English-based Nomad Foods Limited (NYSE: NOMD) saw its shares progress Monday, on revealing selected preliminary financial results for the three-month period ended September 30. Nomad Foods Limited will report its financial results for the quarter ended September 30, 2022, before the New York Stock Exchange opens on November 9.
Preliminary financial performance for the third quarter 2022, when compared to the third quarter 2021, includes:
Reported revenue increased 26.7% to €760 million; Organic revenue increase of 7.2%
Gross margin increased 110 basis points to 29.1%; Adjusted EBITDA increased 35.3% to €153 million.
CEO Stéfan Descheemaeker, Nomad Foods' Chief Executive Officer, stated, "I am pleased to report that Nomad Foods performed very well in the third quarter as our business delivered pricing recovery and a solid underlying performance. Our revenues grew by nearly 27% year-on-year, reflecting organic revenue growth of more than 7% year-on-year as well as the contribution from our recent acquisition, which is also growing relative to its prior year's results.”
The Company is affirming its Adjusted EPS guidance range of €1.65 to €1.71, representing high-single digit Adjusted EPS growth. This guidance assumes high-single digit revenue growth, low-single digit organic revenue growth, and the inclusion of Fortenova's frozen food business for the full-year. The Company is providing this preliminary announcement of results in advance of the launch of its offer to refinance its existing $960 million principal Term Loan B which will be announced later today.
NOMD shares began trading in New York Monday up 34 cents, or 2.4%, to $14.93.
