Dairy processor Saputo Inc. missed expectations as it capped its financial year by reporting lower profits in the fourth quarter even though acquisitions boosted revenue by 18%.
The Montreal-based company earned $124.2 million or 32 cents per diluted share for the quarter ended March 31, compared with $130 million or 33 cents per share in the prior year.
Excluding one-time items, adjusted earnings fell 7% to $125.8 million or 32 cents per diluted share. That was down from $135.3 million or 35 cents per share in the fourth quarter of 2018.
Revenue increased to $3.2 billion, from $2.7 billion.
Saputo was expected to earn 38 cents per share in adjusted profits on $3.3 billion in revenue, according to analysts polled by Thomson Reuters Eikon.
For the full year, Saputo's profit fell 11.4% to $755.3 million. Adjusted profits equalled $623.6 million or $1.59 per share, down from $704.2 million or $1.80 per share in 2018. Revenue rose 17% to $13.5 billion, from $11.5 billion a year earlier.