Saputo second-quarter net profits beat expectations

Saputo Inc.'s net profits beat expectations in its second quarter as it earned $174.9 million and revenue grew 7.2%.

The Montreal-based company says it earned 44 cents per share for the quarter ended Sept. 30, up from 42 cents per share or $163.1 million a year earlier.

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Adjusted profits climbed 14% to $185.8 million or 47 cents per share, compared with $163.1 million or 42 cents per share in the second quarter of 2018.

Revenue rose to $3.67 billion from $3.42 billion.

Saputo was expected on average to earn 43 cents per share in adjusted profits on $3.82 billion in revenues, according to financial markets data firm Refinitiv.

On the Toronto Stock Exchange, Saputo's shares gained 90 cents or 2.4% at $39.03 in early afternoon trading.