Q2 2024 Nomad Foods Ltd Earnings Call Transcript
Key Points
- Nomad Foods Ltd (NOMD) reported a volume growth of 1.6% this quarter, marking the first period of volume growth since Q3 2021.
- Net sales increased by 1.1%, including a 0.6% benefit from foreign exchange, marking the eighth consecutive quarter of positive organic sales growth.
- Gross margin expanded by 270 basis points, driven by supply chain productivity savings and a favorable product mix.
- Adjusted EBITDA grew by 5% and adjusted EPS increased by 10%, despite reinvestments in advertising and promotions.
- The company is confident in achieving its full-year guidance, expecting strong momentum to continue into 2025.
- The top-line improvement has been slower and more gradual than initially expected at the start of the year.
- The European consumer remains pressured, although headwinds from the cost of living crisis are beginning to ease.
- The company had to make surgical price investments to drive profitable growth, which partially mitigated the positive volume growth.
- Adjusted free cash flow was down year-on-year, mainly due to higher working capital needs and cash interest.
- The company acknowledges that achieving the high end of its 3% to 4% organic sales growth range will be challenging.
Good day, ladies and gentlemen, and welcome to Nomad Foods' second-quarter 2024 earnings conference call. (Operator Instructions)
Please note that this conference is being recorded. I would now like to turn the conference over to Jason English. Please go ahead.
Hello folks, and welcome to Nomad Foods' second-quarter 2024 earnings call. I'm Jason English, Interim Head of Investor Relations, and I'm joined on the call by Stefan Descheemaeker, our CEO; and Ruben Baldew, our CFO.
By now, everyone should have access to the earnings release for the period ending June 31, 2024, that was published at approximately 6:45 AM Eastern Time. The press release and investor presentation are available on Nomad Foods' website at nomadfoods.com. This call is being webcast, and a replay will be available on the company's website.
This conference call will include forward-looking statements that are based on our view of the company's prospects, expectations and intentions at this time. Actual results may differ due to
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
