“The target of $2.1 billion is still the same,” chief executive officer Lino Saputo told analysts on a conference call Aug. 11. “We are confident in our plan and in our ability to effectively carry out the projects we have set ourselves. That’s not the issue.

“It’s the unpredictability of the market in terms of price and consumer confidence that leads us to push back the deadline,” he said.

The chief executive sought to assure industry watchers that “the most difficult stages” on the operational level are near completion.

RBC Capital Markets analyst Irene Nattel wasn’t surprised by the announcement, and served up reasons for hope.

“(The) street was already there, (with a) consensus $1.89 billion. Looking ahead, dairy markets have strengthened considerably in the second quarter. The effect of adverse market conditions on profitability was less than anticipated,” she said in a note to investors.

Saputo’s revenues fell 2.8 per cent year over year to $4.2 billion in the quarter ended June 30. Net income totalled $141 million, up from $139 million a year earlier.

Adjusted diluted earnings per share were 36 cents, beating analyst expectations of 34 cents per share, according to financial markets data firm Refinitiv.