Welcome to our dedicated page for Nomad Foods news (Ticker: NOMD), a resource for investors and traders seeking the latest updates and insights on Nomad Foods stock.
Nomad Foods Limited (NYSE: NOMD) is Europe's leading frozen food company, employing approximately 8,000 people across 22 markets and operating 19 factories. Headquartered in the United Kingdom, Nomad Foods is renowned for its portfolio of iconic brands including Birds Eye, Findus, iglo, Aunt Bessie's, and Goodfella's, which have been a staple in households for generations, offering great tasting, convenient, high-quality, and nutritious food.
The company specializes in the manufacturing and distribution of branded frozen foods across Western Europe, including categories such as fish, vegetables, poultry, ice cream, and ready meals. In the UK and Ireland, its products are sold under the Birds Eye brand, while in Italy, France, Spain, and Scandinavia, they are known under the Findus brand, and in Germany and other continental markets, under the Iglo brand.
Nomad Foods operates through a single segment, 'Frozen', with the majority of its revenue generated from the United Kingdom. The company continues to focus on growth through strategic investments, product innovation, and operational excellence.
Recent Achievements and Financial Performance
- On September 18, 2023, Nomad Foods announced the repricing of its USD 700 million Term Loan B, expected to result in approximately €5 million of annual cash interest savings.
- For the nine months ended September 30, 2023, the company raised its Adjusted EPS guidance range to €1.57 to €1.60, reflecting its strong operational performance and strategic investments.
- On February 2, 2024, the company successfully repriced its EUR 130 million Term Loan B, leading to additional annual cash interest savings.
- Nomad Foods reported a solid start to 2024 with sequential improvement in volumes and market share, maintaining its full-year revenue growth guidance of 3%-4% and Adjusted EPS of €1.75-€1.80.
Strategic Initiatives
- Implementation of a quarterly dividend starting in 2024, subject to board approval, underscoring the company’s commitment to shareholder returns.
- Ongoing share repurchase programs, including a new $500 million authorization replacing the previous one expiring at the end of 2023.
- Continued focus on innovation and marketing investments, enhancing brand strength and market presence.
Nomad Foods remains well-positioned for long-term growth, leveraging its strong brand portfolio, robust supply chain, and commitment to operational efficiency. For more information, visit www.nomadfoods.com.
Nomad Foods declared a quarterly cash dividend of $0.15 per share on its ordinary shares. The dividend will be paid on May 28, 2024, to shareholders of record on May 9, 2024. Nomad Foods is Europe's top frozen food company, with well-known brands like Birds Eye and Findus, known for quality and convenience.
Nomad Foods successfully repriced its existing USD denominated Term Loan, resulting in an annual cash savings of approximately USD 3.5 million. The margin on the Term Loan will be reduced by 50 basis points to SOFR + 250 basis points without changing the maturity. This move reflects lenders' confidence in Nomad Foods' operational performance and growth strategy, enhancing financial flexibility.
Nomad Foods (NYSE: NOMD) will report the first quarter financial results on Thursday, May 9, 2024. The conference call with the executive management team will be held at 8:30 AM Eastern Daylight Time. Listeners can participate by dialing +1-877-451-6152 in North America or +1-201-389-0879 internationally. The webcast and presentation will be available on the Nomad Foods website. A replay will also be accessible for two weeks after the event.
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