Canadian dairy Saputo posts bigger-than-expected quarterly profit

Thu Nov 3, 2016 12:37pm EDT
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(Reuters) - Saputo Inc (SAP.TO: Quote), one of Canada's largest dairy producers, reported a 29 percent jump in quarterly earnings on Thursday, more than expected.

For its fiscal second quarter, net income rose to C$191.8 million, or 48 Canadian cents a share, from C$148.6 million, or 37 Canadian cents, a year earlier.

Revenue during the quarter, which ended Sept. 30, rose 1.9 percent to C$2.8 billion, in line with expectations.

Analysts were expecting Saputo to earn 45 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Saputo's shares eased 0.2 percent to C$47.65 in Toronto.

The Montreal-based company, whose brands include Dairyland milk and Armstrong cheese, is among the top cheese producers in the United States and also has significant operations in Argentina and Australia.

(By Rod Nickel in Winnipeg, Manitoba; Editing by James Dalgleish)