Saputo Earnings: Even in the Face of Challenges, Sales and Profit March Ahead; Shares Not a Bargain

Saputo reported a 0.5% rise in first-quarter revenue, as growth in Canada (up 5.4%, 27% of sales), the US (up 2.1%, 46%), and Europe (up 20.1%, 6%) offset a massive decline in its international markets (down 13.8%, 21%). The adjusted operating margin increased 80 basis points to 5.9%.