Nomad Foods Limited (NOMD) Reports Q2 Loss of EUR0.04

August 25, 2016 7:34 AM EDT
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Nomad Foods Limited (NYSE: NOMD) reported Q2 EPS of (EUR0.04), versus (EUR4.41) reported last year. Revenue for the quarter came in at EUR455.9 million, versus EUR102.8 million reported last year.

Stéfan Descheemaeker, Nomad Foods' Chief Executive Officer, stated, "We managed to successfully slow the rate of sales decline for the third successive quarter amidst challenging market conditions and have now halved the rate of decline since the trough in the three months ended September 30, 2015. We have maintained margins and cash generation consistent with our internal outlook. As we continue to implement our strategy and our actions start to reach the market place through the balance of the year, I am encouraged by our progressive quarterly improvement to the top line trend. We are highly confident of delivering our forecast synergies from combining the Findus and Iglo businesses and I am pleased with our progress to date on both integration and footprint consolidation. We remain committed to long-term value creation and I am encouraged with the team spirit being displayed during this turnaround phase."

Noam Gottesman, Nomad Foods' Co-Chairman and Founder, commented, "We believe that Stéfan and the whole Nomad Foods team have identified the correct strategy and are making the right decisions. There are encouraging indicators in "Must Win Battles" and we are pleased with our progress to date. Our immediate priority remains stabilizing our top line and further improving our strong foundation to support long-term value creation."

For earnings history and earnings-related data on Nomad Foods Limited (NOMD) click here.

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