Saputo announces Q4 earnings of $92M, down from last year

Saputo Inc. says it earned $92 million in its fourth quarter, down from $159 million a year earlier.

The Montreal-based dairy processor says revenues for the quarter ended March 31 were $4.55 billion, up slightly from $4.47 billion during the same quarter last year.

Diluted earnings per share were 22 cents, down from 38 cents a year earlier.

President and CEO Lino Saputo says the company stayed its course amid commodity price volatility, a challenged consumer and ongoing inflationary pressures.

He says Saputo is ramping up commercial production at several facilities after completing most of the major capital projects in the firm’s strategic plan.

Earlier this year, the company announced that chief executive Saputo will transition to the role of executive chair of the board effective Aug. 9.