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Thursday, November 6, 2014

Saputo profit jumps 17 percent on higher cheese, butter prices, (TSE: SAP.TO)

Canada's largest dairy producer Saputo Inc reported a 17 percent jump in quarterly earnings on Thursday, boosted by higher U.S. cheese and butter prices and recent acquisitions.The Montreal-based company, whose brands include Dairyland and 1/2 Moon cakes, said it intends to purchase back 5 percent of its common shares during the next year.Saputo's shares gained 2.8 percent to C$32.01 in afternoon trading in Toronto.For the second quarter ended Sept. 30, net income rose to C$155.7 million ($136.17 million), or 39 Canadian cents a share, matching Street expectations, from C$133.3 million, or 34 Canadian cents, a year earlier.

Saputo Inc. is a dairy processor in Canada and cheese producer in the United States. Shares of SAP traded higher by 3.57% or $1.11/share to $32.24. In the past year, the shares have traded as low as $23.32 and as high as $62.41. On average, 499431 shares of SAP.TO exchange hands on a given day and today's volume is recorded at 220823.