Whole Earth Brands Q1 revenue -2.2% to $129.5M, net loss narrows; $4.875/share acquisition on track

Whole Earth Brands, Inc.

2024-Q1 EPS reported -$0.22 revenue$129,500,000

Revenue $129.5M (-2.2% reported); Branded CPG -3.5%, Flavors & Ingredients +2.1%.
Net loss $9.4M vs. -$19.8M YoY; Adjusted EBITDA $19.1M, up 15.2% YoY.
Gross margin 28.8% (up from 24.4%); adjusted gross margin 32.5% (from 29.9%).
Acquisition by Ozark Holdings at $4.875/share (56% premium) expected to close later in Q2 2024.
Corporate expenses $10.4M due to merger costs; cash $23.8M, long-term debt $422.4M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Whole Earth Brands, Inc. reported first quarter ended March 31, 2024 results: revenue $129.5 million, net income $9.4 million.

Period: first quarter ended March 31, 2024
Revenue: $129.5 million
Net income: $9.4 million
Result: reported results

Exact text from the filing

FIRST QUARTER 2024 RESULTS · Consolidated product revenues were $129.5 million, a decrease of 2.2% on a reported basis and 2.3% on a constant currency basis, as compared to the prior year first quarter. · Reported gross profit was $37.3 million, compared to $32.3 million in the prior year first quarter. The increase was largely driven by lower raw material and freight costs, a decline in costs associated with the supply chain reinvention project, and favorable product mix. Adjusted gross profit was $42.1 million, compared to $39.5 million in the prior year first quarter. · Reported gross profit margin increased to 28.8% in the first quarter of 2024, compared to 24.4% in the prior year period. Adjusted gross profit margin increased to 32.5%, compared to 29.9% in the prior year first quarter. · Consolidated operating income was $3.1 million compared to $3.0 million in the prior year first quarter. The increase was driven by the improvement in gross margin, which was partially offset by c

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Source: SEC EDGAR

accession 0001104659-24-059129

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