Saputo reports $220M profit in the third quarter
Saputo Inc. says its net earnings came in at $220 million during the third quarter, up from a loss of $518 million during the same period a year earlier.
The Montreal-based company attributed the swing in profit to the absence of an impairment charge recorded in its U.K. dairy division in the third quarter of last year.
On a per-share basis, Saputo says its earnings amounted to 53 cents, up from a loss of $1.22 during the prior year quarter.
Saputo's quarterly revenue came in at $4.89 billion, down from $4.99 billion a year earlier.
The company attributed the decline in revenue to lower U.S. dairy commodity pricing.
Saputo CEO Carl Colizza says in a news release that efficiencies from its modernized network drove robust cash generation during the quarter.
Saputo, one of the top 10 dairy processors in the world, produces, markets, and distributes a wide array of dairy products, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products, and dairy ingredients.
