Saputo reports $157 million in Q4 net earnings, up from previous year

Saputo Inc. says its net earnings came in at $157 million during the fourth quarter, up from $87 million during the same period last year. 

That amounted to diluted net earnings per share of 38 cents during the quarter, up from 21 cents during the prior-year quarter. 

The Montreal-based company reported revenue of $4.17 billion during the three months ended March 31, down year-over-year from $4.41 billion.   

The company says the decline in revenue was driven by lower U.S. dairy commodity market pricing. 

CEO Carl Colizza says the company has sharpened its portfolio to focus on higher-return opportunities. 

Saputo announced a deal earlier this year to sell an 80% stake in its dairy division in Argentina to Gloria Foods, the dairy and food holding company of Grupo Gloria.