MONTREAL — Saputo Inc. says its fiscal second-quarter profit decreased by about 12 per cent, falling below analyst expectations.
The Montreal-based company says its net income fell 11.9 per cent to $163.1 million for the period ending Sept. 30.
That amounts to 42 cents per share compared to 48 cents per share for the same quarter the previous year.
Analysts surveyed by Thomson Reuters Eikon expected a net profit of about $178.6 million or 44 cents per share.
Revenue totalled $3.42 billion, up about $536 million or 18.6 per cent.
The company says revenue increased mostly due to the contribution of recent acquisitions.
Saputo announced an agreement to acquire the activities of F&A Dairy Products Inc., a manufacturer of natural cheeses, earlier this month and expects the transaction to close by the end of this year.
Companies in this story: (TSX: SAP)
The Canadian Press