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Saputo Reports Financial Results for the First Quarter of Fiscal 2024; Lino A. Saputo Comments

Saputo Reports Financial Results for the First Quarter of Fiscal 2024; Lino A. Saputo Comments


MONTRÉAL, QUÉBEC, CANADA
Friday, August 18th, 2023

Giving us an in-depth look at its performance for the first quarter of 2024, Saputo is showcasing the strength and stability of its operations when it comes to overcoming hurdles in the market.

Lino A. Saputo, Chair of the Board, President, and Chief Executive Officer, Saputo“Our business delivered solid results in the first quarter in the face of significant commodity market headwinds and lower consumer demand. We had another quarter of adjusted EBITDA and margin growth with a strong performance in our Canada Sector, significant operational improvements in our Australia division, and more operational stability in the USA Sector,” said Lino A. Saputo, Chair of the Board, President, and Chief Executive Officer. Despite unprecedented market conditions, the underlying health of the business is strong and some of the current headwinds are expected to be transitional.”

Some of the details in Saputo’s fiscal 2024 first quarter financial highlights include:

  • Revenues amounted to $4.207 billion, down $120 million or 2.8 percent
  • Net earnings totaled $141 million, up from $139 million
  • Adjusted EBITDA amounted to $362 million, up $15 million or 4.3 percent
  • Adjusted net earnings totaled $154 million, up from $143 million

Saputo is showcasing the strength and stability of its operations when it comes to overcoming hurdles in the market

As the company explained in its press release, Saputo’s first quarter performance reflected the positive carryover effect of previously implemented pricing initiatives across all its sectors, lower average block market price and average butter market price in the U.S. Sector, and the softening of the global demand for dairy product, which negatively impacted sales volumes. Despite current market challenges, Saputo has reported continued execution toward its long-term strategic priorities through investments in the company’s major capital projects.

“We are at an important inflection point in our business, although it is not yet reflected in our results,” Saputo added. “We continue to make progress against our Global Strategic Plan initiatives, and we are moving forward with several of our capital investment projects, which are expected to deliver meaningful returns once fully operational.”

To view more details of the report, including the company’s fiscal year 2024 outlook, click here.

For more financial updates and analysis, keep clicking on DMN.

Saputo
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