A Saputo Inc., logo is shown during the company's annual general meeting in Laval, Que., on August 8, 2019. THE CANADIAN PRESS/Graham Hughes
MONTREAL – Saputo Inc. says its earnings for the latest quarter were $179 million, more than double its $86 million a year earlier as the company says it expects its earnings for the full fiscal year to make a meaningful recovery.
The Montreal-based company says earnings per diluted share for its third quarter ended Dec. 31 were 43 cents, up from 21 cents in the same quarter last year.
Revenue was $4.6 billion, up 17.6 per cent from $3.8 billion a year earlier.
Saputo says the uptick in revenues reflects pricing initiatives across all its sectors, higher prices in the U.S. sector, and higher international dairy prices.
The company says its earnings were negatively impacted by restructuring costs of $27 million as part of its previously announced consolidation initiatives.
The company recently announced major changes to its operations, including permanently closing three facilities in the U.S., building a new packaging facility and expanding its string cheese operations.
This report by The Canadian Press was first published Feb. 9, 2023.
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