Canadian cheese maker Saputo has reported a 17% rise in third-quarter earnings, but failed to meet analysts’ expectations.

The company posted earnings of C$50m (US$37.4m), or 47 cents per share, for the third quarter, compared to $42.5m, or 41 cents per share, in the year-ago period, reported Reuters.

Saputo said a rationalisation cost in the Canadian dairy sector and a stronger Canadian dollar had lowered earnings by around $2.9m.

Analysts had been expecting, on average, earnings of 53 cents per share, according to Reuters Research.

Saputo said third-quarter consolidated revenues rose 4.3% to $892m.