Nomad Foods (Findus), revenue increased 15% in 1Q
The Company is reiterating 2019 guidance of approximately €420 to €430 million Adjusted EBITDA
A combination of acquisitions and price increases helped European frozen food giant Nomad Foods, the owner of Europe's Iglo, Findus and Birds Eye brands, realize a bigger first quarter in 2019.
The company reported revenue of €618 million ($694m) during the three-month period that ended March 31, an increase of 14.6% over the same period in 2018, and adjusted earnings before interest taxes, depreciation and amortization (EBITDA) of €122 million, an increase of 18%.
“We achieved strong performance during the first quarter and are on pace to deliver another year of revenue and Adjusted EBITDA growth in line with our long-term growth algorithm - said Ceo Stéfan Descheemaeker. Organic revenue growth of 0.9% was achieved despite a later Easter this year, reflecting our ability to consistently execute against our growth model. Strategic focus on our core categories continues to drive market share gains and favorable mix. Overall, we are pleased with our start to the year and are well positioned to continue the solid momentum throughout 2019 and beyond.”
The Company is reiterating 2019 guidance of approximately €420 to €430 million Adjusted EBITDA. Adjusted EPS is now expected to be in the range of €1.18 to €1.22 per share, reflecting a higher share count as a result of the March 2019 equity offering. Full year guidance continues to assume organic revenue growth at a low-single digit percentage range.
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