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Saputo profit misses consensus by 15.2% in fiscal Q1

Saputo Inc. said its normalized net income for the fiscal first quarter ended June 30 came to 33 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 39 cents per share.

EPS increased 9.3% year over year from 30 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$130.5 million, a gain of 8.4% from C$120.3 million in the prior-year period.

The normalized profit margin declined to 5.0% from 5.5% in the year-earlier period.

Total revenue rose 20.6% year over year to C$2.62 billion from C$2.17 billion, and total operating expenses rose 21.6% from the prior-year period to C$2.39 billion from C$1.97 billion.

Reported net income increased 5.0% year over year to C$144.5 million, or 37 cents per share, from C$137.6 million, or 35 cents per share.