Saputo earnings increase 31% during first quarter

by Keith Nunes
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MONTREAL — During the first quarter of fiscal 2011, ended June 30, Saputo, Inc. earned C$111,397,000 ($108,927,414), equal to C54c per share on the common stock, an increase compared with the first quarter of fiscal 2010 when the company earned C$84,821,000 ($82,940,583), or C41c per share.

Sales for the quarter were C$1,436,148,000 ($1,404,161,589), down slightly from sales of C$1,446,434,000 ($1,414,256,879) in the first quarter of fiscal 2010.

Sales within the company’s CEA Dairy Products sector (Canadian, European and Argentinean) totaled C$927 million for the quarter, a decrease of C$18.7 million when compared with the same period last year. The EBITDA for the business unit was C$121.6 million, up from C$112.5 million.

The acquisition of F&A Dairy of California, Newman, in 2009 combined with favorable prices for dairy ingredients boosted Saputo’s sales within its USA Dairy Products business unit to C$474.3 million, an increase of C$15.7 million compared with the first quarter of fiscal 2010. The EBITDA for the quarter was C$65 million, an increase of C$23.7 million compared with the first quarter of fiscal 2010.

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