Canada NewsWire
VANCOUVER, BC, Nov. 14, 2023
VANCOUVER, BC, Nov. 14, 2023 /CNW/ - Premium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today its results for the third quarter of 2023.
THIRD QUARTER HIGHLIGHTS
1 | The 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 third 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 (416) 764-8646 or (888) 396-8049 (Conference ID: 60488678) 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 11:50 p.m. Toronto time on December, 14 2023 at (877) 674-7070 (passcode: 488678#). Alternatively, a recording of the conference call will be available at the Company's website at www.premiumbrandsholdings.com.
SUMMARY FINANCIAL INFORMATION
(In millions of dollars except per share amounts and ratios)
| | | 13 weeks ended Sep 30, 2023 | 13 weeks ended Sep 24, 2022 | 39 weeks ended Sep 30, 2023 | 39 weeks ended Sep 24, 2022 |
Revenue | | | 1,644.9 | 1,623.9 | 4,706.3 | 4,395.0 |
Adjusted EBITDA1 | | | 158.8 | 141.2 | 421.9 | 367.8 |
Earnings | | | 39.4 | 43.5 | 79.2 | 129.2 |
EPS | | | 0.89 | 0.97 | 1.78 | 2.89 |
Adjusted earnings1 | | | 56.4 | 61.3 | 141.3 | 162.2 |
Adjusted EPS1 | | | 1.27 | 1.37 | 3.18 | 3.63 |
| | | Trailing Four Quarters Ended | |
| | | Sep 30, 2023 | Sep 24, 2022 |
Free cash flow1 | | | 262.5 | 285.9 |
Free cash flow per share | | | 5.91 | 6.45 |
Declared dividends | | | 134.5 | 122.5 |
Declared dividend per share | | | 3.010 | 2.735 |
Payout ratio1 | | | 51.2 % | 42.8 % |
1 | Reconciliations for all non-IFRS measures are included in the Non-IFRS Financial Measures section of this press release. |
"We are pleased to report another quarter of record sales and adjusted EBITDA as we continue to make solid progress on our long-term value creation strategies, a clear indication of which is the 300-basis point improvement in our Specialty Food segment's adjusted EBITDA margin," said Mr. Paleologou, President and CEO.
"Our results for the quarter were, however, tempered by an unusually poor Maine lobster catch and some largely third quarter-specific impacts on our sandwich and protein businesses, including delays in a cooked protein capacity expansion project coming online," added Mr. Paleologou.
"Looking forward, we expect to see significant acceleration in our organic growth rate as five major capacity expansion projects get commissioned over the next several quarters, all of which are focused on supporting our very successful U.S. based growth initiatives in premium frozen sandwiches, cooked protein, meat snacks and artisan baked goods," stated Mr. Paleologou.
"We are also pleased to announce the acquisition of Menu-Mer, a Quebec based food distributor. Menu-Mer, whose market focus complements the geographical reach of our Quebec based Viandex and C&C businesses, will be leveraging access to our ecosystem to enhance their buying power and expand the portfolio of products they can offer their customers," said Mr. Paleologou.
"Our acquisitions pipeline remains very robust and we are in active dialogues with many small and large businesses. Correspondingly, we are well positioned to complete more transactions in 2024," added Mr. Paleologou.
FOURTH QUARTER 2023 DIVIDEND
The Company also announced that its Board of Directors approved a cash dividend of $0.77 per share for the fourth quarter of 2023, which will be payable on January 15, 2024 to shareholders of record at the close of business on December 29, 2023.
Unless indicated otherwise in writing at or before the time the dividend is paid, each dividend paid by the Company in 2023 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.
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) | ||||||||
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