Lassonde Industries, a producer of branded and private label juice, sauces, soups and snacks, has shared its financial results from the first quarter of 2022.
In the quarter, the company posted sales of $509.0 million, up 9.1% year-over-year. Lassonde's operating profit for the first quarter of 2022 totalled $22.4 million, down from $31.4 million in the same quarter last year. Excluding $2.4 million in expenses related to the multi-year strategy, operating profit was down $6.6 million. The 2022 first quarter profit attributable to the Lassonde's shareholders totalled $14.8 million, down $5.3 million year-over-year.
"First-quarter results reflect the strength of our national brand products across North America,” said Nathalie Lassonde, CEO and vice-chair of the board of directors of Lassonde Industries. “We increased our sales volume and selling price adjustments allowed us to offset inflationary pressures on the cost of our inputs. However, additional increases in transportation costs incurred to deliver products to clients had a negative impact on our profitability. During the first quarter, we launched our multi-year strategy, and I am fully confident that the initiatives put forward will be beneficial for our clients while creating further value for our shareholders.”
Lassonde says its strategy in 2022 focuses primarily on three key areas: 1) Strategic review to establish the cornerstone of the corporation's growth plan for the coming years; 2) Revitalization of U.S. operations ("Project Eagle") to optimize and increase production capacity as well as increase the operational efficiency; and 3) Implementation of new management systems and upgrading of technology infrastructures.
In April, Lassonde appointed Cade Culver as president of its private label division. Josianne Legare, who serves as senior vice president of sales, was recognized by Store Brands as a 2022 Game Changer.
Lassonde employs more than 2,700 people working in 17 plants across Canada and the United States.