(Reuters) — Saputo Inc. has reported higher than expected adjusted earnings, helped by weakness in the Canadian dollar.
Adjusted net income rose 13.5 percent to $175.4 million, or 44 cents a share, for the company’s fiscal third quarter.
Revenue during the quarter, which ended Dec. 31, rose 2.8 percent to $2.9 billion.
Analysts were expecting Saputo to earn 39 cents per share on revenue of $2.9 billion, according to Thomson Reuters.
The fluctuation of the Canadian dollar boosted revenues by $261 million during the quarter, Saputo said.
The company, whose brands include Dairyland milk and Armstrong cheese, is one of Canada’s largest dairy producers. As well, it is among the top three cheese producers in the United States and has significant operations in Argentina and Australia.
