Rogers Sugar, a Canadian company, saw a significant rise in earnings during the latest quarter, even as sugar and maple syrup sales volumes declined.
In the third quarter, Rogers Sugar recorded net earnings of CAD 14.2 million ($10.5 million), equivalent to CAD 0.12 per share. This is an improvement from the previous year’s earnings of CAD 3.1 million or CAD 0.03 per share.
Adjusted per-share earnings remained steady at CAD 0.08, indicating consistent performance.
Furthermore, the company’s revenue for the fiscal quarter increased by 3% to CAD 262.3 million.
Rogers Sugar experienced a decline in sales volume within its sugar segment, which dropped by 11,904 metric tons to 191,411 tons. The company attributed this decrease mainly to an unexpected surge in demand following a temporary market disruption in the second half of fiscal 2022.
Similarly, maple sales volumes decreased by 2.4 million pounds to 9.6 million pounds in the quarter. Although lower demand contributed to this decline, it was partially offset by higher pricing and lower operating costs according to Rogers Sugar.