Nomad Foods Limited (NOMD) Reports Q3 EPS of EUR0.30 on Revenues of EUR576M

Nomad Foods Limited (NYSE: NOMD) reported Q3 EPS of EUR0.30, versus EUR0.25 reported last year. Revenue for the quarter came in at EUR576 million, versus EUR540.3 million reported last year.

Key operating highlights and financial performance for the third quarter of 2020, when compared to the third quarter 2019, include:

• Reported revenue increased 6.7% to €576 million
• Organic revenue growth of 5.4%
• Reported Profit for the period of €56 million
• Adjusted EBITDA increased 13% to €109 million
• Adjusted EPS increased 20% to €0.30

Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer, stated, “Consumer demand remained elevated during the third quarter, and our performance continues to be led by our branded retail business. Frozen food is one of the fastest growing categories in Europe which is a testament to the resilience of the category even as offices, schools and restaurants gradually reopen. As the duration of this pandemic extends into its eight month, consumers are recognizing the benefits of our portfolio, forming new habits and repurchasing with greater frequency. We remain agile and prepared for the possibility of another demand spike as the number of new COVID-19 cases rises across Europe and local governments introduce new restrictions. While navigating the COVID-19 pandemic is a top near-term priority, we are equally focused on ensuring sustained growth beyond 2020. We look forward to outlining these initiatives at our Investor Day to be held virtually next week.”

Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, commented, “Our business continues to perform well throughout the challenges of the COVID-19 pandemic as consumers recognize the value of frozen food and our brands in particular. Our financial results, including strong revenue and Adjusted EPS growth, strengthen our foundation for next year and years to come. Furthermore, year-to-date we have returned nearly $600 million of capital to shareholders – nearly $500 million through a successful tender offer in the third quarter and the balance through programmatic purchases. In doing so, we are optimizing our balance sheet while preserving financial flexibility to pursue our M&A strategy. We enter the fourth quarter with strong momentum, and we remain excited by Nomad’s near and long-term growth prospects.”

GUIDANCE:

Nomad Foods Limited sees FY2020 EPS of EUR1.31.

• The Company is reiterating its 2020 Adjusted EBITDA guidance which is expected to be in excess of €460 million. Adjusted EPS is now expected to be in excess of €1.31 EPS, reflecting a lower share count assumption upon the completion of the tender offer in September 2020. Full year guidance continues to assume organic revenue growth at a high-single digit percentage range.

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

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