SunOpta: Announces Fourth Quarter and Fiscal 2023 Financial Results

Minneapolis / MN. (so) SunOpta Inc., a leading global company focused on plant-based foods and beverages and fruit-based foods and beverages, a U.S.-based global pioneer fueling the future of sustainable, plant-based foods and beverages, today announced financial results for the fourth quarter and fiscal year ended December 30, 2023. All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

Fourth Quarter 2023 highlights

• Revenues of USD 181.6 million increased 13.7 percent compared to USD 159.8 million in the prior year period, driven by volume growth
• Gross profit margin was 14.1 percent on a reported basis. Adjusted gross margin was 17.3 percent, down 50-basis points from the prior year period, mainly due to the 80-basis point increase in depreciation related to new production equipment.
• Operating income of USD 5.1 million increased 47.8 percent compared to USD 3.4 million in the prior year period.
• Loss from continuing operations was USD 1.8 million compared to USD 0.4 million in the prior year period mainly due to an increase in interest expense partially offset by increased gross profit.
• Adjusted earnings from continuing operations of USD 5.7 million increased 120 percent compared to USD 2.6 million in the fourth quarter of 2022 mainly due to improved operating performance, partially offset by increases in interest expense and depreciation.
• Adjusted Ebitda from continuing operations increased by 17.5 percent to USD 22.3 million, or 12.3 percent of revenues, compared to USD 19.0 million and 11.9 percent of revenues in the prior year period.

«Our latest results provide validation of the powerful potential of our platform. We are a growth company in growing categories and are armed with an optimized product portfolio and high-quality base of leverageable assets that provide significant runway for continued growth,» said Brian Kocher, Chief Executive Officer. «Fourth quarter revenues and Adjusted Ebitda exceeded expectations reflecting solid execution against our strategic priorities focused on operational excellence and growth. Volume was up double-digits and accelerated sharply from the third quarter, underscoring the strength of our competitive position and the broad-based demand we are seeing across our portfolio. Plant-based milks and fruit snacks continue to drive growth. We are gaining share with existing customers as well as adding new customers in both categories. In addition, our 330-milliliter protein shake business continues to ramp up aggressively, advancing our total addressable market expansion efforts. We are re-affirming our outlook for 2024 reflecting a high degree of confidence in the direction and trajectory of our business.»

For additional information please read the company’s PDF file below (174 KB).

20240302-SUNOPTA-FY2023.