Saputo profit jumps 37%

Reuters
November 03, 2009

Dairy products company Saputo Inc. said Tuesday its quarterly profit rose 37 percent, helped mainly by its 2008 acquisition of Neilson Dairy.

Montreal-based Saputo, Canada's biggest cheese maker, said it earned $94.5 million, or 45 cents a share, in its second quarter, ended Sept. 30, up from $69 million, or 33 cents a share, a year earlier.

Revenue rose 2 percent to $1.48 billion, mainly due to gains from the Neilson acquisition.

Analysts had expected, on average, earnings of 41 cents a share before items, according to Thomson Reuters I/B/E/S.

Saputo's shares, which have risen almost 20 percent so far this year, were up 2.8 percent at $26.85 at 1:00 p.m. ET on the Toronto Stock Exchange.

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