Nomad Foods: Reports Q3-2024 Financial Results

Feltham / UK. (nom) Nomad Foods Limited (Goodfella’s Pizza, Iglo, Findus and other brands) reported financial results for the three and nine month periods ended September 30, 2024.

Chief Executive Officer Stéfan Descheemaeker: «I am pleased our team continues to accelerate profitable volume growth, and I am confident that our commercial flywheel is working and building momentum. The European Frozen category remains healthy, and our market share returned to volume and value growth this quarter as innovation, marketing and merchandising investments yield positive results. Growth continues to be driven by our higher margin Must Win Battles and Growth Platforms. Furthermore, revenue growth management and productivity programs combined with favorable price-net-of cost due to promotional timing in the quarter fueled margin expansion. This is evidenced by our record-high gross margin of 32.3 percent this quarter, allowing us to invest back into our business.»

Descheemaeker continued: «The results this quarter are impressive given greater than anticipated headwinds related to ERP implementation that we have faced. Our service levels were negatively impacted during the transition but are returning to near normal levels. The impact, however, has caused us to lower our full year organic sales growth outlook. We have also modestly lowered our full year Adjusted Ebitda growth and Adjusted EPS guidance given the lower sales outlook alongside our choice to continue to invest in the business. Our volume growth and market share recovery are accelerating in the fourth quarter, and we have chosen to prioritize fueling the momentum.»

Co-Chairman and Founder Noam Gottesman: «I am increasingly encouraged by the improved underlying trends at Nomad. The new commercial flywheel and innovation framework that we adopted last year is bearing fruit and validated by our return to market share growth, notwithstanding the curtailed support levels due to ERP implementation in the period. The innovation and marketing plans for the remainder of this year and next are exciting, and I am confident that the improved fundamentals we are currently experiencing will continue.» For additional information please read the Company’s PDF file below (227 KB):

20241125-NOMADFOODS-Q32024.