SunOpta: Announces Q1 Fiscal 2021 Financial Results

Minneapolis / MN. (so) SunOpta Inc., a leading global company focused on plant-based foods and beverages, fruit-based foods and beverages, and organic ingredient sourcing and production, announced financial results for the first quarter ended April 03, 2021. All amounts are expressed in USD and results are reported in accordance with U.S. GAAP, except where specifically noted.

First Quarter 2021 Highlights:

  • Revenues of USD 207.6 million for the first quarter of 2021 were flat with the prior year as strong 12.4 percent growth in plant-based was offset by planned SKU and customer rationalization in fruit-based.
  • Plant-Based revenues have grown 47.0 percent from Q1 2019, while Fruit-Based revenues have declined 1.1 percent, resulting in a 21.8 percent increase in consolidated revenues from Q1 2019
  • Gross margin increased 130 basis points to 14.4 percent from 13.1 percent in the prior year.
  • Earnings from continuing operations of USD 1.7 million compared to a loss from continuing operations of USD 4.0 million in the prior year
  • Adjusted earnings attributable to common shareholders was USD 1.3 million or USD 0.01 per diluted common share in the first quarter of 2021, compared to an adjusted loss of USD 5.4 million or USD 0.06 per diluted common share in the first quarter of 2020.
  • Adjusted Ebitda of USD 18.3 million, or 8.8 percent of revenues for the first quarter of 2021, versus USD 13.7 million or 6.6 percent of revenues in the first quarter of 2020.

«We continued to execute well against our strategic plan in the first quarter, driving strong growth in plant-based revenue and productivity improvements in our fruit-based business leading to a significant increase in Adjusted Ebitda. We set a new quarterly record in plant-based with revenue of USD 119.5 million, reflecting growth of over 12 percent on top of a 30 percent increase a year earlier, illustrating the underlying strength of SunOpta’s competitive position,» said Joe Ennen, Chief Executive Officer. «Gross margin in fruit-based improved 170 basis points, benefitting from a lower cost structure and rationalization of marginally profitable SKUs and customers and Adjusted Ebitda of USD 18.3 million was up 34 percent versus last year. Following the first quarter, we completed the acquisition of two plant-based beverage brands, Dream and WestSoy, that are highly synergistic to current operations. In addition, we continue to be pleased with our new business development efforts. Tailwinds in plant-based, our focus on operational excellence, and our strong financial position enable us to capitalize on a robust pipeline of potential opportunities as we seek to fuel the future of food.»

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