Saputo Q3 profit up year over year, revenue down

Saputo Inc. reported a third-quarter profit of $209.8 million, up from $197.8 million in the same quarter a year earlier, even as its revenue edged lower.

The cheese and dairy company says the profit amounted to 51 cents per diluted share for the quarter ended Dec. 31, up from a profit of 48 cents per diluted share a year earlier.

Revenue for the quarter totalled $3.76 billion, down from $3.89 billion.

The company says overall sales volumes reached similar levels compared with the same period a year ago as increased volumes in the retail and industrial market segments offset lower volumes on the food service side of the business.

On an adjusted basis, Saputo says it earned 55 cents per diluted share, down from an adjusted profit of 56 cents per diluted share a year earlier.

Analysts on average had expected an adjusted profit of 48 cents per share and $3.85 billion in revenue, according to financial data firm Refinitiv.