Nomad Foods Limited (NOMD) Provides Preliminary Full Year 2020 Expectations and Initiates 2021 Guidance
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Nomad Foods Limited (NYSE: NOMD) today announced that management will present virtually at the Consumer Analyst Group of New York (CAGNY) Conference at 11:50am EST. In advance of its presentation, the Company is providing preliminary commentary for the three and twelve-month periods ended December 31, 2020 which are scheduled to be reported on Thursday February 25, 2021. The Company is also providing initial guidance for the full year 2021.
Preliminary Fourth Quarter 2020 Expectations
- Organic revenue growth of approximately 9.5%, ahead of prior guidance of high-single digit growth
- Adjusted EBITDA of approximately €119 million
- Adjusted EPS of approximately €0.38 per share, an increase of 19% versus the prior year period
Preliminary Full Year 2020 Expectations
- Organic revenue growth of approximately 8.7%
- Adjusted EBITDA of approximately €467 million, ahead of prior guidance of approximately €465 million
- Adjusted EPS of approximately €1.35 per share, an increase of 10% versus the prior year period and ahead of prior guidance of approximately €1.34 per share
Initial 2021 Guidance
- Organic revenue growth of approximately 1-2%
- Revenue and Adjusted EBITDA growth of approximately 3-5%
- Adjusted EPS of approximately €1.50-1.55 per share, growth of 11-15% versus the prior year period
- Adjusted Free Cash Conversion of approximately 100%, equivalent to approximately 7% of the Company’s current market capitalization
- 2021 guidance does not yet reflect potential accretion that may result from the Company’s exclusive negotiations to acquire Fortenova Group’s frozen food portfolio
Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer, stated, “We expect to conclude 2020 with a strong finish with all key fourth quarter financial metrics expected to exceed our prior guidance. These preliminary results include our previously articulated decision to deploy an incremental €10 million of strategic investment that will help fuel growth in both the near and long-term. We enter the new year with strong momentum and expect 2021 to mark our 5th consecutive year of organic growth, a feat that only a distinguished group of food companies has achieved. Notwithstanding our history, the growth prospects of our company remain exciting with multiple avenues for continued value creation.”
As previously announced, the Company is scheduled to present today at 11:50 a.m. ET at the 2021 Consumer Analyst Group of New York (CAGNY) Conference. A video presentation will be made available on Nomad Foods’ website at http://www.nomadfoods.com.
The Company expects to release its full results for fiscal fourth quarter and full year ended December 31, 2020 on Thursday, February 25, 2021. The Company does not plan to release preliminary financial information on an ongoing basis. The information above is preliminary and based upon information available as of the date of this release. The Company’s actual financial results for the three and twelve-month periods ended December 31, 2020 could differ materially from the preliminary estimates provided in this press release as a result of the completion of closing procedures, final adjustments, or other developments arising between now and the time that the Company’s financial results are finalized.
Fourth Quarter Earnings Conference Call and Webcast
The Company will host a conference call with members of the executive management team on Thursday, February 25, 2021, at 1:30 p.m. GMT (8:30 a.m. Eastern Standard Time). Investors interested in participating in the live call can dial +1-877-451-6152 from North America. International callers can dial +1-201-389-0879.
In addition, the call will be broadcast live over the Internet hosted at the “Investor Relations” section of the Company’s website at http://www.nomadfoods.com. The webcast will be archived for 30 days. A replay of the conference call will be available on the Company website for two weeks following the event and can be accessed by listeners in North America by dialing +1-844-512-2921 and by international listeners by dialing +1-412-317-6671; the replay pin number is 13716748.
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