SunOpta Provides Update on Performance Expectations

Nachrichtenquelle: Business Wire (engl.)
19.03.2020, 13:30  |  164   |   |   

SunOpta Inc. (“SunOpta” or the “Company”) (Nasdaq:STKL) (TSX:SOY), a leading global company focused on plant-based foods and beverages, fruit-based foods and beverages, and organic ingredient sourcing and production, today announced preliminary financial guidance for the first quarter ending March 28, 2020. This estimate is based on January and February actuals combined with a forecast for March. This guidance is being provided to update shareholders on the Company’s performance and to disseminate non-public information to the market, to facilitate the accurate pricing of up to $60 million of preferred shares financing. Given the attractive growth opportunities in SunOpta’s plant-based foods and beverages segment, the proceeds will be primarily used to drive accelerated growth in this business unit.

SunOpta estimates the following ranges of performance for the first quarter, 2020:

  • Revenue in a range of $320 to $340 million, compared with $305.3 million in the first quarter of 2019, or $295.0 million adjusted for disposed operations
  • Net income (loss) attributable to common shareholders in a range of ($2.0) - $ 2.0 million, compared with $23.7 million in the first quarter of 2019. Net income in the first quarter of 2019 included a pre-tax gain on the sale of the specialty and organic soy and corn business of $45.6 million.
  • Adjusted EBITDA in a range of $21 to $25 million, compared with $10.9 million in the first quarter of 2019, or $11.1 million adjusted for disposed operations.
  • We attribute approximately $5 -$10 million of revenue growth and approximately ($.0.5) -$(1.5) million of Adjusted EBITDA to the impact of COVID-19. The positive margin impact of the revenue growth is being more than offset by an approximately $2.5 million unrealized loss on Mexican inventory revaluation as a result of the Peso devaluation.

“I am pleased to report that SunOpta expects to double adjusted EBITDA, excluding disposed operations, in the first quarter of 2020 versus the prior year. The adjusted EBITDA results reflect strong performance in all three of our business units. We continue to deliver very strong revenue growth and margin expansion in our plant-based beverages business unit, supported by sequential improvement in our fruit-based segment. Our Global Ingredients business unit is also seeing strong sequential improvement as we moved past the previously identified non-systemic headwinds from Q4. Overall, this continues the strong trend established in the fourth quarter of 2019, where the plant-based segment revenue grew by 25% and SunOpta doubled adjusted EBITDA,” said Joe Ennen, Chief Executive Officer at SunOpta.

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