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Saputo Announces Second Quarter Fiscal 2023 Financial Results; Lino A. Saputo Comments

Saputo Announces Second Quarter Fiscal 2023 Financial Results; Lino A. Saputo Comments


MONTREAL, CANADA
Monday, November 28th, 2022

The results are in for the second quarter of fiscal 2023, showcasing Saputo’s strong performance in the dairy space. With its latest report, the distinguished cheesemaker revealed a $772 million gain as its revenue eclipsed $4.461 billion.

Lino A. Saputo, Chair of the Board, President, and Chief Executive Officer, Saputo“We are pleased with the progress we have made in stabilizing the business while improving our execution. Again, our team's agility played a pivotal role this quarter as we delivered strong year-over-year growth across key metrics, including revenues, net earnings, adjusted EBITDA, and adjusted EPS, driven by our successful efforts to mitigate inflation, our efficiency and productivity, and sustained consumer demand,” said Lino A. Saputo, Chair of the Board, President, and Chief Executive Officer. “Our year-to-date performance reaffirms our confidence for the balance of the fiscal year as we remain focused on generating shared value for all stakeholders.”

Other highlights revealed in the company’s second quarter report include:

  • Net earnings totaled $145 million and net earnings per share (EPS) (basic and diluted) were $0.35, up from $98 million and $0.24, respectively
  • Adjusted EBITDA amounted to $369 million, up $86 million or 30.4 percent
  • Adjusted net earnings totaled $177 million, up from $116 million

With its latest report, the distinguished cheesemaker revealed a $772 million gain as its revenues eclipsed $4.461 billion

According to a press release, further progress during this recovery year was led by continued solid performances in the international sector and Canada sector and improved results in the United States sector, and ongoing inflationary pressures on input costs and commodity market volatility were successfully mitigated by pricing initiatives.

To read more details of the financial report and the company’s outlook for the remainder of 2022, click here.

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