George Weston raises quarterly dividend, reports adjusted profit up
Posted November 20, 2018 6:35 am.
This article is more than 5 years old.
TORONTO — George Weston Ltd. raised its quarterly dividend as it said it saw strong results at its Loblaw operations, but that its Weston Foods bakery business continued to fall short of its expectations.
The company says it will raise its quarterly dividend by 2.5 cents to 51.5 cents per common share.
The dividend increase came as George Weston reported a third-quarter profit attributable to common shareholders of $51 million or 40 cents per share on sales of $14.86 billion.
That compared with a profit of $420 million or $3.25 per share on $14.64 billion in sales in the same quarter a year ago.
On an adjusted basis, George Weston says it earned $288 million or $2.25 per share for the quarter ended Oct. 6, compared with an adjusted profit of $277 million or $2.14 per share a year ago.
Thomson Reuters Eikon says analysts on average had expected a profit of $2.19 per share for the quarter.
Companies in this story: (TSX:WN, TSX:L)
The Canadian Press
