Reuters — Saputo Inc., one of Canada’s largest dairy producers, reported on Tuesday a 30 per cent jump in net earnings and boosted its quarterly dividend by 11 per cent.
For Saputo’s fiscal 2017 first quarter, net income rose to $176.7 million, or 44 cents a share, from $136.4 million, or 34 cents, in the year-earlier period, helped by higher North American sales volumes.
Revenue during the quarter, which ended June 30, increased 2.6 per cent to $2.6 billion.
Analysts were expecting Saputo to earn 40 cents per share on revenue of $2.65 billion, according to Thomson Reuters I/B/E/S.
Saputo’s quarterly dividend will rise to 15 cents in September.
The dairy’s shares dipped 0.6 per cent to $39 in Toronto, down from an all-time high of $42.50 reached in March.
— Reporting for Reuters by Rod Nickel in Winnipeg.