Nomad Foods Limited (NYSE: NOMD) reported Q2 EPS of EUR0.34. Revenue for the quarter came in at EUR599 million, versus EUR0 reported last year.

• Reported revenue increased 11.4% to €599 million
• Organic revenue growth of 12.3%
• Reported Profit for the period of €63 million
• Adjusted EBITDA increased 21% to €119 million
• Adjusted EPS increased 26% to €0.34

Management Comments

Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer, stated, “We experienced continued robust demand throughout the second quarter, even as restrictions were relaxed across Europe beginning in early May. Frozen food has proven to be one of the most durable consumer categories throughout the COVID-19 pandemic, a testament to its role in offering families quick and nutritious meal solutions at home. These are values which we believe will transcend beyond this acute period and appeal to a broader set of consumers in a post-COVID-19 world. As Europe’s leading frozen food company, we believe Nomad Foods is uniquely positioned with the strategy, resources and execution discipline to accelerate growth and drive sustained value creation for our stakeholders.”

Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, commented, “We are pleased with our strong first half 2020 performance and now expect that second half organic revenue growth will remain elevated. This leads us to raise our guidance while also enabling us to accelerate strategic investments to convert the unprecedented adoption of frozen food and trial of our brands into permanent consumption behavior.”

GUIDANCE:

Nomad Foods Limited sees FY2020 EPS of EUR1.27.

The Company is raising 2020 guidance, which now includes approximately €10 million of incremental strategic investments to fuel brand building activity, drive targeted retention of new consumers, and further accelerate the growth of Green Cuisine.

2020 Adjusted EBITDA is now expected to be in excess of €460 million. Adjusted EPS, which does not reflect the potential outcome of the proposed tender offer, is now expected to be in excess of €1.27 EPS. Full year guidance now assumes organic revenue growth at a high-single digit percentage range versus the prior expectation of mid-single digit organic revenue growth.

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