Saputo Inc., Montreal, said net earnings rose 13.3% and revenues increased 14.1% in the first quarter, ended June 30. Net earnings for the quarter totaled Cdn$126.6 million and revenues were Cdn$1.639 billion. The company ranks 3rd on the 2011 Dairy 100, Dairy Foods' annual list of North America's largest dairy processors.
Saputo said in the United States, the average block market per pound of cheese increased by US$0.34 compared to the same period last fiscal year, increasing revenues and positively affecting EBITDA due to a better absorption of fixed costs. The acquisition of DCI Cheese Co. on March 25, 2011 contributed to revenues and EBITDA for a full quarter as compared to the same quarter last fiscal year.
A conference call to discuss the first quarter results of fiscal 2012 will be held on Tuesday, Aug. 2, 2011 at 1:00 PM, Eastern Time. To participate in the conference call, dial 800-918-9578. To ensure participation, dial in approximately five minutes before the call. Or listen to this call on the web.
A replay will be available until midnight, Tuesday, Aug. 9. To access the replay, dial 800-558-5253, ID number 21531865. A replay of the conference call will also be available on the Saputo website.
Saputo produces, markets, and distributes a wide array of dairy foods, including cheese, fluid milk and yogurt, as well as dairy ingredients and snack-cakes. Its brands include Saputo, Alexis de Portneuf, Armstrong, DuVillage 1860, Frigo Cheese Heads, Great Midwest, King's Choice, Kingsey, Ricrem, Salemville, Stella and Treasure Cave.
