Acquisitions give Saputo's Q3 results a boost

Saputo Inc. says it earned $342 million in its latest quarter, up from $337 million in the same quarter last year.

The dairy and cheese producer says the profit amounted to 87 cents per diluted share for the quarter ended Dec. 31, up from 86 cents per diluted share a year earlier.

READ: Saputo completes acquisition of Australian dairy cooperative

Revenue in what was the company's third quarter totalled $3.58 billion, up from $3.02 billion a year earlier, as the company benefited from acquisitions.

On an adjusted basis, Saputo says it earned 44 cents per diluted share, down from an adjusted profit of 47 cents per diluted share a year earlier.

Analysts on average had expected a profit of 45 cents per share, according Thomson Reuters Eikon.

Saputo also announced the appointment of Martin Gagnon as chief acquisition and strategic development officer, effective April 1. Gagnon joined the company in 2016 as executive vice-president, mergers and acquisitions.