Saputo earns $126 million in second quarter as revenues rise

Saputo Inc. says it earned $126 million in its second quarter, down from $156 million a year earlier.

The Montreal-based company says revenues for the quarter ended Sept. 30 were $4.71 billion, up from $4.32 billion during the same quarter last year. 

Diluted earnings per share were 30 cents, down from 37 cents last year. 

President and CEO Carl Colizza says the company made progress during the quarter toward innovation, efficiency, network optimization and its long-term strategy. 

The company says it continued to see benefits from operational improvements in its U.S. sector, while the Canadian sector's adjusted earnings were up 9.5%.

Saputo says inflationary pressures are expected to moderate throughout the year, and U.S. dairy markets are expected to progressively improve.