Chicago / IL. (web) Whole Earth Brands, a global food company enabling healthier lifestyles through premium plant-based sweeteners, flavor enhancers and other foods, announced its financial results for its first quarter ended March 31, 2024. First quarter highlights:
- Consolidated revenue of USD 129.5 million, a decrease of 2.2 percent on a reported basis and 2.3 percent on a constant currency basis compared to the prior year period.
- Branded CPG revenue decreased 3.5 percent on a reported basis and 3.5 percent on a constant currency basis as compared to 2023 primarily due to lower volumes.
- Flavors + Ingredients revenue grew 2.1 percent on a reported basis and 1.9 percent on a constant currency basis compared to the prior year period, driven by volume growth and price increases.
- Operating income of USD 3.1 million and Adjusted Ebitda of USD 19.1 million.
«We’re pleased with our first quarter performance, which marked our third consecutive quarter of meaningful gross margin expansion,» said Irwin D. Simon, Executive Chairman. «Our team has remained focused on executing our strategic plan, which is centered around driving efficiencies across our two business segments as a means to delivering improved free cash flow and reducing our balance sheet leverage. We are progressing toward the completion of our pending go-private transaction with Ozark Holdings, LLC, which we expect to close later in the second quarter of 2024, subject to customary closing conditions and stockholder approval.»
For additional information please read the Company’s PDF file below (101 KB):
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