SunOpta Q2 Revenue Grows
Second quarter revenue at SunOpta was up more than 20% as the strong growth led the company to raise its full-year guidance.
For the quarter ended June 29, total revenue was $171 million, up 21.1% over the comparable quarter the previous year. Company officials said a 26.9% increase in volume growth was the main factor in the increase, which was partially offset by a 3.9% price reduction for pass-through commodity pricing. Loss from continuing operations was $3.8 million compared to a loss of $11.7 million in the prior year period.
Volume/mix reflected volume growth for teas, protein shakes, broths, plant-based beverages, and fruit snacks.
“We delivered another quarter of outstanding growth, reflecting strong underlying demand and solid execution on operational initiatives aimed at sustainable supply chain effectiveness and efficiency,” said Brian Kocher, CEO of SunOpta. “Revenue growth continues to be demand-driven and broad-based across customers and channels. Our supply chain supported a significant increase in output and simultaneously highlighted areas where investment is required to deliver sustainable gross margin expansion in the future.”
With the increase in revenue, SunOpta has raised its revenue outlook for 2024. The company is now forecasting total revenue for its fiscal year 2024 of between $710 million and $730 million, which would be an increase of between 13% and 16% year-over-year.
“Given the depth of our pipeline, operational and supply chain initiatives currently underway, and strength of our overall competitive position, we continue to have a high degree of confidence in the longer-term trajectory of our business and our ability to deliver significant value to shareholders,” Kocher said.
