SunOpta (NASDAQ: STKL) reported Q2 EPS of ($0.02), $0.04 better than the analyst estimate of ($0.06). Revenue for the quarter came in at $310.9 million versus the consensus estimate of $293.56 million.

Second Quarter 2020 Highlights:

• Revenues of $310.9 million for the second quarter of 2020, compared to $293.0 million in the second quarter of 2019, an increase of 6.1%. Adjusted for foreign exchange and commodity prices, revenues grew by 5.8%.
• Gross margin increased 350 basis points to 12.8% from 9.3% in the prior year.
• Earnings attributable to common shareholders was a loss of $1.6 million or $0.02 per diluted common share in the second quarter of 2020, compared to a loss of $11.1 million or $0.13 per diluted common share in the second quarter of 2019.
• Adjusted EBITDA¹ of $20.5 million or 6.6% of revenues for the second quarter of 2020, versus $10.1 million or 3.5% of revenues in the second quarter of 2019.

“We delivered another strong quarter, doubling adjusted EBITDA over the prior year for the third consecutive quarter. We believe our turnaround efforts have now taken root, setting us up for more consistent revenue and profitability growth going forward. The quarter represented a powerful combination of strong execution and favorable underlying category trends. Each of our three segments produced revenue growth and expanded gross margin during the second quarter,” said Joe Ennen, Chief Executive Officer of SunOpta. “Our growth continues to be led by our #1 focus area, which is plant-based foods and beverages. Despite the negative impact on volumes in the foodservice channel, as a result of COVID-19, we still produced 10% growth on an adjusted basis. This growth and our ability to offset COVID-19 impacts are a direct reflection of the strength of our plant-based platform. We are extremely bullish on our plant-based opportunity including a robust sales pipeline and incremental capacity expected to come on-line in the fourth quarter of this year.

“Within our Global Ingredients segment, we saw continued strong growth and enhanced margin as we optimize our category investments. We remain confident and encouraged about initiatives across our global organization and remain well-positioned in each of our operating segments to drive growth, improve margins and enhance shareholder value. We continued to generate sequential and year-over-year margin improvement in our Fruit-Based Foods and Beverages segment, reflecting each of our initiatives to date and remain confident that our productivity investments will further this improvement in the second half of 2020,” continued Ennen.

For earnings history and earnings-related data on SunOpta (STKL) click here.