(Reuters) — Canada’s largest dairy producer has reported a 17 percent jump in quarterly earnings, boosted by higher U.S. cheese and butter prices and recent acquisitions.
Saputo Inc., whose brands include Dairyland and 1/2 Moon cakes, said it intends to buy back five percent of its common shares during the next year. Net income for the second quarter rose to $155.7 million from $133.3 million a year earlier.
Revenue this quarter climbed 21 percent to $2.7 billion, helped by this year’s purchase of Canada’s Scotsburn dairy and a majority stake in Australia’s Warrnambool Cheese and Butter Factory Company Holdings Ltd.
