Canada-based food company Premium Brands Holdings Corporation posted another consecutive quarter of record sales and earnings in Q3 2024 but said headwinds in key markets will likely see it missing its full-year targets.
The company posted record Q3 revenue of CAD 1.67 billion (USD 1.2 billion, EUR 1.11 billion), a 1.3 percent, or CAD 22 million (USD 15.8 million, EUR 14.6 million), increase over Q3 2023. While that total was an increase year over year, it is down slightly on the CAD 1.7 billion (USD 1.22 billion, EUR 1.13 billion) in revenue it posted in Q2 2024.
Premium Brands’ Q3 2024 adjusted EBITDA was also a record for the quarter, reaching CAD 159.4 million (USD 114.9 million, EUR 106.3 million), an increase of 0.4 percent – or CAD 600,000 (USD 432,000, EUR 400,000) – compared to Q3 2023.
Premium Brands CEO George Paleologou said that the Q3 2024 results were, for the most part, as expected except for declines in sales in its sandwich group “due to an unanticipated decline in sales to a key customer.”
“We believe that this decline is transitory and that sales to this customer will recover and will eventually return to their historical growth rates,” Paleologou said. “Excluding sales to this customer, our specialty food group’s organic volume growth for its major U.S. initiatives was 8.1 percent.”
Paleologou said that the consumer backdrop for its products has improved, with ...
