(Montreal) Saputo reported a profit of $142 million in its latest quarter, with revenues up nearly 10% from a year earlier.
The cheese and dairy company said profit was 33 cents per share for the quarter ended June 30, compared with profit of $141 million, or 33 cents per share, a year earlier.
Revenue totaled $4.61 billion in what was the company’s first quarter of fiscal 2025, up from $4.21 billion in the same quarter last year.
On an adjusted basis, Saputo said it earned 39 cents per share for its latest quarter, compared with adjusted earnings of 36 cents per share a year earlier.
The Montreal-based company says the results reflect continued strong performance in its Canadian operations, significant improvements in the United States and higher sales volumes across its businesses.
Saputo President and CEO Lino Saputo says the company remains optimistic heading into the remainder of the year as it continues to advance its strategic plan.
Saputo notably predicts that dairy markets will improve in the United States due to a “better balance between milk supply and demand for dairy products, despite persistent volatility in the short and medium term.”
“Our team is focused on realizing savings from our initiatives and extracting even more value from our investments. This is already evident in our results, and we expect these priorities to continue to drive our momentum through the end of fiscal 2025,” he said in a statement.
Saputo expects inflationary pressures to be less significant in the next quarter, but labour costs will remain high.
The company says, however, that global demand is likely to remain subdued, and prices are likely to remain low on the international market.
Saputo is one of the largest dairy processors in the world.