MONTREAL — Saputo Inc. reported net earnings of $141 million in its first quarter, up from $139 million during the same quarter last year.
The Montreal-based company says revenues for the quarter ended June 30 were $4.2 billion, down from $4.3 billion last year.
Earnings per diluted share were 33 cents, unchanged from a year earlier.
The company says its first-quarter performance reflected in part the positive effects of previous pricing initiatives amid softer global demand for dairy products weighing on sales volumes.
Saputo says it expects inflation on its overall input costs to moderate throughout the financial year but remain elevated.
It says it has numerous initiatives underway aimed at enhancing commercial capabilities, improving cost structure and optimizing the company's network.
This report by The Canadian Press was first published Aug. 10, 2023.
Companies in this story: (TSX:SAP)
The Canadian Press
