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Saputo Releases Financial Results for Third Quarter, Appoints New Leadership

Saputo Releases Financial Results for Third Quarter, Appoints New Leadership


MONTREAL, CANADA
Wednesday, February 13th, 2019

Dairy provider, marketer, and distributor Saputo is leaning into the high of a successful quarter. In addition to reporting positive financial results for the third quarter of 2019, which ended December 31, 2018, Saputo also named Martin Gagnon as its new Chief Acquisition and Strategic Development Officer. Gagnon will take over the position on April 1, 2019.

Gagnon first joined the company as Executive Vice President, Mergers and Acquisitions, in 2016. Before joining Saputo, he held a senior position at an investment bank. In his new role, Gagnon will report to Saputo’s CEO and Chairman of the Board Lino Saputo, Jr.

Saputo is leaning into the high of a successful quarter and the addition of a new Chief as it looks toward the future

According to a press release, highlights from the company’s third quarter included the following:

  • Revenues for the quarter amounted to $3.577 billion ($2.700 billion USD), an increase of approximately $555 million ($418 million USD) or 18.4%
  • Earnings before interest, income taxes, depreciation, amortization, gain on disposal of assets, acquisition and restructuring costs, and gain on hyperinflation (adjusted EBITDA*) amounted to $321.2 million ($242.4 million USD), an increase of $3.2 million ($2.4 million USD) or 1.0%
  • Net earnings totaled $342.0 million ($258.1 million USD) an increase of $5.0 million ($3.7 million USD) or 1.5%
  • Adjusted net earnings totaled $174.4 million ($131.6 million USD), a decrease of $8.8 million ($6.6 million USD) or 4.8%
  • Net earnings per share (basic and diluted) were $0.88 and $0.87 respectively for the quarter, as compared to $0.87 and $0.86 for the corresponding quarter last fiscal year, an increase of 1.2%
  • Adjusted net earnings per share (basic and diluted) were $0.45 and $0.44 for the quarter, as compared to $0.47 for the corresponding quarter last fiscal year, a decrease of 4.3% and 6.4%, respectively

Lino Saputo, Jr., CEO, Saputo“Our fundamental values, all of which my family imparted on this business over 65 years ago are still a part of who we are today,” said Lino Saputo during a conference call with analysts. “With these elements intact, we will remain a vibrant player in our industry, optimizing our operations and pursuing our growth strategy with a disciplined and responsible approach.”

While Saputo’s CEO was optimistic during the call, he also pointed to warehousing and logistical costs and weak dairy ingredient and cheese markets as factors creating an increasingly competitive landscape. With these on mind, though, Saputo asserted the company is approaching the rest of 2019 with initiatives in mind to take advantage of, rather than be hindered by, these factors.

“We’re optimistic more so now than we’ve ever been before about the future of the dairy industry and the market conditions in that dynamics. I’ll say that that will not make us complacent, definitely we’ve to look at optimizing our platforms…” CEO Saputo said.

For the latest industry news, Deli Market News will continue to report.

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