Maple Leaf Foods has reported an increase in earnings for 2016 as the company lapped one-time restructuring costs and grew sales, although its underlying fourth-quarter earnings missed analyst forecasts.

The company said that operating earnings rose to CAD226.1m (US$171.7m), up from CAD53.2m in 2015. Profitability increased as Maple Leaf lapped one-time restructuring costs in the prior year. Adjusted operating earnings in 2016 increased to CAD239.2m, compared to CAD47.76m in 2015. Net earnings increased from CAD33.3m to CAD181.7m in 2016.

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In the fourth quarter, Maple Leaf’s net earnings more than doubled to CAD76.2m, or CAD0.56 a share, up from CAD33.3m, or CAD0.24 a share, a year earlier.

However, on an adjusted basis, Maple Leaf’s fourth-quarter earnings per share were CAD0.31, missing the average analyst estimate of CAD0.33, according to Thomson Reuters.

Sales were slightly higher in 2016, rising to CAD3.33bn, compared to CAD3.3bn a year earlier.. Revenue was dented by the weakening of the Canadian dollar and a 53rd week of trading in 2015, the company noted. Excluding these items, revenue was up 3%, Maple Leaf said. 

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Michael McCain, Maple Leaf’s president and CEO, said: “With the combination of our increasingly competitive cost structure, and commercial strategies that intersect with important consumer needs and trends, we are well positioned for future profitable growth.”

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Yesterday, Maple Leaf became the latest major meat manufacturer to invest in the meat-free market, announcing a deal to acquire US plant-based protein manufacturer Lightlife Foods from private-equity firm Brynwood Partners for US$140m.