Saputo reports $220M profit in the third quarter, reversing last year’s $518M loss
BNN Bloomberg
Saputo Inc. says its net earnings came in at $220 million during the third quarter, up from a loss of $518 million during the same period a year earlier.
The Montreal-based company attributed the swing in profit to the absence of an impairment charge recorded in its U.K. dairy division in the third quarter of last year.
On a per share basis, Saputo says its earnings amounted to 53 cents, up from a loss of $1.22 during the prior year quarter.
Saputo’s quarterly revenue came in at $4.89 billion, down from $4.99 billion a year earlier.
The company attributed the decline in revenue to lower U.S. dairy commodity pricing.
Saputo CEO Carl Colizza says in a news release that efficiencies from its modernized network drove robust cash generation during the quarter.
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