earnings
confidence high
sentiment negative
materiality 0.80
SunOpta Q2 net loss $18.8M, oat milk revenue up 59%; revises FY2023 outlook lower
SunOpta Inc.
2023-Q2 EPS reported
-$0.16
revenue$431,689,000
- Revenue $207.8M (-6.5% adj. for sunflower); net loss $18.8M vs prior year net income $1.5M, includes $8.8M tax valuation allowance and $2.5M frozen fruit recall cost.
- Adjusted EBITDA $20.2M (9.7% of revenue) vs $22.3M (9.2%) prior year; oat milk sales up 59%, fruit snacks double-digit growth.
- Frozen fruit recall due to potential Listeria from third-party supplier; net expense $2.5M in Q2, restocking customers in July.
- Revised FY2023 revenue outlook to $880-900M (down 4-6%) and Adj. EBITDA to $87-91M; prior outlook was $1.0-1.05B revenue.
- Cash from operations $15.9M vs ($2.5M) prior year; investing activities in continuing ops consumed $8.1M vs $34.1M prior year.