SunOpta: Q2 Results

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

TORONTO, Canada - SunOpta Inc. (STKL) (SOY.TO), a leading global company focused on natural, organic and specialty foods, announced financial results for the second quarter ended July 5, 2014. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

Second Quarter 2014 Highlights

    Revenues of $338.3 million, an increase of 8.7% on a consolidated basis, and 12.6% within SunOpta Foods after excluding the impact of changes in commodity prices and foreign exchange rates
    Operating income(1) of $16.8 million, or 5.0% of revenues
    EBITDA(1) of $22.7 million, or 6.7% of revenues
    Earnings from continuing operations of $8.7 million, or $0.13 per diluted common share
    Cash provided by operations of $33.2 million

    (comparisons above are to the quarter ended June 29, 2013)

"We continued to see the benefits of our operational realignment and re-positioned go-to-market strategy in the second quarter, leading to record revenues and earnings for the Company," commented Steve Bromley, Chief Executive Officer of SunOpta. "During the quarter we realized strong revenue growth and improved operating income as a percentage of revenues, consistent with our stated objectives of growing our top line while at the same time improving our margin profile.

Year-to-date 2014 Highlights

    Revenues of $671.8 million, an increase of 13.1% on a consolidated basis, and 14.4% within SunOpta Foods after excluding the impact of changes in commodity prices and foreign exchange rates
    Operating income(1) of $28.8 million, or 4.3% of revenues
    EBITDA(1) of $40.6 million, or 6.0% of revenues
    Earnings from continuing operations of $15.3 million, or $0.23 per diluted common share

    (comparisons above are to the two quarters ended June 29, 2013)

Bromley continued, "We continue to believe that interest in healthy eating is a key long term global trend and we are well positioned to capitalize on future growth via our integrated natural and organic foods platform. Our management team remains focused on our three core strategies of becoming a pure-play natural and organic foods company, growing our value-added consumer products and ingredients portfolio, and leveraging our integrated platform in support of our long-term financial targets."

Second Quarter 2014 Results

Revenues increased 8.7% to a record $338.3 million compared to $311.2 million in the second quarter of 2013. Excluding the impact of changes in commodity prices and foreign exchange rates, consolidated revenues increased 10.5% and SunOpta Foods revenues increased 12.6% versus the prior year. All core foods operating segments realized increased revenues versus the prior year. The increase in revenues was led by higher demand for internationally sourced organic raw materials both domestically and abroad, and continued growth in consumer packaged categories including aseptic beverages, frozen foods, and re-sealable pouch products. This growth more than offset lower commodity grain sales and declines within Opta Minerals Inc.

Operating income(1) was $16.8 million, or 5.0% of revenues, compared to $13.3 million, or 4.3% of revenues in the second quarter of 2013. SunOpta Foods operating income, including corporate services, was $15.2 million, or 5.0% of revenues, compared to $12.4 million, or 4.5% of revenues in the prior year. The growth in operating income was driven by increased volume and margins on organic raw materials, increased volume of consumer products including aseptic beverages and healthy snacks, improved performance in sunflower operations, as well as improved margins at Opta Minerals as a result of cost reductions and product mix. These positive factors were partially offset by margin pressure experienced in value-added ingredients as a result of decreased production volumes, lower organic feed and specialty corn margins, and increased corporate costs to drive efficiency in the operating segments.

Earnings from continuing operations for the second quarter of 2014 were $8.7 million, or $0.13 per diluted common share, compared to a loss of $15.3 million, or $0.23 per common share, during the second quarter of 2013. Included in the results for the second quarter of 2013 was a non-cash impairment charge of $21.5 million after tax, or $0.32 per common share, related to a write-down of the Company's investment in Mascoma Corporation. Excluding this charge and the impact of discontinued operations, earnings from continuing operations for the second quarter of 2013 were $0.10 per diluted common share.

EBITDA(1) was $22.7 million in the second quarter of 2014, compared to $18.7 million in the prior year.

Year-to-date 2014 Results

Revenues increased 13.1% to a record $671.8 million, compared to $594.0 million in the first half of 2013. The increase in consolidated revenues was driven by strong demand for internationally sourced organic raw materials, continued growth in consumer packaged categories including aseptic beverages, frozen foods, and re-sealable pouch products, as well as new value-added ingredient business. This growth more than offset lower commodity grain sales and declines within Opta Minerals Inc. Fiscal 2014 will be a 53-week year, and the extra week fell in the first quarter, resulting in a 27-week first half versus 26 weeks in the prior year. Excluding the extra week of sales, as well as the impact of changes in commodity prices and foreign exchange rates, revenues in SunOpta Foods increased 14.4% versus the prior year and consolidated revenues increased 12.1%.

Operating income(1)for the first half of 2014 was $28.8 million, or 4.3% of revenues, compared to $24.0 million, or 4.0% of revenues, in the first half of 2013. Operating earnings were driven by increased volume and margins on organic raw materials, improved performance in the sunflower category, and increased volume of consumer products including aseptic beverages, frozen foods and healthy snacks, offset by margin pressure experienced in Opta Minerals due to cyclical market weakness, lower organic feed margins, and increased corporate costs to drive efficiency in the operating segments.

Earnings for the first half of 2014 were $15.3 million, or $0.23 per diluted common share, compared to a loss of $10.2 million, or $0.15 per common share, during the first half of 2013 due mainly to the $21.5 million non-cash impairment of the Company's investment in Mascoma Corporation recognized in the prior year. Excluding this charge and the impact of discontinued operations, first half earnings for 2013 were $0.17 per diluted common share.

EBITDA(1) was $40.6 million in the first half of 2014, compared to $34.8 million in the prior year.

Balance Sheet

The Company's balance sheet remains strong and at July 5, 2014 reflected a net debt to equity ratio of 0.49 to 1.00. Cash provided by operations was $33.2 million during the second quarter, a record for the Company, and $20.6 million for the first half of 2014, reflecting improved earnings and working capital efficiency. At July 5, 2014, the Company had total debt outstanding of $174.0 million, net debt of $167.3 million, total assets of $703.0 million, shareholders' equity of $344.1 million and a net book value of $5.14 per outstanding share.

 About SunOpta Inc.

SunOpta Inc. is a leading global company focused on natural, organic and specialty foods products. The Company specializes in sourcing, processing and packaging of natural and organic food products, integrated from seed through packaged products; with a focus on strategically vertically integrated business models. The Company's core natural and organic food operations focus on value-added grains, fiber and fruit based product offerings, supported by a global infrastructure. The Company has two non-core holdings, a 66.0% ownership position in Opta Minerals Inc., listed on the Toronto Stock Exchange, a producer, distributor, and recycler of environmentally friendly industrial materials; and a minority ownership position in Mascoma Corporation, an innovative biofuels company.


Contact:
SunOpta Inc.
Steve Bromley, CEO
Robert McKeracher, Vice President & CFO
Susan Wiekenkamp, Information Officer
Tel: 905-455-2528, ext 103
susan.wiekenkamp@sunopta.com
Website:  www.sunopta.com
Aktuell, seriös und kostenlos: Der ECOreporter-Newsletter. Seit 1999.
Nach oben scrollen
ECOreporter Journalistenpreise
Anmelden
x