Freitag, 15.03.2024 07:30 von PR Newswire | Aufrufe: 49

PREMIUM BRANDS HOLDINGS CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS AND ANNOUNCES A 10.4% DIVIDEND INCREASE

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VANCOUVER, BC, March 15, 2024

VANCOUVER, BC, March 15, 2024 /CNW/ - Premium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today its results for the fourth quarter and fiscal year ended December 30, 2023.

2023 HIGHLIGHTS

Record revenue of $6.3 billion representing a 3.8%, or $231.2 million, increase as compared to 2022 despite 2022 having an extra week of sales
Record adjusted EBITDA¹ of $559.1 million representing a 10.9%, or $54.9 million, increase as compared to 2022 despite 2022 having an extra week of sales
An 8.9% adjusted EBITDA margin, up from 8.4% in 2022
2023 adjusted EPS¹of $4.03 per share representing a 16.4%, or $0.79 per share decrease as compared to 2022, with the decrease being driven by higher interest costs

FOURTH QUARTER HIGHLIGHTS

Fourth quarter revenue of $1.55 billion representing a 4.9%, or $80.1 million, decrease as compared to the fourth quarter of 2022. Normalizing for the extra week in 2022, fourth quarter revenue was up $1.4 million
Solid progress on Specialty Foods' core U.S. growth initiatives in sandwiches, protein and baked goods, which for the quarter generated an organic volume growth rate of 9.3% and total sales of $580.9 million despite delays in new capacity coming online and the fourth quarter being slower for seasonal reasons. For the year, these initiatives generated an organic volume growth rate of 10.1% and total sales of $2.3 billion
Record fourth quarter adjusted EBITDA¹ of $137.2 million representing a 0.6%, or $0.8 million, increase as compared to the fourth quarter of 2022. Normalizing for the extra week in 2022, fourth quarter adjusted EBITDA was up $3.2 million
An 8.8% adjusted EBITDA margin, up from 8.3% in the fourth quarter of 2022
Specialty Foods' adjusted EBITDA margin continues to normalize reaching 9.2% for the quarter, a 100-basis point improvement as compared to the fourth quarter of 2022
Fourth quarter adjusted EPS¹of $0.85 per share representing a 28.6%, or $0.34 per share decrease as compared to the fourth quarter of 2022, with the decrease being driven by higher interest costs
Issued revenue and adjusted EBITDA guidance for 2024. Excluding potential acquisitions, the Company expects to generate revenue of $6.65 billion to $6.85 billion, and adjusted EBITDA of $630 million to $650 million in 2024
Declared a dividend of $0.85 per share for the first quarter of 2024, representing a 10.4% increase from the previous quarter's dividend rate

¹The Company reports its financial results in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. Adjusted EBITDA and adjusted EPS are non-IFRS financial measures. Reconciliations and explanations for all non-IFRS measures are included in the Non-IFRS Financial Measures section of this press release.

QUESTIONS AND ANSWERS SESSION

The Company will hold a Q&A session on its fourth quarter 2023 results today at 10:30 a.m. Vancouver time (1:30 p.m. Toronto time). Management's pre-recorded remarks and an investor presentation that will be referenced on the conference call are available here or by navigating through the Company's website at www.premiumbrandsholdings.com.

Access to the Q&A session may be obtained by calling the operator at (289) 514-5100 or (800) 717-1738 (Conference ID: 66569) up to ten minutes prior to the scheduled start time. For those who are unable to participate, a recording of the conference call will be available through to 10:30 a.m. Toronto time on April 15, 2024 at (888) 660-6264 (passcode: 66569#). Alternatively, a recording of the conference call will be available at the Company's website at www.premiumbrandsholdings.com.

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SUMMARY FINANCIAL INFORMATION

(In millions of dollars except per share amounts and ratios)

	13 weeks ended Dec 30, 2023	14 weeks ended Dec 31, 2022	52 weeks ended Dec 30, 2023	53 weeks ended Dec 31, 2022
Revenue	1,554.7	1,634.8	6,261.0	6,029.8
Adjusted EBITDA¹	137.2	136.4	559.1	504.2
Earnings	15.0	30.9	94.2	160.1
EPS	0.34	0.69	2.12	3.59
Adjusted earnings¹	37.9	52.9	179.1	215.0
Adjusted EPS¹	0.85	1.19	4.03	4.82

	Trailing Four Quarters Ended
	Dec 30, 2023	Dec 31, 2022
Free cash flow¹	253.0	285.8
Free cash flow per share	5.70	6.41
Declared dividends	137.5	125.3
Declared dividend per share	3.08	2.8
Payout ratio¹	54.3 %	43.8 %

¹Reconciliations for all non-IFRS measures are included in the Non-IFRS Financial Measures section of this press release.

"We made solid progress during the quarter towards achieving several of our core long-term goals and remain on track to meet our 2027 targets of $10 billion in sales and $1.0 billion of EBITDA," said Mr. Paleologou, President and CEO. "We are particularly pleased with how our U.S. focused growth initiatives are developing. For the quarter, these generated an organic volume growth rate of 9.3% and $580.9 million in sales, despite it being a seasonally slow time and several temporary headwinds including delays in much needed new capacity coming online. This progress shows the potential of the substantial investments we have been making in this market and as our new U.S. based meat snack, cooked protein, sandwich and artisan baked goods capacity projects ramp up, we expect this growth to accelerate," added Mr. Paleologou.

"Our success in the U.S. market was partially offset by several of our Canadian businesses underperforming due to an increasingly challenging consumer environment in Canada. We are confident, however, that as inflation and interest rates normalize over the course of 2024, we will see progressively improving results from these businesses," said Mr. Paleologou.

"Overall for 2024, we are projecting sales of $6.65 billion to $6.85 billion and adjusted EBITDA of $630 million to $650 million before any new acquisitions," stated Mr. Paleologou. "In terms of potential acquisitions, with the chaos of the last couple of years fading into the background, and valuation expectations moderating, we have several transactions in the pipeline that we hope to complete in the coming quarters," added Mr. Paleologou.

FIRST QUARTER 2024 DIVIDEND

The Company also announced that its Board of Directors approved a cash dividend of $0.85 per share for the first quarter of 2024, which will be payable on April 15, 2024 to shareholders of record at the close of business on March 28, 2024.

"This will be our tenth consecutive year of rewarding our shareholders with a dividend increase of 10% or more," said Mr. Paleologou.

Unless indicated otherwise in writing at or before the time the dividend is paid, each dividend paid by the Company in 2024 or a subsequent year is an eligible dividend for the purposes of the Enhanced Dividend Tax Credit System.

ABOUT PREMIUM BRANDS

Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada and the United States.

www.premiumbrandsholdings.com

RESULTS OF OPERATIONS

The Company reports on two reportable segments, Specialty Foods and Premium Food Distribution, as well as non-segmented investment income and corporate costs (Corporate). The Specialty Foods segment consists of the Company's specialty food manufacturing businesses while the Premium Food Distribution segment consists of the Company's differentiated distribution and wholesale businesses as well as certain seafood processing businesses. Investment income includes interest and management fees generated from the Company's businesses that are accounted for using the equity method.

As part of a realignment of certain businesses and management responsibilities, starting in fiscal 2023 the Company reclassified a business from the Premium Food Distribution segment to the Specialty Foods segment. All comparative information has been retrospectively restated.

Revenue

(in millions of dollars except percentages)

13 weeks

ended

Dec 30,

2023

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