July 30, 2009 / 7:25 PM / in 8 years

CORRECTED-UPDATE 1-Maple Leaf Foods swings to Q2 profit

(Corrects average EPS expectation in paragraph 5 to 7 Canadian cents a share from 13 Canadian cents a share)

*Adj EPS C$0.12 vs loss C$0.01

*Revenue down 2.9 pct yo C$1.32 bln (Adds details)

TORONTO, July 29 (Reuters) - Maple Leaf Foods Inc (MFI.TO), one of Canada’s largest food processors, reported a quarterly profit on strong performances from its bakery and prepared meats divisions, as it recovered from the effects of last summer’s costly tainted meat recall.

Maple Leaf said on Wednesday it earned C$4.9 million ($4.5 million), or 4 Canadian cents a share, for the second quarter, compared with a loss of C$9.4 million, or 7 Canadian cents per share, for the same period a year earlier.

Adjusted for the impact of restructuring and other items, the company earned 12 Canadian cents a share, compared with a loss of 1 Canadian cent.

However, revenue slipped 3 percent to C$1.32 billion due to lower volumes in its processing and prepared meats divisions and lower pork prices.

Analysts expected an average of 7 Canadian cents a share on revenue of C$1.37 billion, according to Reuters Estimates.

Last summer, contaminated deli meats from a Maple Leaf food processing plant in Toronto were linked to at least 22 deaths. After an extensive investigation, the company said it believed two slicers at the plant had been harboring listeria bacteria.

Earlier this year it reached a tentative C$25 million settlement in a series of class-action lawsuits related to the listeriosis outbreak. ($1=$1.09 Canadian) (Reporting by Scott Anderson; editing by Jeffrey Benkoe)

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