Saputo Inc. Reports $220M Profit In Q3, Reverse From Last Year’s Loss

Saputo Inc. says its net earnings came in at $220 million during the third quarter, up from a loss of $518 million during the same period a year earlier.

The Montreal-based company attributed the swing in profit to the absence of an impairment charge recorded in its U.K. dairy division in the third quarter of last year.

On a per share basis, Saputo says its earnings amounted to 53 cents, up from a loss of $1.22 during the prior year quarter.

Saputo’s quarterly revenue came in at $4.89 billion, down from $4.99 billion a year earlier.

The company attributed the decline in revenue to lower U.S. dairy commodity pricing.

Saputo CEO Carl Colizza says in a news release that efficiencies from its modernized network drove robust cash generation during the quarter.