Saputo Inc. released financial results for its 2019 financial year on Thursday.The Canadian Press
Dairy processor Saputo Inc. missed expectations as it capped its financial year by reporting lower profits in the fourth quarter even though acquisitions boosted revenue by 18 per cent.
The Montreal-based company earned $124.2 million or 32 cents per diluted share for the quarter ended March 31, compared with $130 million or 33 cents per share in the prior year.
Excluding one-time items, adjusted earnings fell seven per cent to $125.8 million or 32 cents per diluted share. That was down from $135.3 million or 35 cents per share in the fourth quarter of 2018.
Revenue increased to $3.2 billion, from $2.7 billion.
Saputo was expected to earn 38 cents per share in adjusted profits on $3.3 billion in revenue, according to analysts polled by Thomson Reuters Eikon.
For the full year, Saputo’s profit fell 11.4 per cent to $755.3 million. Adjusted profits equalled $623.6 million or $1.59 per share, down from $704.2 million or $1.80 per share in 2018. Revenue rose 17 per cent to $13.5 billion, from $11.5 billion a year earlier.