Canadian dairy Saputo's profit jumps 30 pct, dividend raised

Tue Aug 2, 2016 11:47am EDT
 
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Aug 2 (Reuters) - Saputo Inc, one of Canada's largest dairy producers, reported on Tuesday a 30 percent jump in net earnings and boosted its quarterly dividend by 11 percent.

For Saputo's fiscal 2017 first quarter, net income rose to C$176.7 million ($135.14 million), or 44 Canadian cents a share, from C$136.4 million, or 34 Canadian cents, in the year-earlier period, helped by higher North American sales volumes.

Revenue during the quarter, which ended June 30, increased 2.6 percent to C$2.6 billion.

Analysts were expecting Saputo to earn 40 Canadian cents per share on revenue of C$2.65 billion, according to Thomson Reuters I/B/E/S.

Saputo's quarterly dividend will rise to 15 Canadian cents in September.

The dairy's shares dipped 0.6 percent to C$39 in Toronto, down from an all-time high of C$42.50 reached in March.

($1 = 1.3075 Canadian dollars) (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Paul Simao)