Maple Leaf ups dividend

Photo: Maple Leaf

Maple Leaf Foods Inc. raised its quarterly dividend as it reported a fourth-quarter profit of $59.1 million.

The company says it will now pay a quarterly dividend of 13 cents per share, up from 11 cents.

Maple Leaf says its profit in its latest quarter amounted to 47 cents per share compared with a profit of $76.2 million or 57 cents per share in the same quarter a year earlier.

Sales in the quarter ended Dec. 31 totalled $876.8 million, up from $828.2 million in the last three months of 2016.

On an adjusted basis, the company says it earned 41 cents per share, up from an adjusted profit of 31 cents per share a year ago.

Analysts had expected a profit of 39 cents per share, according to Thomson Reuters.