Saputo’s fourth quarter profits hit by COVID-related shift in consumer demand

Saputo’s fourth quarter profits hit by COVID-related shift in consumer demand
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MONTREAL — Saputo Inc. saw earnings fall in its most recent quarter, missing analyst expectations, as the COVID-19 pandemic caused a shift in consumer demand late in the fourth quarter.

The Montreal-based dairy processor says net earnings for the three-months ended March 31 totalled $88.7 million or 22 cents per share, compared with $124.2 million or 32 cents per diluted share for the same time the previous year.

Adjusted net earnings excluding one-time items were $98.8 million, or 24 cents per share, down from $125.8 million or 32 cents per share in the fourth quarter of 2019.

Revenue increased almost 15 per cent to $3.72 billion from $3.24 billion.

Analysts expected adjusted net income of $136.4 million or 34 cents per share on $3.5 billion of revenues, according to financial markets data firm Refinitiv.

For the full-year it earned $582.8 million on $14.94 billion in revenues, compared with $755.3 million on $13.5 billion in 2019. Adjusted profits equalled $723.6 million or $1.80 per diluted share, up from $655.1 million or $1.67 per share a year earlier.

This report by The Canadian Press was first published June 4, 2020.

Companies in this story: (TSX:SAP)

 

The Canadian Press

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