Saputo adjusted profit rises, boosted by weak Canadian dollar

Thu Feb 4, 2016 12:59pm EST
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Feb 4 (Reuters) - Saputo Inc, one of Canada's largest dairy producers, reported higher than expected adjusted earnings on Thursday, helped by weakness in the Canadian dollar.

For its fiscal third quarter, adjusted net income rose 13.5 percent to C$175.4 million, or 44 Canadian cents a share.

Revenue during the quarter, which ended Dec. 31, rose 2.8 percent to C$2.9 billion.

Analysts were expecting Saputo to earn 39 Canadian cents per share on revenue of C$2.9 billion, according to Thomson Reuters I/B/E/S.

The fluctuation of the Canadian dollar boosted revenues some C$261 million during the quarter, Montréal-based Saputo said.

Saputo's shares, which earlier climbed 2.6 percent to C$35.01, last traded at $34.77.

The company, whose brands include Dairyland milk and Armstrong cheese, is among the top three cheese producers in the United States and also has significant operations in Argentina and Australia. (By Rod Nickel in Winnipeg, Manitoba)