16 July 2024
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Global Industry

Whole Earth Brands: Reports Q4 and Full Year 2023 Results

Chicago / IL. (web) Whole Earth Brands, a global food company enabling healthier lifestyles through premium plant-based sweeteners, flavor enhancers and other foods, today announced its financial results for its fourth quarter and full year ended December 31, 2023.

Full Year Highlights

  • Consolidated revenue of USD 550.9 million, an increase of 2.3 percent on a reported basis and 2.4 percent on a constant currency basis compared to the prior year period.
  • Branded CPG revenue growth of 0.9 percent on a reported basis and 1.0 percent on a constant currency basis, driven primarily by pricing, partially offset by lower volume.
  • Flavors and Ingredients revenue growth of 7.8 percent compared to 2022 on both a reported and constant currency basis, driven by a combination of strong volume growth and increased pricing.
  • Operating income of USD 15.4 million and Adjusted Ebitda of USD 78.3 million.
  • Cash provided by operating activities was USD 25.3 million for the year ended December 31, 2023, as compared to cash usage of USD 5.8 million in the prior year, resulting in an improvement of USD 31.1 million.

Fourth Quarter Highlights

  • Consolidated revenue of USD 151.2 million, an increase of 8.8 percent on a reported basis and 8.3 percent on a constant currency basis compared to the prior year period.
  • Branded CPG revenue increased 8.5 percent on a reported basis and 7.9 percent on a constant currency basis as compared to 2022 due to price and volume growth.
  • Flavors and Ingredients revenue grew 10.2 percent on a reported basis and 9.6 percent on a constant currency basis compared to the prior year period, to a record USD 32.5 million, driven by strong volume growth.
  • Operating income of USD 2.7 million and Adjusted Ebitda of USD 22.5 million.
«We ended 2023 on a high note, demonstrating continued operational improvement across both segments that drove a significant lift in our free cash flow generation and resulted in reduced balance sheet leverage,» said Irwin D. Simon, Executive Chairman. «On behalf of the Board, I would like to thank our entire team for their focus this year – we overcame challenges and seized on several opportunities to improve the business. Together we have created a strong foundation for future growth and we look forward to completing the pending go-private transaction with Ozark Holdings LLC expected later in the second quarter of 2024.»


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