Saputo third-quarter earnings increase
February 2, 2010
by Keith Nunes
MONTREAL — Net income for Saputo, Inc. rose to C$104,330,000 ($98,626,000), equal to C50c per common share of stock, during the third quarter of fiscal 2010 ended Dec. 31, 2009. The quarterly earnings compared favorably with the same period during fiscal 2009, when the company earned C$57,759,000, or C28c per share.
Sales for the quarter were C$1,497,272,000 ($1,415,482,000), a slight decline compared with C$1,517,457,000 the company recorded during the same period of fiscal 2009.
Factors that contributed to the earnings increase included the acquisition Neilson Dairy on Dec. 1, 2008, and a decline in the price of the average block market per pound of cheese to 27c compared to the year before.
For the first nine months of fiscal 2010, Saputo earned C$283,603,000 ($268,111,000), or C$1.37 per share, compared with C$209,750,000 million, or $1.02 per share. Sales for the period were C$4,426,399,000 ($4,184,605,000), which compared with C$4,332,911,000 during the same period of the previous year.