SunOpta Announces Third Quarter 2022 Financial Result

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 third quarter ended October 01, 2022. All amounts are expressed in U.S. Dollars (USD) and results are reported in accordance with U.S. GAAP, except where specifically noted.

Third Quarter 2022 highlights

  • Revenues increased 15.7 percent to USD 229.7 million reflecting 19.9 percent growth in the plant-based segment and a 10.0 percent increase in the fruit-based segment compared to the third quarter of the prior year.
  • Gross margin increased 190 basis points to 13.7 percent from 11.8 percent in the third quarter of the prior year, despite approximately 140 basis points of margin dilution in pass-through pricing to recover cost inflation.
  • Net loss from continuing operations was USD 12.6 million compared to net loss of USD 3.0 million in the prior year period, which was inclusive of an after-tax loss on the held-for-sale sunflower business of USD 16.9 million and an after-tax gain on the sale of the Oxnard frozen fruit facility of USD 2.7 million.
  • Adjusted earnings¹ attributable to common shareholders was USD 2.0 million or USD 0.02 per diluted common share, compared to earnings of USD 1.1 million or USD 0.01 per diluted common share in the prior year period.
  • Adjusted Ebitda¹ of USD 22.1 million, or 9.6 percent of revenues, was up 41.7 percent versus USD 15.6 million or 7.9 percent in the prior year period.

«Strong execution continues to define our results. Innovation and capacity expansion are propelling steady volume growth, productivity gains are being driven by operational efficiencies, and we are balancing inflationary cost pressures with customer pricing,» said Joe Ennen, Chief Executive Officer. «Similar to last quarter, plant-based growth was broad based with revenues up 20 percent compared to the third quarter of last year led by a 68 percent increase in oat milk, our top selling product type, while fruit-based revenues were up 10 percent, with gross margin at a five-year high of 12.3 percent, reflecting continued strength in snacks and improved frozen fruit execution. Our new greenfield plant in Texas remains on track and the recent sale of our non-core sunflower business is another important step in our portfolio transformation. Given our strength in leading categories, along with the continued expansion of our aseptic capacity and capabilities, and a significantly de-risked operational profile, we believe that we remain well positioned for success and realizing our vision of Fueling the Future of Food.»

For additional information please read the Company’s PDF file below (180 KB):

20221110-SUNOPTA-Q3-2022
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