News: WCB UPDATE 1-Dairy producer Saputo posts lower profit on weaker prices

(Adds earnings before one-time items, revenue, market expectations)

June 2 (Reuters) - Saputo Inc SAP.TO , one of Canada's largest dairy producers, reported lower quarterly earnings on Thursday, citing weaker pricing around the world for dairy ingredients.

In the fourth quarter ended on March 31, net income dropped to C$141.2 million, or 36 Canadian cents a share, from C$157.4 million, or 39 Canadian cents a share, a year earlier.

Excluding one-time items, earnings were 41 Canadian cents a share, just above the analysts' average estimate of 40 Canadian cents, according to Thomson Reuters I/B/E/S.

Revenue climbed 9 percent to C$2.7 billion, in line with expectations.

Saputo's shares were up 0.7 percent at C$39.43 around midday in Toronto.

(By Rod Nickel in Winnipeg, Manitoba; Editing by Lisa Von Ahn) (([email protected])(1 204 947 3548)(Reuters Messaging: [email protected]. Twitter: @ReutersWinnipeg))