Saputo earnings flat during second quarter

by Keith Nunes
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MONTREAL — Saputo Inc. recorded earnings of C$127.1 million ($124.5 million), equal to C$0.63c per share on the common stock, during the second quarter of fiscal 2011, ended Sept. 30. The results are similar to the same period the previous year when the company earned C$126.6 million, or C$0.62c per share.

Sales for the quarter were C$1,791.4 million ($1,754.2 million), up 16% from the previous year when sales were C$1,550.7 million. The company said the sales increase primarily was related to the acquisition of the DCI Cheese Company, Inc., this past February.

For the first six months of fiscal 2011, Saputo earned C$253.6 million, or C$1.25 per share, up 7% from C$237.5 million, or C$1.14 per share, in the same period a year ago.

Sales for the first six months of the year were C$3,430.4 million, which compared with C$2,986.9 million in the first half of fiscal 2010.

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