CANADA: DCI deal, cheese prices boost Saputo in Q1
The acquisition of US speciality cheese maker DCI Cheese Co. and higher cheese prices south of the border have boosted Canadian dairy giant Saputo's first-quarter results.
Saputo yesterday (2 August) reported a 13.3% increase in net earnings to C$126.6m (US$131.9m) for the three months to the end of June.
The company's EBITDA was up 9.6% at C$209.6m and its sales climbed 14.1% to C$1.64bn.
Saputo said an increase in the average block market price for cheese in the US and the purchase of DCI in February were factors in the increase in sales and EBITDA.
Earnings from Saputo's operations in Canada, Europe and Argentina also increased due to lower costs and "favourable dairy ingredient market conditions".
Click here for the full statement from Saputo.
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