Saputo reports net earnings of $139 million
Dairy giant Saputo Inc. says it had net earnings of $139 million for the quarter ended June 30, up from $53 million for the same quarter last year.
Chief executive Lino Saputo said the company had navigated inflationary pressures by raising prices, boosting productivity and undertaking cost containment initiatives.
Saputo said in a statement the company could see improved margins as input costs stabilize and efficiencies and "price realization" continue.
Revenue for the company's first quarter of fiscal 2023 amounted to $4.3 billion, up from $3.5 billion in the same quarter last year.
Adjusted net income came in at $161 million, or 39 cents per share, up from $122 million, or 30 cents per share.
The company said it expected continued inflation pressures ahead on both product inputs and on logistic costs but that it will minimize the effects by raising prices as necessary.