Saputo Inc. saw its net earnings rise by 48 per cent in its fiscal 2023 second quarter ended Sept. 30.

The Montreal-based company reported net earnings of $145 million or 35 cents per diluted share, up from $98 million or 24 cents per diluted share in the same quarter last year. 

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Revenues rose to $4.46 billion from $3.69 billion a year earlier, an increase of 21 per cent. 

The company says its increased revenue was due to higher prices Saputo implemented across all its sectors, higher average block cheese and butter prices in the U.S., and higher international cheese and dairy ingredient market prices. 

The company says it was able to successfully offset the cost of rising inflation through price increases.

Adjusted net earnings were $177 million in the second quarter, up from $116 million a year earlier, while the adjusted net earnings margin rose to four per cent from 3.1 per cent.