Saputo bumps up dividend as profit dips
Aug 4 (Reuters) - Canadian dairy producer Saputo Inc bumped up its dividend on Tuesday as it reported a slightly lower quarterly profit.
The company said its quarterly dividend would increase 3.8 percent to 13-1/2 Canadian cents a share from 13 cents.
For Saputo's first quarter, net income fell to C$136.4 million ($103.88 million), or 34 Canadian cents a share, from C$145.3 million, or 36 Canadian cents, a year earlier.
Revenue during the quarter, which ended June 30, dipped 2.2 percent to C$2.56 billion.
Analysts had expected Saputo to earn 34 Canadian cents a share on revenue of C$2.66 billion, according to Thomson Reuters I/B/E/S.
Saputo's shares gained 1.2 percent to C$30.32 in Toronto, touching a one-month high.
The Montreal-based company, whose brands include Dairyland milk and Armstrong cheese, is among the top three cheese producers in the United States and also has significant operations in Argentina and Australia.
($1=$1.31 Canadian) (By Rod Nickel in Winnipeg, Manitoba; Editing by Peter Galloway)
© Thomson Reuters 2016 All rights reserved.