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Saputo earnings up with weaker loonie

Reuters — Saputo, one of Canada’s largest dairy producers, reported higher than expected adjusted earnings on Thursday, helped by weakness in the Canadian dollar.

For its fiscal third quarter, adjusted net income rose 13.5 per cent to $175.4 million, or 44 cents a share.

Revenue during the quarter, which ended Dec. 31, rose 2.8 per cent to $2.9 billion.

Analysts were expecting Saputo to earn 39 cents per share on revenue of C$2.9 billion, according to Thomson Reuters I/B/E/S.

The fluctuation of the Canadian dollar boosted revenues some $261 million during the quarter, Montreal-based Saputo said.

The company, whose brands include Dairyland milk and Armstrong cheese, is among the top three cheese producers in the U.S. and also has significant operations in Argentina and Australia.

Reporting for Reuters by Rod Nickel in Winnipeg.

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