Quebec-based dairy giant Saputo reports net earnings of $139 million

Click to play video: 'Canadian dairy prices on the rise'
Canadian dairy prices on the rise
Due to inflation, Canadian milk and dairy prices have seen an increase – between 8.4 to 10 per cent, depending on the province. Director of the Agri-Food Analytics Lab at Dalhousie University Sylvain Charlebois explains to Global News what's behind these increases, and what consumers can expect next time they visit the dairy aisle. – Feb 16, 2022

Dairy giant Saputo Inc. says it had net earnings of $139 million for the quarter ended June 30, up from $53 million for the same quarter last year.

Chief executive Lino Saputo says the company has navigated inflationary pressures by raising prices, booting productivity and undertaking cost containment initiatives.

Saputo says in a statement that the company could see improved margins as input costs stabilize and efficiencies and “price realization” continue.

Revenue for the company’s first quarter of fiscal 2023 amounted to $4.3 billion, up from $3.5 billion in the same quarter last year.

Adjusted net income came in at $161 million, or 39 cents per share, up from $122 million, or 30 cents per share.

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The company says it expects continued inflation pressures ahead on both product inputs and on logistic costs but that it will minimize the effects by raising prices as necessary.

This report by The Canadian Press was first published August 4, 2022.

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