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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 Limited has announced an offering of €750 million in senior secured notes due 2028, subject to market conditions. The proceeds will refinance existing loans and support the acquisition of Fortenova Group's Frozen Food Business. The notes will be guaranteed by Nomad Foods and its subsidiaries. The company plans to redeem existing notes due in 2024 after successful completion of this offering. Completion of the refinancing is not assured, and further guidelines on the issuance are provided.
Nomad Foods Limited (NYSE: NOMD) plans to refinance its existing €553 million senior secured term loan with a new 7-year facility and increase its revolving cash flow facility to €175 million for 5 years. Additionally, the company is considering up to €750 million in new senior secured financing, potentially to repay €400 million in senior secured notes due 2024, fund the acquisition of Fortenova Group’s Frozen Food Business Group, and cover transaction expenses. Post-transaction, Nomad expects a leverage ratio of approximately 3.7x.
Nomad Foods Limited (NYSE: NOMD) announced that CEO Stefan Descheemaeker and CFO Samy Zekhout will participate in a fireside chat at the 18th Annual dbAccess Global Consumer Virtual Conference on June 9, 2021, at 7:00 a.m. ET. The session will cover insights into the frozen food market and the company's strategies. A webcast of the discussion will be available on Nomad Foods’ official website, allowing investors and analysts to gain valuable information about the company’s outlook in the consumer sector.
Nomad Foods reported Q1 2021 financial results, showing a 3.6% increase in revenue to €707 million and 1.8% organic growth. Adjusted EBITDA rose 15% to €138 million, with a 42% increase in adjusted EPS to €0.47. The company experienced 180 basis points margin expansion, benefiting from improved gross margins. Management reiterated 2021 guidance expecting revenue and adjusted EBITDA growth of 3-5% and adjusted EPS of €1.50 to €1.55. Future acquisitions may enhance market reach, with plans to integrate Findus Switzerland and close the Fortenova deal.
Nomad Foods Limited (NYSE: NOMD) has appointed Golnar Khosrowshahi and Melanie Stack to its Board of Directors, succeeding Jeremy Isaacs and Simon White, who will not stand for re-election on June 30, 2021. Co-Chairman Noam Gottesman expressed confidence that the new appointees will enhance leadership and support the company's long-term growth strategy. Khosrowshahi brings extensive experience from Reservoir Media Management, while Stack has over 30 years in management within consumer products, previously serving as President EMEA of Newell Home Fragrance Division.
Nomad Foods Limited (NYSE: NOMD) will report its first-quarter results for the period ending March 31, 2021, before the market opens on May 6, 2021. A conference call with the executive management team is scheduled for the same day at 8:30 AM EDT. North American listeners can join by calling +1-855-327-6838, while international listeners can call +1-604-235-2082. A replay of the call will be available for two weeks, and the call will also be webcast on Nomad Foods' Investor Relations page.
Nomad Foods is Europe’s leading frozen foods company, known for brands like Birds Eye and Findus.
Nomad Foods Limited (NYSE: NOMD) announced the availability of its Annual Report on Form 20-F, including audited financial statements for the fiscal year ended December 31, 2020. The report is accessible via the investor relations section on their website and also on the SEC's site. Shareholders can request a hard copy of the report free of charge by contacting Nomad Foods directly. Nomad Foods is recognized as Europe’s leading frozen foods company, boasting a portfolio of well-known brands like Birds Eye and Findus.
Nomad Foods announced the acquisition of Fortenova Group’s Frozen Food Business Group for approximately €615 million. This strategic move expands Nomad's presence into Central and Eastern European markets, including Croatia and Serbia, leveraging FFBG's leading brands, Ledo and Frikom, which hold #1 market share. The deal is expected to nearly double Nomad's revenue base to €3 billion, enhancing growth potential with projected annual revenue of €279 million from FFBG. Management anticipates high-single-digit accretion to Adjusted EPS in Year 1 and €15 million in annual run-rate synergies by 2024.
Nomad Foods (NYSE: NOMD) reported Q4 2020 financial results showing a 4.7% revenue increase to €658 million and 9.5% organic growth. Adjusted EBITDA rose 3% to €119 million, while Adjusted EPS grew 19% to €0.38. For the full year, revenue increased 8.2% to €2,516 million with an 8.7% organic growth. Management forecasts a 3-5% revenue growth for 2021 and expects Adjusted EPS to range between €1.50 and €1.55, an 11-15% increase.
Nomad Foods Limited (NYSE: NOMD) announced a strong finish for Q4 2020, with organic revenue growth of approximately 9.5%, exceeding prior guidance, alongside an expected adjusted EBITDA of about €119 million and adjusted EPS of €0.38 per share, a 19% increase year-over-year. For the full year 2020, organic revenue growth is estimated at 8.7% with adjusted EBITDA of €467 million. Initial guidance for 2021 forecasts 1-2% organic growth and adjusted EPS between €1.50 and €1.55, reflecting growth of 11-15%.
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