CANADA BREAD CO. LTD. $47 (Toronto symbol CBY; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 25.4 million; Market cap: $1.2 billion; Price-to-sales ratio: 0.7; Dividend yield: 0.5%; SI Rating: Above Average) is Canada’s second-largest producer of baked goods, after Weston Bakery. It also makes specialty pastas and sauces. Its main brands include Dempster, Tenderflake and Olivieri.
In the three months ended March 31, 2010, Canada Bread’s earnings fell 14.5% to $12.7 million, or $0.50 a share. It earned $14.9 million, or $0.59 a share, a year earlier. Without unusual items, mainly the cost of building a new bakery in Hamilton, Ontario, to replace three older Toronto bakeries, earnings per share would have fallen 8.3%, to $0.55 from $0.60.
Sales fell 7.6%, to $381.9 million from $413.1 million, mainly because the company lost a major U.S. restaurant customer. That pushed down sales of frozen bagels and breads to restaurants by 16.9%. Sales of fresh baked goods fell 2.2%.
Canada Bread trades at just 11.5 times its likely 2010 earnings of $4.07 a share. However, we prefer parent company Maple Leaf for new buying.
Canada Bread is a hold.
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