CANADA BREAD CO. LTD. $46 - Toronto symbol CBY

CANADA BREAD CO. LTD. $46 (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: 1.7%; TSINetwork Rating: Above Average; www.canadabread.ca) earned $3.43 a share in 2011, up 18.3% from $2.90 in 2010, mainly due to a one-time tax benefit. The company’s plan to close three older bakeries and shift their operations to a new, more efficient facility in Hamilton, Ontario will also improve its earnings.

Sales rose just 0.4% in 2011, to $1.60 billion from $1.59 billion. That’s largely because the company sold its fresh sandwich business in February 2011.

Canada Bread is a hold.

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