07:26 AM EDT, 05/02/2024 (MT Newswires) -- Maple Leaf Foods Inc. ( MLFNF ) said on Thursday that it swung to first-quarter net earnings of $51.6 million, or $0.42 per basic share, from a loss of $57.7 million, or $0.48 per basic share, a year earlier.

Two analysts polled by Capital IQ expected $0.09.

On an adjusted basis, the company reported earnings of $0.04 per share, as compared with a loss of $0.12 per share a year earlier. Analysts polled by Capital IQ expected $0.13.

Sales for the quarter ended March 31, 2024, were $1.15 billion, down 1.5% from $1.17 billion a year earlier. Analysts surveyed by Capital IQ expected $1.19 billion.

Maple Leaf, a Canadian packaged meats company, said net earnings in the first quarter were positively impacted by reduced feed costs, operating efficiencies, lower start-up expenses, reduced restructuring costs, and a positive impact of unrealized mark-to-market valuation on biological assets.

The board approved a quarterly dividend of $0.22 per share, up $0.01 per share from the 2023 first-quarter dividend. The dividend will be paid on June 28 to shareholders of record at the close of business on June 6.

Looking ahead, the company expects to achieve an overall consolidated adjusted EBITDA margin target of 14% to 16% in normal market conditions.

For the full year of 2024, Maple Leaf Foods ( MLFNF ) is targeting low-to-mid single-digit revenue growth. The company expects to generate "strong" free cash flow and to lower its debt load.