(Adds details on dividend increase, stock split)
Aug 5 Saputo Inc, Canada's largest
dairy producer, reported higher quarterly earnings on Tuesday,
lifted by recent acquisitions.
The Montreal-based company also increased its quarterly
dividend by 13 percent to 26 Canadian cents from 23 Canadian
cents and announced a two-for-one stock split.
For Saputo's first quarter through June 30, net income rose
to C$145.3 million ($133.3 million), or 73 Canadian cents a
share, from C$136.7 million, or 69 Canadian cents, a year
Revenue during the quarter jumped nearly 21 percent to C$2.6
billion, bolstered by Saputo's February acquisition of a
majority control of Australia's Warrnambool Cheese and Butter
Factory Company Holdings Ltd.
Saputo's shares gained 2.1 percent to C$68.96 in morning
trading in Toronto, touching a record high.
The company, known for its Dairyland milk and 1/2 Moon
cakes, said its April purchase of the Atlantic Canada fluid-milk
business of Scotsburn Cooperative Services Ltd also lifted
revenues and earnings.
Analysts had expected Saputo to earn 77 Canadian cents a
share on revenue of C$2.5 billion, according to Thomson Reuters
(By Rod Nickel in Winnipeg, Manitoba; Editing by Jeffrey
Benkoe, Bernadette Baum and Peter Galloway)