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.
- On the move: What's in store from Tesco's new CEO?
- On the money: Can Premier build H2 sales momentum?
- Focus: Lindt plays safe with Russell Stover buy
- Interview: Bell hits out at German cartel ruling
- Focus: Progress but Campbell faces questions
- UPDATE: Premier establishes international unit
- Campbell issues warning on 2014/15 fiscal year
- S&A Foods announces restructure, 55 jobs to go
- Premier launches Oxo pots range in UK
- Universal Robina to buy biscuit firm Griffin's