Premium Brands Holdings Corporation Reports Record Second Quarter Sales And Adjusted Ebitda And Declares Third Quarter Dividend
Press Release
VANCOUVER, B.C., August 8, 2024. Premium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today its results for the second quarter of 2024.
SECOND QUARTER HIGHLIGHTS
Record second quarter revenue of $1.70 billion representing a 4.4%, or $71.8 million, increase as compared to the second quarter of 2023
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 12.9% and total sales of $661.4 million
Record second quarter adjusted EBITDA1 of $164.6 million representing an 8.0%, or $12.2 million, increase as compared to the second quarter of 2023
7% adjusted EBITDA margin, up from 9.3% in the second quarter of 2023
Specialty Foods’ adjusted EBITDA margin continues to normalize reaching 10.5% for the quarter, a 40-basis point improvement as compared to the second quarter of 2023
Second quarter adjusted EPS1 of $1.28 per share representing a 0.8%, or $0.01 per share, increase as compared to the second quarter of 2023
Declared a dividend of $0.85 per common share for the third quarter of 2024
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 second quarter 2024 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: 19190) 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 11:59 p.m. Toronto time on September 8, 2024 at (289) 819-1325 or (888) 660-6264 (passcode: 19190#). Alternatively, a recording of the conference call will be available at the Company’s website at www.premiumbrandsholdings.com.