Saputo's shares down as company forecasts 'temporary' consumer demand slowdown - BNN Bloomberg

📆 10/06/2023 00:30:00
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Shares in Saputo Inc. was down more than 10 per cent in afternoon trading Friday as the company's chief executive cautioned negative consumer sentiment could dampen the outlook for the start of its 2024 fiscal year.

Speaking to analysts about the Montreal-based dairy company's fourth-quarter results, president and chief executive Lino A. Saputo said he felt confident about delivering on the company's promises in the year ahead, but warned that it could face rough waters early on.

"We believe that this is a temporary situation, that consumer demand, not just domestically but globally, will return and once it does return we will have the infrastructure to be able to derive the value that we had originally anticipated," he said. RBC Dominion Securities analyst Irene Nattel said despite"encouraging signs" in the results, extreme dairy market volatility since the start of the company's 2024 first quarter"gives us pause."

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