Saputo Inc. (SAP.TO) reported that its net loss for the third quarter of fiscal 2024 was C$124 million, compared to net earnings of C$179 million for the same quarter last fiscal year. The net loss was primarily due to a non-cash goodwill impairment charge of C$265 million, lower adjusted EBITDA, a loss on hyperinflation, and higher financial charges, offset by lower acquisition and restructuring costs, and lower income tax expense. Net loss per share was C$0.29, compared to net earnings per share of C$0.43 in the prior year.
Adjusted net earnings for the third quarter of fiscal 2024 totalled C$163 million, down 26.2% from C$221 million for the same quarter last fiscal year. This was mainly due to a decrease in net earnings, excluding a non-cash goodwill impairment charge, lower acquisition and restructuring costs after tax, as well as the impact of a loss on hyperinflation.
Adjusted earnings per share were C$0.38, down from C$0.53 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of C$0.39 per share for the third-quarter. Analysts' estimates typically exclude special items.
Revenues for the third quarter of fiscal 2024 totalled C$4.267 billion, down from C$4.587 billion in the same quarter last fiscal year. Analysts expected revenue of C$4.42 billion for the quarter.
Saputo announces that it suspends its Dividend Reinvestment Plan, effective February 8, 2024. Until further notice, shareholders who were enrolled in the DRIP will automatically receive dividend payments in the form of cash, including the dividend declared today and payable on March 15, 2024.
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