Saputo earnings up 21% in quarter
August 06, 2008
by FoodBusinessNews.net Staff
MONTREAL — Boosted by the acquisition of Alto Dairy Cooperative and higher cheese prices, Saputo, Inc. posted a 21% increase in net earnings for the quarter ended June 30.
Saputo had net earnings of C$82,963,000 ($79,227,000), equal to 40c per share on the common stock, up from C$68,447,000, equal to 33c per share, during the same quarter of the previous year.
Revenue for the quarter was C$1,361,910,000 ($1,300,870,000), up 11% from C$1,226,735,000 during the same quarter of the previous year.
The company said it will continue to focus on being a low cost producer in order to stay competitive with its Canadian Dairy Products Division. In addition, the recent Alto and Land O’Lakes West Coast acquisitions have doubled the size of the U.S.A. Dairy Products Sector.