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Saputo posts $136.7 million of net income in first quarter of 2014 financial year
MONTREAL – Saputo Inc. (TSX:SAP) announced a 12 per cent increase in first-quarter net income as shareholders gathered Tuesday in Montreal for their annual meeting.
Despite the big increase, the Montreal-based company’s profit still fell short of analyst estimates.
The international cheese and dairy producer says it had 69 cents per diluted share earnings, up from 60 cents a year earlier, on both a net and adjusted basis.
However, analyst estimates called for 73 cents per share of adjusted earnings and 76 cents per share of net income.
Saputo’s revenue, however, did slightly better than expected — rising to $2.17 billion in the three months ended June 30, up from $1.7 billion a year earlier and up from $2.05 billion in the previous quarter ended March 31.
The higher revenue was due to an acquisition that closed early in January.
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