Saputo Inc. reported a 21.3% decline in net earnings for the fourth quarter of fiscal year 2018 to C$130 million, down from C$165.2 million in the prior-year quarter on a GAAP basis.
The company posted earnings per share of 33 cents, down from 42 cents per share in the year-ago quarter on a GAAP basis.
In normalized terms, the company posted net earnings of C$135.3 million, or 35 cents per share, 18.1% lower than the C$165.2 million, or 42 cents per share, in the prior-year period. The EPS figure was below the S&P Capital IQ estimate of 42 cents per share.
Revenues for the quarter rose to C$2.74 billion, up slightly from C$2.72 billion in 2017 as the company posted sales increases in all sectors.
Adjusted EBITDA fell to C$261.7 million from C$284.1 million a year ago.
For full fiscal year 2018, the company posted a net earnings increase of 16.6% to C$852.5 million, or C$2.18 per share, from C$731.1 million, or C$1.84 per share on a GAAP basis.
On an adjusted basis, the company posted net earnings of C$704.2 million, or C$1.80 per share, down from C$731.1, or C$1.84 per share in the previous year. The company missed the S&P Capital IQ adjusted earnings estimate of C$1.88 per share.
Revenues for the fiscal year increased to C$11.54 billion, up from C$11.16 billion in the previous year, a result of greater sales volume. Adjusted EBITDA declined to C$1.26 billion from C$1.29 billion.
