Nomad Foods Limited (NYSE: NOMD) reported Q1 EPS of EUR0.40, versus EUR0.39 reported last year. Revenue for the quarter came in at EUR618 million, versus EUR687.05 million reported last year.

• Reported revenue increased 15% to €618 million
• Organic revenue growth of 0.9%
• Reported Profit for the period of €22 million
• Adjusted EBITDA increased 18% to €122 million
• Adjusted EPS increased 14% to €0.40

Management Comments
Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer, stated, “We achieved strong performance during the first quarter and are on pace to deliver another year of revenue and Adjusted EBITDA growth in line with our long-term growth algorithm. Organic revenue growth of 0.9% was achieved despite a later Easter this year, reflecting our ability to consistently execute against our growth model. Strategic focus on our core categories continues to drive market share gains and favorable mix. Overall, we are pleased with our start to the year and are well positioned to continue the solid momentum throughout 2019 and beyond.”

Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, commented, “First quarter results reinforce the sustainability of the Nomad Foods business model, now in its third consecutive year of organic revenue growth and market share gains. The team continues to execute at a high level while successfully navigating a dynamic packaged food backdrop. We ended the quarter with a sizable cash position due to strong free cash generation and a successful equity offering completed in late March. The combination of solid operating momentum and a well-capitalized balance sheet puts us in a position of strength as we pursue our organic and acquisitive growth ambitions."

GUIDANCE:

Nomad Foods Limited sees FY2019 EPS of EUR1.18-EUR1.22, versus the consensus of EUR1.35.

2019 Guidance
The Company is reiterating 2019 guidance of approximately €420 to €430 million Adjusted EBITDA. Adjusted EPS is now expected to be in the range of €1.18 to €1.22 per share, reflecting a higher share count as a result of the March 2019 equity offering. Full year guidance continues to assume organic revenue growth at a low-single digit percentage range.

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