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Sovos Brands, Inc. (SOVO) is an innovative and rapidly growing consumer-packaged food company dedicated to building and acquiring unique brands that deliver authentic, great-tasting foods. Established with the soul of a startup and the expertise of an industry leader, Sovos Brands operates under the financial backing of Advent International. The company's diverse portfolio includes popular North American brands like Rao’s, Michael Angelo’s, and noosa, offering a wide range of products such as pasta sauces, soups, dry pasta, frozen entrées, frozen pizza, and yogurts.
Headquartered in Louisville, Colorado, Sovos Brands focuses on authenticity and quality, ensuring each product provides a one-of-a-kind food experience. Recent achievements include a remarkable 30% volume-led organic net sales growth and a 32% increase in adjusted EBITDA for the third quarter of 2023. The Rao’s franchise alone surpassed $700 million in LTM net sales and made significant household penetration gains.
In an exciting development, Sovos Brands is in the process of merging with Campbell Soup Company. The merger has been approved by 99.99% of voting stockholders and is expected to close by mid-2024, subject to regulatory approvals. This merger aims to enhance Campbell’s Meals & Beverages division, further establishing a robust portfolio in the food industry.
Financially, Sovos Brands reported net sales of $257.9 million for the third quarter of 2023, a 23.5% year-over-year increase. The company's financial strength is highlighted by $202.5 million in cash and cash equivalents and a net debt of $281.3 million as of September 30, 2023. With a mission to bring exceptional food experiences to households across North America, Sovos Brands continues to thrive and expand its reach in the food and beverage sector.
Sovos Brands, Inc. (SOVO) will announce its first quarter results for the period ending April 1, 2023, on May 10, 2023, after market close. This company, recognized as one of the fastest-growing food companies in the U.S., specializes in consumer-packaged food, including pasta sauces, frozen pizzas, and yogurts, marketed under the brands Rao’s, Michael Angelo’s, and noosa. Following the earnings announcement, a live conference call will be held at 4:30 p.m. Eastern Time, with an archived webcast available for later access. The event details can be found on Sovos Brands' Investor Relations webpage.
Sovos Brands reported a strong performance for FY 2022, with net sales reaching $878.4 million, a 22.1% increase year-over-year, and Adjusted EBITDA at $119.8 million, up 4.1%. The fourth quarter saw net sales of $262.1 million, marking a 38.5% increase with organic growth of 28.4%, driven by strong demand for the Rao's brand, which achieved 56.0% net sales growth. Despite a net loss of $28.7 million due to an asset sale loss, adjusted net income rose 51.0% to $19.6 million. For FY 2023, the company anticipates net sales between $900-$925 million and Adjusted EBITDA of $130-$135 million, showing continued momentum.
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