Venus Wafers - The Original Mariner Biscut Company - Made simple - Made right
United States Championship Cheese Contest 2019
New: Mariner Organic Little Dippers® Club House & Thin Wheat. Made Simple. Made Right.
Saputo Reports Financial Results for the Fiscal Year

Saputo Reports Financial Results for the Fiscal Year


MONTREAL, QC, CANADA
Monday, June 11th, 2018

Last week, Saputo reported its financial results for fiscal 2018 as well as fourth quarter results for the fiscal year ended March 31, 2018, overall announcing strong results in relation to its latest acquisitions of Murray Goulburn, Southeast Milk, Inc., and Montchevre.

Saputo's acquisition of Montchevre increased its presence in the specialty cheese category in the U.S.

“Throughout fiscal 2018, the company continued to strategically invest in capital projects, materialize acquisitions, expand its activities in existing markets, and increase its dividend. In fiscal 2019, the strategic Murray Goulburn Acquisition platform allowed the company to become the leading dairy processor in Australia,” Saputo wrote in a press release. “Additionally, the SMI Acquisition and the Montchevre Acquisition integrations will continue in the USA, maximizing network infrastructure and distribution as well as increasing our presence in the specialty cheese category in the USA…We intend to continue expanding and modernizing our plants, with investments in equipment and processes designed to increase efficiency.”

The Murray Goulburn acquisition allowed the company to become the leading dairy processor in Australia

According to a press release, highlights from the financial report included:

  • Net earnings totaled $656.7 million, up 16.6%, as compared to last fiscal year
  • Adjusted net earnings totaled $542.5 million, down 3.7%, as compared to last fiscal year
  • Earnings before interest, income taxes, depreciation, amortization, acquisition and restructuring costs (adjusted EBITDA*) totaled $974.5 million, down $24.8 million or 1.9%, as compared to last fiscal year
  • Revenues reached $8.894 billion, up 3.4%, as compared to last fiscal year.
  • Net cash generated from operations totaled $623.4 million, down 24.6%, as compared to last fiscal year
  • Consolidated revenues increased due to higher sales volumes in all sectors. The fluctuation of the average block market per pound of cheese and the average butter market** price per pound resulted in an increase of revenues of approximately $97 million, while higher international selling prices of cheese and dairy ingredients increased revenues by approximately $69 million and impacted adjusted EBITDA favorably.
  • In the USA, market factors** also negatively impacted adjusted EBITDA by approximately $25 million, as compared to last fiscal year. These decreases were partially offset by higher selling prices in both domestic and export markets and higher sales volumes.
  • The acquisitions of the extended shelf-life dairy product activities of Southeast Milk, Inc. and Betin, Inc., doing business as Montchevre, were completed on September 29, 2017 and December 12, 2017, respectively.

Highlights from the fourth quarter of fiscal year 2018 included:

  • Net earnings totaled $100.1 million, down 21.3%, as compared to the same quarter last fiscal year
  • Adjusted net earnings totaled $104.2 million, down 18.1%, as compared to the same quarter last fiscal year
  • Adjusted EBITDA totaled $201.6 million, down $22.4 million or 7.9%, as compared to the same quarter last fiscal year
  • Revenues reached $2.114 billion, up 0.9%, as compared to the same quarter last fiscal year
  • Net cash generated from operations totaled $244.9 million, up 56.7%, as compared to the same quarter last fiscal year
  • Consolidated revenues increased due to higher sales volumes in all sectors. The fluctuation of the average block market per pound of cheese and the average butter market price per pound and lower international selling prices of dairy ingredients negatively impacted revenues.
  • On May 1, 2018, the Company completed the acquisition of the activities of Murray Goulburn Co-Operative Co. Limited (Murray Goulburn or MG), based in Australia (Murray Goulburn Acquisition).
  • On May 23, 2018, the Company announced that it had entered into an agreement to acquire the activities of Shepherd Gourmet Dairy (Ontario) Inc. (Shepherd Gourmet Acquisition) located in St. Marys, Ontario (Canada) for a purchase price of $100 million. The transaction is expected to close in June 2018.

For the financial report in its entirety, click here.

For more of the latest in deli, dairy, bakery, and specialty food, stick with us at Deli Market News

Saputo Inc.


Venus Wafers - The Original Mariner Biscut Company - Made simple - Made rightUnited States Championship Cheese Contest 2019New: Mariner Organic Little Dippers® Club House & Thin Wheat. Made Simple. Made Right.

Have a new product, press release or story idea?

Let us know

In This Story


Food is our passion and cheese-making has been our expertise since 1954. We find inspiration in life’s simple pleasures — delicious recipes, memorable meals, and time spent with family. Discover...

Marin French Cheese Introduces Petite Mustard Brie

The cheesemaker's latest line extension embraces a piquant flavor trend.
View Press Release

Specialty Food Association Winter Fancy Food Show Features Innovation and Disruption

The fastest-growing segment of the food industry, specialty food, is gathering in San Francisco, California, for another great show.
View Press Release

Ithaca Cold-Crafted Closes $2.7 Million In New Growth Capital From LiDestri Food and Drink

The brand is currently available at more than 3,000 retail doors across the U.S., including Wegmans, Publix, Stop & Shop, Shoprite, and The Fresh Market.
View Press Release

Califia Farms Further Diversifies Plant-Based Offerings With Launch Of New Oatmilk Line

The plant-based beverage company deepens its commitment to craft and plant-based nutrition.
View Press Release

Dewey's Bakery Expands Product Portfolio

The company introduces its new Tiki Bar collection, which brings the excitement of the seasons to the cookie aisle.
View Press Release

Brand Spankin’ New: Cypress Grove Launches Fresh Goat Cheese Cups and “Cheeseboards for Dinner” Campaign

The Humboldt County-based cheese producer making award-winning and world-renowned cheeses since 1983, will be showcasing a new addition to its fresh goat cheese line at this year’s Winter Fancy Food Show.
View Press Release