Saputo Reports Resilient Fiscal 2024 Amid Market Challenges, Optimistic for Continued Growth

Lino A. Saputo, Chairman, President, and CEO of Saputo, commented on the year's performance, stating, “Fiscal 2024 was a testament to our resilience. Despite the volatile macro-economic environment, including fluctuating commodity prices and sustained inflationary pressures, our financial results demonstrate our steadfastness in navigating these challenges. After three years of significant investments to enhance our global network, we have completed the majority of our major capital projects under our Global Strategic Plan and are beginning to see increased commercial production across several facilities. Although we have achieved considerable milestones, there remains work to be done to fully realize our potential.”

The fourth quarter saw robust performance, despite facing a $61 million* negative impact from market factors in the USA and $15 million in duplicate operational costs in the U.S. sector. Looking forward, Mr. Saputo expressed optimism for fiscal 2025, citing improvements in dairy commodity markets and the anticipated benefits from the company's strategic investments expected to increase throughout FY25 and accelerate in FY26.

Financial Highlights for the Fourth Quarter of Fiscal 2024:

• Revenues reached $4.545 billion, marking an increase of $77 million or 1.7%.
• Net earnings were reported at $92 million with earnings per share (EPS), both basic and diluted, at $0.22, a decrease from the previous year's $159 million and $0.38 EPS.
• Adjusted EBITDA was $379 million, down by $13 million or 3.3%.
• Adjusted net earnings were $156 million, a decline from $196 million, with adjusted EPS (basic and diluted) at $0.37, down from $0.47 and $0.46 respectively.
• The company reported strong cash generation from operating activities totaling $371 million.

*All figures are reported in millions of Canadian dollars (CDN)