June 1 (Reuters) - Saputo Inc, one of Canada’s largest dairy producers, reported higher quarterly earnings on Thursday, after the company incurred costs associated with plant closures in the same period a year earlier.
For its fiscal fourth quarter, net income rose 17 percent to C$165 million, or 42 Canadian cents a share, from C$141 million, or 36 Canadian cents, a year earlier.
Revenue during the quarter, which ended March 31, eased 0.5 percent to C$2.7 billion.
Analysts were expecting Saputo to earn 48 Canadian cents per share on revenue of C$2.9 billion, according to Thomson Reuters I/B/E/S.
Saputo’s shares dropped 5 percent to C$42.72 in Toronto after a trading halt.
The Montreal-based company, whose brands include Dairyland milk and Armstrong cheese, is one of the top cheese producers in the United States and also has significant operations in Argentina and Australia. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Frances Kerry)