Premium Brands Holdings Corporation Reports Record First Quarter Results And Declares Second Quarter Dividend

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Premium Brands Holdings Corporation Reports Record First Quarter Results And Declares Second Quarter Dividend

by ahnationtalk on May 6, 2022125 Views

VANCOUVER, B.C., May 6, 2022. Premium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today its results for the first quarter of 2022.

FIRST QUARTER HIGHLIGHTS

  • Record first quarter revenue of $1.25 billion representing a 23.9%, or $241.4 million, increase as compared to the first quarter of 2021
  • Record first quarter adjusted EBITDA1 of $95.8 million representing a 16.1%, or $13.3 million, increase as compared to the first quarter of 2021
  • Record first quarter adjusted EPS1 of $0.88 per share representing a 22.2%, or $0.16 per share increase as compared to the first quarter of 2021
  • Clearwater Seafoods, which is accounted for using the equity method, continued to generate significantly improved results with its sales and adjusted EBITDA for the quarter increasing by 28.9% and 25.9%, respectively
  • The Company declared a dividend $0.70 per share for the second quarter of 2022
  • Sales and adjusted EBITDA guidance for 2022 was reaffirmed

1 The Company reports its financial results in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. Adjusted EBITDA and adjusted EPS are non-IFRS financial measures. Reconciliations and explanations for all non-IFRS measures are included in the Non-IFRS Financial Measures section of this press release.

CONFERENCE CALL

The Company will hold a conference call to discuss its first quarter 2022 results today at 10:30 a.m. PDT (1:30 p.m. EDT). An investor presentation that will be referenced on the conference call is available here or on the Company’s website at www.premiumbrandsholdings.com.

Access to the call may be obtained by calling the operator at (833) 300-9218 / (647) 689-4551 (Conference ID: 3093083) up to ten minutes prior to the scheduled start time. For those who are unable to participate, a recording of the conference call will be available through to 8:59 p.m. PST on May 20, 2022 at (855) 859-2056 / (404) 537-3406 (passcode: 3093083). Alternatively, a recording of the conference call will be available at the Company’s website at www.premiumbrandsholdings.com.

SUMMARY FINANCIAL INFORMATION

(In millions of dollars except per share amounts and ratios)

13 weeks 13 weeks
ended ended
Mar 26, Mar 27,
2022 2021
Revenue 1,251.2 1,009.8
Adjusted EBITDA1 95.8 82.5
Earnings 22.4 19.8
EPS 0.50 0.45
Adjusted earnings1 39.4 31.3
Adjusted EPS1 0.88 0.72
Trailing Four Quarters Ended
Mar 26, Mar 27,
2022 2021
Free cash flow1 269.8 203.0
Declared dividends 115.2 98.0
Declared dividend per share 2.61 2.37
Payout ratio1 42.7% 48.3%
  • Reconciliations for all non-IFRS measures are included in the Non-IFRS Financial Measures section of this press release.

“Despite the current unusually volatile environment, we continue to generate record top and bottom- line results. This is a testament to both the exceptional people that make-up our company as well as the resiliency and strength of our decentralized, entrepreneurial-focused business model,” said Mr. George Paleologou, President and CEO.

“Record inflationary cost pressures, the Omicron outbreak that resulted in significant labor disruptions at the start of the year, ongoing global supply chain issues and the general uncertainty caused by recent geopolitical events have created the most challenging and unpredictable business environment we have had to face since the founding of Premium Brands in the early 2000s. Despite this, we continue to make significant progress towards our goal of becoming North America’s leading specialty food business, in large part by remaining focused on long term outcomes, leveraging the growing size and diversity of our ecosystem and empowering our talented management teams. Furthermore, we continue to see exceptional capital allocation opportunities, both in terms of acquisitions as well as organic growth initiatives, as the consumer trends we have been investing in continue to strengthen,” said Mr. Paleologou. “Looking forward, I have no doubt that we will emerge from these troubling times a bigger, more profitable and diversified company with larger moats around our individual businesses,” added Mr. Paleologou.

“While we continue to generate record year over year results, the challenges of the current environment are impacting our growth rates and margins. These impacts are, however, transitory; and as we return to a more normal operating environment, particularly with respect to inflation and global supply channels, we expect to see an even stronger acceleration in our performance. Correspondingly, we remain on track to exceed our five-year targets of $6 billion in sales and $600 million in EBITDA by 2023.

SECOND QUARTER 2022 DIVIDEND

The Company also announced that its Board of Directors approved a cash dividend of $0.70 per share for the second quarter of 2022, which will be payable on July 15, 2022 to shareholders of record at the close of business on June 30, 2022.

Unless indicated otherwise in writing at or before the time the dividend is paid, each dividend paid by the Company in 2022 or a subsequent year is an eligible dividend for the purposes of the Enhanced Dividend Tax Credit System.

ABOUT PREMIUM BRANDS

Premium Brands Holdings Corporation owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada and the United States. For further information, please contact George Paleologou, President and CEO or Will Kalutycz, CFO at
(604) 656-3100. www.premiumbrandsholdings.com

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