Saputo has pushed back the target date to reach its earnings forecast amid flagging consumer demand for milk products across the globe.
In first-quarter financial results released after markets closed Thursday, the dairy giant said it no longer expects to achieve its annual goal of $2.13 billion in earnings before interest, taxation, depreciation and amortization by March 2025.
Saputo’s revenues fell 2.8 per cent year over year to $4.2 billion in the quarter ended June 30. Net income totaled $141 million, up from $139 million a year earlier.
Adjusted diluted earnings per share were 36 cents, beating analyst expectations of 34 cents per share, according to financial markets data firm Refinitiv.