(Montreal) Cheese producer Saputo posted a fourth quarter net profit of 159 million on Thursday, more than four times higher than that of the same period last year, supported in particular by a 12.9% increase in its income.
The Montreal-based company attributed its performance to its pricing initiatives, strong international markets and favorable commodity prices, as well as progress across its supply chain to expand capacity of production.
Excluding one-time items, adjusted earnings totaled $196 million in the three months ended March 31, or 47 cents per share, up 81.5% from $108 million, or 26 cents per share, from the same period last year.
Quarterly revenue was $4.47 billion, up from $3.96 billion in the same period last year.
Saputo explained this growth in particular by the increase in selling prices on national markets in connection with the increase in the cost of the raw material, milk, and by its pricing initiatives, implemented to mitigate the increased input costs.
Analysts on average had expected adjusted earnings per share of 42 cents, along with revenue of $4.40 billion, according to forecasts compiled by financial data firm Refinitiv.
