CANADA: Saputo profit growth speeds up as sales rebound
Saputo saw its profit growth accelerate during its second quarter
Canadian dairy giant Saputo saw its profit growth accelerate during its second quarter as sales rebounded after falling in the first three months of its fiscal year.
Saputo booked net earnings of C$125.5m (US$123.7m) for the three months to the end of September, a jump of 32.8% on the year. Net earnings had grown 26.6% in Saputo's first quarter.
The company's second-quarter sales rose 5.3% to C$1.56bn after a first quarter when revenues dipped 0.7%.
The continued growth in cheese prices boosted Saputo's revenues and EBITDA during the quarter. Saputo's EBITDA was up 20.7% at C$174.7m.
However, Saputo said the strengthening of the Canadian dollar against the US dollar and the Argentinian peso took C$35m from sales and C$5m from EBITDA.
Click here for the full second-quarter statement from Saputo.
Saputo, Canada's largest dairy processor, yesterday (17 February) announced that it has shelled out US$270.5m to acquire Fairmount Cheese Holdings, the parent company of speciality cheese group DCI....
- Unilever must "speed" response to consumer trends
- Premier Foods CEO expects UK supermarket rebound
- Briefing: The risks and rewards of e-tail in China
- Why US diet guidelines should consider environment
- What the analysts say: Unilever's mixed 2014
- Tootsie Roll CEO Melvin Gordon dies at 95
- Unilever revenues disappoint as food sales fall
- Lifeway Foods CEO denies sale talks
- McCain to close Grobbendonk plant in Belgium
- Jobs to go at FrieslandCampina cheese plant
- The Sugar Backlash and its Effects on Global Consumer Markets
- 10 Key Trends in Food, Health and Nutrition 2015
- The Future of Retailing in the UK to 2017
- Global Consumer Trend Framework: Understanding Attitudes and Behaviors that Influence Global Consumption Habits
- Meat Substitutes Market - Global Trends, Forecasts up to 2019