Saputo has reported a loss of $518 million on sales of $4.994 billion in its third quarter.
A non-cash goodwill impairment charge of $674 million after tax was recorded in relation to the United Kingdom dairy division.
President and chief executive officer Carl Colizza seems unphased by the loss, telling investors that “we made significant strides in executing our strategic playbook and controlling costs, and benefited from accelerated contributions from our recently completed capital projects.
“Our solid cash generation also enabled us to return additional cash to shareholders through our share buyback program.
“We’re confident in our ability to continue generating steady cash flows and we intend to focus our capital allocation strategy on share repurchases.”
