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Saputo reports Q3 profit down amid challenging market conditions, revenue up

Canadian Press - Thu Feb 10, 12:56PM CST
A Saputo Inc., logo is shown during the company's annual general meeting in Laval, Que., Aug. 8, 2019. Saputo Inc. reported its third-quarter profit fell compared with a year ago as it said it confronted challenging market conditions. THE CANADIAN PRESS/Graham Hughes

Saputo Inc. reported its third-quarter profit fell compared with a year ago as it said it confronted challenging market conditions.

The Montreal-based dairy company says it faced labour shortages, supply chain disruptions and inflationary pressures.

Saputo reported a profit $86 million or 21 cents per diluted share for the quarter ended Dec. 31 compared with a profit of $210 million or 51 cents per diluted a year earlier.

Revenue totalled $3.90 billion for the quarter, up from $3.76 billion in the same quarter a year earlier.

The company says the increase was due to higher international cheese and dairy ingredient market prices and higher domestic selling prices.

Saputo says its adjusted net earnings per share excluding amortization of intangible assets related to business acquisitions amounted to 33 cents per diluted share for the quarter, down from 55 cents per diluted share.

This report by The Canadian Press was first published Feb. 10, 2022.

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