Advantage Solutions Inc. - ADV STOCK NEWS

Advantage Solutions has announced the appointment of Dave Peacock as the new chief executive officer and a member of the board of directors, effective February 1, 2023. Peacock brings over 30 years of experience in the consumer packaged goods and retail industry, having previously served as president and COO of Schnuck Markets and president of Anheuser-Busch. Chris Baldwin also joins the board on the same date, possessing extensive leadership experience in the sector. The changes follow the resignation of Jill Griffin, who has decided to pursue other business endeavors. Executive Chair Tanya Domier expressed confidence in Peacock's vision for Advantage's future.

Advantage Solutions Inc. reported a 13% year-over-year revenue growth for Q3 2022, reaching $1,051.1 million. This growth is attributed to the recovery in in-store sampling and merchandising services. However, operating income fell by 28.6% to $46.8 million, and net income decreased by 4.5% to $23.2 million. Adjusted EBITDA also declined 11.6% to $118.3 million. Due to labor and inflation challenges, the company revised its 2022 Adjusted EBITDA guidance to $430 million to $440 million, a decrease from previous estimates.

Advantage Solutions (Nasdaq: ADV) will release its third quarter 2022 results on November 9, 2022, after market close. This will be followed by a conference call at 5:00 p.m. ET. Investors can access the call by phone or via a webcast on the company's Investor Relations website. A replay will be available shortly after the call and accessible until November 16, 2022. Advantage Solutions offers data-driven sales and marketing solutions to enhance the sales reach of consumer goods companies and retailers globally.

Advantage Solutions reported a 15.4% year-over-year revenue increase for Q2 2022, totaling $981.1 million. This growth is attributed to the recovery in in-store sampling and marketing services. However, operating income fell by 33.4% to $28.3 million, with net income decreasing 36.1% to $3.7 million. Adjusted EBITDA also declined 11.2% to $108.3 million. Despite challenges like wage inflation, the company is confident about the second half of 2022 and reaffirms its full-year Adjusted EBITDA guidance of $490 million to $510 million.

Advantage Solutions (Nasdaq: ADV) announced it will release its Q2 2022 results after the market closes on August 9, 2022. A conference call will follow at 5:00 p.m. ET, accessible via phone or live webcast. Investors can dial 1-877-407-4018 for the call, or access a replay using 1-844-512-2921. The replay will be available until August 16, 2022. Advantage Solutions specializes in outsourced sales and marketing solutions for consumer goods and retailers, utilizing technology-driven services to enhance brand visibility.

Advantage Solutions has launched Advantage Unified Commerce, a new agency combining five specialist firms with 500 employees to enhance commerce strategies for brands. Led by Victor Lee, the agency focuses on integrated solutions across e-commerce and brick-and-mortar markets, utilizing proprietary data and technology to optimize marketing effectiveness. The agency aims to overcome fragmentation in brand marketing and improve decision-making through actionable insights. Clients will benefit from enhanced brand engagement and synchronized sales and supply chain activities, positioning Advantage Unified Commerce as a transformative force in the industry.

Advantage Solutions is expanding its supply chain services to address the challenges faced by consumer packaged goods companies and retailers. With a focus on enhancing product availability and reducing costs, the company has partnered with major retailers and improved its technology capabilities. Over the past three years, Advantage Solutions has generated significant revenue growth for its clients by optimizing inventory management. Their nine fulfillment centers in the U.S. and Canada support various modes of delivery, including new cold supply chain services and same-day direct-to-consumer options.

Advantage Solutions has launched a new business unit called Advantage Intelligence, led by Alex Kelleher, aimed at enhancing data-driven services for consumer goods companies and retailers. This unit consolidates four existing teams focusing on analytics, insights, and market research. Kelleher, previously Global CMO at Deloitte Digital, is tasked with expanding the portfolio and pursuing strategic acquisitions. The initiative is set to improve operational efficiency and business outcomes through smarter data utilization.