Montreal dairy giant Saputo grows Q1 profit nearly 30, dividend going up

Montreal dairy giant Saputo grows Q1 profit nearly 30, dividend going up | iNFOnews.ca
Saputo President and CEO Lino Saputo Jr., speaks to shareholders at the company's annual general meeting in Laval, Quebec, Tuesday, August 2, 2016. The Saputo cheese and dairy company says this year's first-quarter profit is up nearly 30 per cent from last year. THE CANADIAN PRESS/Graham Hughes

MONTREAL – The Saputo cheese and dairy company says this year’s first-quarter profit is up nearly 30 per cent from last year.

The Montreal-based company says overall revenue was also up due to strength in its U.S. and Canadian business operations.

Net income was $176.7 million or 44 cents per diluted share (TSX:SAP), up 29.5 per cent from $137.0 million or 34 cents per share in the first quarter of the previous financial year.

Revenue was $2.63 billion, up from $2.56 billion in last year’s comparable quarter.

Saputo’s quarterly dividend to shareholders will rise to 15 cents per share from 13.5 cents per share with the Sept. 16 payment.

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