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02/10/2022

Saputo Q3 profit down amid challenging market conditions

Montreal company says it was up against labour shortages and inflationary pressures

Saputo Inc. reported its third-quarter profit fell compared with a year ago as it said it confronted challenging market conditions.

The Montreal-based dairy company said it faced labour shortages, supply chain disruptions and inflationary pressures.

Saputo reported a profit $86 million or 21 cents per diluted share for the quarter ended Dec. 31 compared with a profit of $210 million or 51 cents per diluted a year earlier.

Revenue totalled $3.90 billion for the quarter, up from $3.76 billion in the same quarter a year earlier.

The company said the increase was due to higher international cheese and dairy ingredient market prices and higher domestic selling prices.

Saputo said its adjusted net earnings per share excluding amortization of intangible assets related to business acquisitions amounted to 33 cents per diluted share for the quarter, down from 55 cents per diluted share.