Canadian dairy Saputo posts bigger-than-expected quarterly profit

Nov 3 (Reuters) – Saputo Inc, one of Canada’s largest dairy producers, reported a 29 percent jump in quarterly earnings on Thursday, more than expected.

For its fiscal second quarter, net income rose to C$191.8 million, or 48 cents a share, from $148.6 million, or 37 cents, a year earlier.

Revenue during the quarter, which ended Sept. 30, rose 1.9 percent to $2.8 billion, in line with expectations.

Analysts were expecting Saputo to earn 45 cents per share, according to Thomson Reuters I/B/E/S.

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Saputo’s shares eased 0.2 percent to $47.65 in Toronto.

The Montreal-based company, whose brands include Dairyland milk and Armstrong cheese, is among the top cheese producers in the United States and also has significant operations in Argentina and Australia.

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