MONTREAL, Feb. 07, 2019 (GLOBE NEWSWIRE) — Saputo Inc. (TSX: SAP) (Saputo or the Company) reported today its financial results for the third quarter of fiscal 2019, which ended on December 31, 2018. All amounts in this news release are in Canadian dollars, unless otherwise indicated, and are presented according to International Financial Reporting Standards (IFRS).
- Revenues for the quarter amounted to $3.577 billion, an increase of approximately $555 million or 18.4%.
- Earnings before interest, income taxes, depreciation, amortization, gain on disposal of assets, acquisition and restructuring costs, and gain on hyperinflation (adjusted EBITDA*) amounted to $321.2 million, an increase of $3.2 million or 1.0%.
- Net earnings totalled $342.0 million, an increase of $5.0 million or 1.5%.
- Adjusted net earnings* totalled $174.4 million, a decrease of $8.8 million or 4.8%.
- Net earnings per share (basic and diluted) were $0.88 and $0.87 respectively for the quarter, as compared to $0.87 and $0.86 for the corresponding quarter last fiscal year, an increase of 1.2%.
- Adjusted net earnings per share* (basic and diluted) were $0.45 and $0.44 for the quarter, as compared to $0.47 for the corresponding quarter last fiscal year, a decrease of 4.3% and 6.4%, respectively.
(in millions of Canadian (CDN) dollars, except per share amounts)
|(unaudited)||For the three-month periods
ended December 31
|For the nine-month periods
ended December 31
|Adjusted net earnings*||174.4||183.2||497.8||568.9|
|Net earnings per share|
|Adjusted net earnings per share*|
- Revenues increased mainly as a result of the contribution of recent acquisitions.
- All recent acquisitions contributed positively to adjusted EBITDA.
- The combined effect of USA Market factors**, as well as lower international dairy ingredient and cheese market prices, negatively impacted adjusted EBITDA by approximately $26 million, as compared to the same quarter last fiscal year.
- Higher warehousing, logistical and transportation costs had an unfavourable impact on adjusted EBITDA of approximately $30 million, as compared to the same quarter last fiscal year.
- The fluctuation of the Canadian dollar versus foreign currencies during the quarter had a positive impact on adjusted EBITDA of approximately $1 million, as compared to the same quarter last fiscal year.
- On October 17, 2018, the Company completed the sale of the facility in Burnaby, British Columbia and realized a gain of $194.5 million ($167.8 million after tax). The Company has entered into a lease agreement for that same facility until the construction of a new facility in Port-Coquitlam, British Colombia, is completed.
- On November 30, 2018, the Company completed the acquisition of the activities of F&A Dairy Products, Inc. (F&A Acquisition), based in the United States, which contributed for one month in this quarter.
- The Board of Directors approved a dividend of $0.165 per share payable on March 15, 2019 to common shareholders of record on March 5, 2019. * Non-IFRS measures described in the ‘‘Glossary’’ section on page 21 of the Management’s Discussion and Analysis for the third quarter of fiscal 2019.
** Refer to the ‘‘Glossary’’ section on page 21 of the Management’s Discussion and Analysis for the third quarter of fiscal 2019.
Appointment in Senior Management
The Company is pleased to announce that Mr. Martin Gagnon will be appointed Chief Acquisition and Strategic Development Officer, Saputo Inc., effective April 1, 2019. He will continue to report to Mr. Lino A. Saputo, Jr., the Company’s Chairman of the Board and Chief Executive Officer. Mr. Gagnon joined the Company in 2016 as Executive Vice President, Mergers and Acquisitions. Prior to joining the Company, Mr. Gagnon held a senior position at an investment bank.