Saputo’s Profit Down 2.3%

The Montreal-based company reported net profit of 170.8 million, or 42 cents per share, for the quarter ended Sept. 30, which compared to a net profit of 174.9 million, or 44 cents per share, for the same period a year earlier.

Quarterly revenue climbed to $ 3.70 billion from $ 3.67 billion in the corresponding quarter last year.

Saputo noted that the dairy market remains volatile due to the COVID-19 pandemic, but expected this volatility to be more moderate in the second half of the year and into the next.

Sales in the foodservice segment will continue to be affected as long as local restrictions remain in place, the company added.

In Canada, however, this decline in foodservice was more than offset by an increase in demand from retailers, which remains higher than before the pandemic, although sales in this segment are starting to stabilize after registering a decline. “Strong increase” in the previous quarter.

Saputo’s adjusted profit, which excludes certain non-recurring items, was 184.1 million, or 45 cents per share, compared to 198.3 million, or 50 cents per share, in the second quarter of last year .

Analysts on average expected adjusted earnings per share of 43 cents, as well as revenue of $ 3.73 billion, according to forecasts collected by financial data firm Refinitiv.

In addition, the board of directors of the company has approved a dividend of 17.5 cents per share, which will be paid on January 7 to shareholders of record as of December 23.

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