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Saputo Reveals 646M Revenue Gain in First Quarter Results; Lino A. Saputo Details

Saputo Reveals 646M Revenue Gain in First Quarter Results; Lino A. Saputo Details


MONTREAL, CANADA
Sunday, August 21st, 2022

The cheese category remains a high-profit sector in the deli space, and Saputo is witnessing that growth. Recently, the cheesemaker reported an $839 million CAD (~$645.8 million USD) increase in revenue, up 254.1 percent to amount to $4.327 billion CAD (~$3.331 billion USD).

Lino A. Saputo, Chair of the Board, President, and Chief Executive Officer, Saputo“We’re off to a strong start to the year. The combination of our pricing actions, productivity improvements, and cost containment initiatives mitigated the impact of inflationary pressures in the first quarter. As input costs stabilize and price realization and efficiencies continue, this should result in further recovery for the balance of the year, with progress on margins and adjusted EBITDA,” said Lino A. Saputo, Chair of the Board, President, and Chief Executive Officer. “While the external environment has required a laser focus on short-term execution, we continue to lay the groundwork for our next chapter of sustained growth, and we will continue to deploy our time and resources to our Global Strategic Plan, keeping a view on maximizing long-term value creation.”

Saputo’s financial results for the first quarter of fiscal 2023, which ended on June 30, 2022, stated the company’s adjusted EBITDA amounted to $347 million CAD (~$267 million USD). These improved results reflected a solid performance in the Canada Sector and the International Sector and signs of recovery in the United States Sector.

Recently, the cheesemaker reported an $839 million CAD (~$645.8 million USD) increase in revenue

Additionally, the company announced capital investments and consolidation initiatives, as part of its Global Strategic Plan, intended to further streamline its manufacturing footprint in the United States. This announcement marks the continuation of the company’s network optimization program that plays an integral role in its broader strategy to enhance operations and accelerate organic growth across its platforms.

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Deli Market News will keep an eye on the dairy, deli, and specialty industry.

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