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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 (NYSE: NOMD) reported a 3.6% increase in revenue to €733 million for Q1 2022, despite an organic revenue decline of 4.5%. Adjusted EPS fell 8.5% to €0.43, while reported profit rose to €56 million. The company maintains its full-year adjusted EPS guidance of €1.71 - €1.75, indicating potential growth of 10-13%. Management emphasized resilience amidst macro challenges, including supply chain disruptions due to the Ukraine conflict and inflation. Share repurchases and investment in the Fortenova acquisition are part of their growth strategy.
Nomad Foods is urging the food industry in Europe to adopt a comprehensive end-to-end Life Cycle Assessment (LCA) to better evaluate the environmental impact of food products. The company emphasizes the importance of understanding food waste and its contribution to carbon emissions in the product life cycle. A recent study conducted on 22 of its popular frozen food products revealed that retail and consumer waste contributes to over 160 million tonnes of food waste and 17.25 million tonnes of CO2 emissions in the EU and UK. The study indicates that many frozen food items have lower carbon footprints compared to non-frozen alternatives.
Nomad Foods, a leader in Europe’s frozen food sector, is urging the food industry and regulators to adopt a comprehensive approach to Life Cycle Assessment (LCA) studies. This approach emphasizes food loss and waste impacts to enhance consumer transparency and drive carbon emission reductions. A recent LCA study involving 22 popular frozen products revealed that most had an equal or lower carbon footprint compared to non-frozen alternatives. The study, conducted in collaboration with PRé Sustainability, aims to encourage better environmental practices in food production.
Nomad Foods (NYSE: NOMD) will report its first-quarter results for the period ending March 31, 2022, before the market opens on May 11, 2022. A conference call is scheduled for 8:30 AM EDT on the same day, allowing participants to discuss the results with executive management. North American listeners can join the call by dialing +1-855-327-6837, while international participants can call +1-631-891-4304. The call will also be webcast, with a replay available for two weeks on the Nomad Foods website.
Nomad Foods Limited (NYSE: NOMD) announced that its Annual Report on Form 20-F, including audited financial statements for the fiscal year ending December 31, 2021, has been filed with the U.S. Securities and Exchange Commission on March 3, 2022. Shareholders can access the report via the company's website or the SEC's platform. The company, recognized as Europe's leading frozen food company, boasts a diverse portfolio, including well-known brands such as Birds Eye and Findus. Hard copies of the Annual Report are available upon request.
Nomad Foods reported a 15% increase in full year Adjusted EPS to €1.55, achieving record annual revenue for the fifth consecutive year. For 2021, total revenue grew 3.6% to €2,607 million, although organic revenue declined by 2.1%. The fourth quarter saw revenue rise 7.0% to €704 million, but organic revenue fell 4.5%. Key challenges include a 10% drop in adjusted gross profit in Q4 and 500 basis points decline in gross margin. Looking ahead, management projects double-digit growth in Adjusted EPS for 2022, estimating a range of €1.71 to €1.75.
Nomad Foods Limited (NYSE: NOMD) will report its fourth quarter and full year results on February 24, 2022, before the NYSE market opens. A conference call will take place at 8:30 AM EST featuring the executive management team to discuss the results. North American listeners can dial +1-877-451-6152 to participate. Additionally, CEO Stefan Descheemaeker and CFO Samy Zekhout will present at the 2022 CAGNY Virtual Conference the same day at 1:50 PM EST, with a video available on the Nomad Foods website.
Nomad Foods (NYSE: NOMD) reported Q3 2021 results, showcasing a 4% revenue increase to €599 million, but recorded a 1.4% organic revenue decline. The profit for the period was €52 million, and Adjusted EBITDA rose 4% to €113 million. Adjusted EPS increased by 17% to €0.35, indicating resilience amid industry challenges. Management reiterated an Adjusted EPS guidance of €1.50 to €1.55 for 2021. The company is focused on sustainable growth, supported by successful acquisitions and a solid balance sheet.
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