UPDATE: Nomad Foods Limited (NOMD) Reports Q4 EPS on EUR0.32, Revenues of EUR625.3M; Offers FY20 EPS Guidance
Nomad Foods Limited (NYSE: NOMD) reported Q4 EPS of EUR0.32, in-line with the analyst estimate of EUR0.32. Revenue for the quarter came in at EUR628 million versus the consensus estimate of EUR625.3 million.
Key operating highlights and financial performance for the fourth quarter 2019, when compared to the fourth quarter 2018, include:
- Reported revenue increased 2% to €628 million
- Organic revenue growth of 1.7%
- Reported Profit for the period of €46 million
- Adjusted EBITDA increased 15% to €116 million
- Adjusted EPS of €0.32
Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer, stated, “We are pleased to report another year of solid growth. In 2019, we achieved a third consecutive year of organic revenue growth and exceeded our guidance despite certain external challenges, namely raw material inflation and Brexit uncertainty. We enter 2020 well positioned to deliver another year of profitable growth. Our expansion into Green Cuisine presents an attractive incremental growth opportunity within the fast growing meat-free segment. We also expect our supply chain productivity program to begin to drive meaningful cost savings and fuel growth. Finally, our strong balance sheet and cash flow provide us with the resources and flexibility to execute on our M&A strategy."
Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, commented, “Fourth quarter and full year results reflect the strength and durability of our business model. We have an exciting year ahead and remain well positioned to sustain our growth and continue to meet the needs of our consumers and our retail partners. We look forward to achieving another year of organic revenue growth and remain actively focused on acquisitions which, based on our balance sheet, have the potential to translate into significant earnings power."
2020 Guidance
For the full year 2020, Adjusted EBITDA is expected to be approximately €440 to €445 million and EPS approximately €1.19 to €1.21. Full year guidance assumes organic revenue growth at a low-single digit percentage rate.
GUIDANCE:
Nomad Foods Limited sees FY2020 EPS of EUR1.19-EUR1.21, versus the consensus of EUR1.23.
For earnings history and earnings-related data on Nomad Foods Limited (NOMD) click here.