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Saputo reports $342M third-quarter profit, revenue boosted by acquisitions

Reference: FCC

MONTREAL - Saputo Inc. reported a third-quarter profit and higher revenue amid what the CEO called industry challenges.

"Again, this quarter, we were met head on with higher warehousing and logistical costs, weak dairy ingredient and cheese markets, working in tandem with an increasingly competitive landscape," said CEO Lino Saputo during a conference call with analysts Thursday.

The company continues with initiatives designed to mitigate such headwinds, he said.

He noted that traditional — or so-called fluid — milk is in decline not only in Canada, but all developed markets as it faces competition from plant-based proteins, among other things... Read More