Saputo reported its financial results for the first quarter of fiscal 2015, which ended on June 30, 2014.
All amounts in this news release are in Canadian dollars, unless otherwise indicated, and are presented according to International Financial Reporting Standards (IFRS).
• Net earnings totalled $145.3 million, an increase of $8.6 million or 6.3%.
• Earnings before interest, income taxes, depreciation and amortization (EBITDA) amounted to $268.9 million, an increase of $26.8 million or 11.1%.
• Revenues for the quarter amounted to $2.621 billion, an increase of $447.3 million or 20.6%.
• Basic earnings per share (EPS) was $0.74 and diluted EPS was $0.73 for the quarter as compared to basic EPS of $0.70 and diluted EPS of $0.69 for the corresponding quarter last fiscal year, an increase of 5.7%.
• The acquisition of Warrnambool Cheese & Butter Factory Company Holdings Limited (Warrnambool Acquisition), for which operations have been consolidated since January 21, 2014, contributed to revenues and EBITDA in the International Sector for the full quarter.
• On April 14, 2014, the Company completed the acquisition of the fluid milk activities of Scotsburn Co-Operative Services Limited (Scotsburn Acquisition), which contributed to the revenues and EBITDA of the Canada Sector.
• In the USA Sector, the average block market2 per pound of cheese increased by US$0.38 and the average butter market3 price per pound increased by US$0.51 compared to the same period last fiscal year, increasing revenues. Market factors4 in the USA Sector negatively impacted EBITDA.
• The Canada Sector EBITDA decreased mainly due to higher ingredients and operational costs.
• The International Sector EBITDA increased due to the contribution of the Dairy Division (Australia) and higher selling prices in the export market.
• The fluctuation of the Canadian dollar versus the US dollar and the Argentinean peso during the quarter had a positive impact on revenues and EBITDA, as compared to the same quarter last fiscal year.
