Saputo income up 28% in quarter
February 06, 2008
by FoodBusinessNews.net Staff
MONTREAL — For the third quarter ended Dec. 31, Saputo, Inc., the largest dairy processor in Canada, posted net earnings of C$82,018,000 ($81,780,419), equal to C40c per share on the common stock, up 28% from $64,058,000, or C31c per share, during the same quarter of the previous year. The earnings figure included a one-time tax reduction of about C$6.5 million.
Revenue for the quarter was C$1,277,037,000 ($1,273,190,665), up 26% from C$1,016,989,000 during the same quarter of the previous year.
The revenue increase primarily was due to the U.S. Dairy Products Sector, which experienced an increase in revenue of about C$219 million. The acquisition of the activities of Land O’Lakes West coast industrial cheese business and a higher average block market per pound of cheese contributed to this increase. Revenues from the Canadian and Other Dairy Products Sector increased about C$43 million. The result of higher selling prices, increased sales volume from Canadian fluid milk activities and the inclusion of the U.K. operation contributed to this increase. Revenue in the Grocery Products Sector decreased about C$1 million.
The appreciation of the Canadian dollar eroded about C$56 million in the company’s revenues in quarter compared with the same quarter of the previous year.
For the nine months ended Dec. 31, net earnings were C$212,989,000 ($212,308,719), or C$1.03 per share, up 21% from C$175,608,000, or C85c per share, during the same period of the previous year. Revenue for the nine months was C$3,792,754,000 ($3,780,954,243), up 27% from C$2,992,276,000 during the same quarter of the previous year.