Saputo profit climbs, helped by higher dairy prices

Thu Feb 2, 2017 1:10pm EST
 
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(Reuters) - Saputo Inc (SAP.TO: Quote), one of Canada's largest dairy producers, reported larger quarterly profit on Thursday, boosted by increased international prices.

For its fiscal third quarter, net income rose to C$197.4 million, or 49 Canadian cents a share, from C$175.2 million, or 44 Canadian cents, a year earlier.

Revenue during the quarter, which ended Dec. 31, rose 2 percent to C$3 billion.

Analysts were expecting Saputo to earn 51 Canadian cents per share on revenue of C$3 billion, according to Thomson Reuters I/B/E/S.

Montreal-based Saputo's shares eased 0.4 percent to C$47.14 in Toronto.

Saputo, whose brands include Dairyland milk and Armstrong cheese, won majority control in 2014 of Australia's Warrnambool Cheese and Butter Factory Company Holdings Ltd (WCB.AX: Quote), and this week offered to buy the remaining shares.

(By Rod Nickel in Winnipeg, Manitoba; Editing by Chris Reese)