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Montreal dairy giant Saputo grows Q1 profit nearly 30, dividend going up

MONTREAL – The Saputo cheese and dairy company says this year’s first-quarter profit is up nearly 30 per cent from last year.

The Montreal-based company says overall revenue was also up due to strength in its U.S. and Canadian business operations.

Net income was $176.7 million or 44 cents per diluted share (TSX:SAP), up 29.5 per cent from $137.0 million or 34 cents per share in the first quarter of the previous financial year.

Revenue was $2.63 billion, up from $2.56 billion in last year’s comparable quarter.

Saputo’s quarterly dividend to shareholders will rise to 15 cents per share from 13.5 cents per share with the Sept. 16 payment.