly tainted food recall two years ago, said it earned C$8.8 million ($8.8 million), or 6 Canadian cents a share, in the quarter that ended March 31, up from C$2.9 million, or 2 Canadian cents a share, for the same period a year earlier.

Adjusted for the impact of restructuring and product recalls, the company earned 9 Canadian cents a share, compared with 5 Canadian cents for the same period a year earlier.

Revenue slipped 7 percent to C$1.19 billion.

Analysts had expected, on average, earnings per share of 13 Canadian cents on revenue of C$1.28 billion, according to Thomson Reuters I/B/E/S. ($1=$1.00 Canadian) (Reporting by Scott Anderson, editing by Gerald E. McCormick)

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