Nomad Foods Limited (NYSE: NOMD) reported Q1 EPS of EUR0.25, versus EUR0.23 reported last year. Revenue for the quarter came in at EUR531 million, versus EUR547.1 million reported last year.

Stéfan Descheemaeker, Nomad Foods' Chief Executive Officer, stated, "2017 is off to a strong start with organic revenue growing +1.1% in Q1, a marked improvement from recent quarters and particularly encouraging given the later timing of Easter this year versus last. Both retailers and consumers are responding well to our targeted "Must Win Battle" activations, which continue to grow as a percentage of our overall portfolio. As expected, Q1 gross margins reflect higher planned promotions to help ease price increases into the UK market. We are pleased with the execution of these actions and expect promotions to moderate in Q2. Based on our year-to-date performance and increased visibility into the year, we are increasing our 2017 guidance."

Noam Gottesman, Nomad Foods' Co-Chairman and Founder, commented, "Following a successful and encouraging Q1, we are now even more optimistic about our prospects for the balance of the year. We look forward to capitalizing on our forward momentum with respect to both continued organic growth, as well as strategic opportunities. Our business is strong, and we believe Stéfan and our entire team are delivering great results and are well-positioned to build long-term value for all of our stakeholders."

The Company raises its 2017 Adjusted EBITDA outlook to a range of approximately €315 to €325 million, versus the prior expectation of approximately €315 million, which now assumes organic revenue growth at a low-single digit percentage rate.

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