Canadian cheese-maker Saputo has posted a 21% increase in first-quarter profits, which were lifted by higher pricing and sales from acquisitions.
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Canada’s largest cheese manufacturer booked earnings of C$83m (US$79.2m), up from C$68.4m a year earlier.
Revenue was up 11% to C$1.36bn, boosted by the company’s US$160m acquisition of Wisconsin-based dairy firm Alto Dairy Cooperative in April. The company was also successful in pushing through a number of price increases during the quarter.
The strength of the Canadian dollar hit earnings, reducing profits by C$44m, the company said.
Speaking to analysts during the group’s earning conference call, CEO Lino Saputo Jr. remained coy on whether the company was interested in acquiring Australia’s Dairy Farmers.
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By GlobalData“There is consolidation going on in our industry,” Saputo said. “We believe that there will be some opportunity … [to] look at dossiers both in the United States and in Australia, as well as other parts of the world, like Europe and possibly New Zealand.”
