SunOpta: Announces First Quarter 2023 Financial Results

Minneapolis / MN. (so) SunOpta Inc., a leading global company focused on plant-based foods and beverages and fruit-based foods and beverages, announced financial results for the first quarter ended April 01, 2023. First Quarter 2023 highlights:

  • Excluding the divested sunflower business, total company revenues of USD 223.9 million were up 0.4 percent from the prior year period. Plant-Based Foods and Beverages revenues increased by 9.3 percent, partially offset by a 9.7 percent decline in Fruit-Based Foods and Beverages revenues.
  • The Plant-Based Foods and Beverages segment revenue growth was led by a 25 percent increase in plant-based milk products, partially offset by declines in lower margin broth and ingredients.
  • Gross profit margin was up 80 basis points on a reported basis and improved 320 basis points to 15.2 percent adjusted for startup costs related to the new Texas plant.
  • Earnings from continuing operations were USD 1.4 million compared to USD 1.0 million in the prior year period.
  • Adjusted earnings¹ attributable to common shareholders were USD 6.0 million or USD 0.05 per diluted common share, compared to adjusted earnings of USD 0.9 million or USD 0.01 per diluted common share in the prior year period.
  • Adjusted Ebitda¹ of USD 23.6 million, was up 50.5 percent versus USD 15.7 million. As a percentage of revenue, adjusted Ebitda was 10.5 percent compared to 6.5 percent in the prior year period.

«We delivered another quarter of significant increase in profitability as margin-focused portfolio optimization and revenue expansion initiatives continue to flow through to profit,» said Joe Ennen, Chief Executive Officer. «We continue to have strong momentum in our businesses by leveraging our value proposition of operating expertise, available capacity and strong R+D and innovation capabilities. Plant-based milk products revenue increased 25 percent year-over-year including an 89 percent increase in oat. This growth was broad-based from a customer perspective and all go-to-market approaches were positive. Strong plant-based operational execution continues, as evidenced by a gross profit margin of 20 percent, excluding start-up costs. To that point, production start-up at our new plant in Texas continues to be on schedule, setting the stage for strong second half growth. We remain well positioned competitively, confident in our outlook for 2023, and steadfast in our focus on Fueling the Future of Food.»

For additional information please read the Company’s PDF file below (159 KB):