MONTREAL — Saputo Inc.’s net profits beat expectations in its second quarter as it earned $174.9 million and revenue grew 7.2 per cent.
The Montreal-based company says it earned 44 cents per share for the quarter ended Sept. 30, up from 42 cents per share or $163.1 million a year earlier.
Adjusted profits climbed 14 per cent to $185.8 million or 47 cents per share, compared with $163.1 million or 42 cents per share in the second quarter of 2018.
Revenue rose to $3.67 billion from $3.42 billion.
Saputo was expected on average to earn 43 cents per share in adjusted profits on $3.82 billion in revenues, according to financial markets data firm Refinitiv.
On the Toronto Stock Exchange, Saputo’s shares gained 90 cents or 2.4 per cent at $39.03 in early afternoon trading.
This report by The Canadian Press was first published Nov. 7, 2019.
Companies in this story: (TSX:SAP).
The Canadian Press