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Saputo profit misses consensus by 18.3% in fiscal Q2

Saputo Inc. said its normalized net income for the fiscal second quarter ended Sept. 30 was 42 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 52 cents per share.

EPS fell year over year from 44 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$165.8 million, a decrease from C$174.2 million in the year-earlier period.

The normalized profit margin fell to 5.7% from 6.1% in the year-earlier period.

Total revenue increased on an annual basis to C$2.88 billion from C$2.85 billion, and total operating expenses rose year over year to C$2.61 billion from C$2.55 billion.

Reported net income decreased year over year to C$183.8 million, or 47 cents per share, from C$190.6 million, or 48 cents per share.