(Montreal) Saputo on Thursday posted third-quarter profit of $179 million, more than double the $86 million in the same period a year earlier, and the cheese maker says it expects its profit for the he financial year as a whole experienced a “substantial recovery”.
The Montreal company’s earnings per share reached 43 cents for the quarter ended December 31, compared to 21 cents for the last three months of 2021.
Revenues stood at 4.6 billion, showing a growth of 17.6% compared to those of 3.8 billion in the same period a year earlier.
Saputo explained that the revenue growth reflected its pricing initiatives in all of its segments, price increases in the United States and rising prices in international cheese and dairy ingredient markets.
Results were also hurt by restructuring costs of $27 million related to previously announced consolidation initiatives.
The company recently announced significant changes to its operations, including the closure of three facilities in the United States, the construction of a new packaging facility and the expansion of its string cheese business.