Maple Leaf Foods profit beats estimates

Maple Leaf Foods Inc. (MFI-T) posted a higher adjusted quarterly profit on Thursday, beating market estimates, as the Canadian food processor passed on rising raw material costs to its customers.

Without adjusting for items, first-quarter earnings fell to $10.5 million, or 7 cents a share, from $19.9 million, or 13 cents a share.

But on an adjusted basis, its profit rose to 18 cents a share. Analysts on average had forecast earnings of 17 cents a share, according to Thomson Reuters I/B/E/S.

Revenue fell 4 percent to $1.15 billion, beating the average analyst estimate of $1.14 billion.