Canadian dairy firm Saputo has reported a rise in third-quarter profits on the back of rising sales and a better product mix.
The company yesterday (13 February) reported a 0.2% increase in net earnings to C$130m (US$129.9m) for the three months to 31 December. EBITDA climbed 2.5% to C$212.5m.
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Revenues were up 0.2% to C$1.80bn, due to a higher average block market per pound of cheese in the US, as well as a better product mix and higher selling prices in the division that groups together its Canadian, European and Argentinian businesses
Lower sales volumes in the US dairy products sector, however, partially offset the increase. The strengthening of the Canadian dollar decreased revenues by approximately C$30m.
Saputo signed a deal to acquire the Morningstar business of US rival Dean Foods during the quarter.
Looking forward, the company said it aims to improve overall efficiencies and pursue growth internally and through acquisitions.
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By GlobalData
