Saputo reported strong growth numbers
"We expect a meaningful earnings improvement in fiscal 2023"
Saputo Inc. reported on 9 of June its financial results for the fourth quarter and fiscal year ended on March 31, 2022. The Canadian cheese giant, owner of Bologna football Club in Italy, reported 4Q revenues amounted to C$3.957 billion, up C$519 million or 15.1%; Net earnings totalled C$37 million and EPS (basic and diluted) were C$0.09, as compared to C$103 million of net earnings and EPS (basic and diluted) of C$0.25.
Adjusted EBITDA amounted to C$260 million, down C$43 million or 14.2%; Adjusted net earnings totalled C$108 million, as compared to C$124 million, and adjusted EPS(b asic and diluted) were C$0.26, as compared to C$0.30.
For the years ended March 31 revenues amounted to C$15.035 billion, and net earning C$ 274 million.
“Our fourth quarter was challenging, notably in the U.S., as we navigated through commodity price volatility, increases in input and logistics costs, and labour and supply constraints, made even tougher by the Omicron surge. Nevertheless, our Canada, Argentina, and UK businesses continued to perform well and were in line with our expectations,” said Lino A. Saputo, Chair of the Board, President and CEO. “Our teams are laser-focused on addressing the short-term challenges while delivering on our long-term goals. We will continue to act with speed and agility to address external headwinds by balancing price, volume, and costs, while we work to improve our margins over time. Accordingly, we expect a meaningful earnings improvement in fiscal 2023”.
Commenting on year-end results, Mr. Saputo added, “Despite a challenging year, we maintained our ability to generate strong operating cash flows, a testament to our diversified global platform. We remain committed to executing on our strategic objectives and believe we have the right strategies in place to deliver sustainable, profitable growth over the long-term. My ongoing gratitude goes to all Saputo employees for their outstanding efforts, and we are committed to ensuring a safe, healthy, and rewarding work environment in the year ahead”.
EFA News - European Food Agency