Plant-based food and beverage manufacturer SunOpta has shared its Q4 2022 financial results in which the company saw profits increase.
In Q4, ended Dec. 31, 2022, SunOpta’s revenues increased 8.4% to $221.3 million reflecting 10.8% growth in the plant-based segment and 4.5% growth in the fruit-based segment. Gross profit increased 56.4% year-over-year, hitting $28.2 million for the fourth quarter. As a percentage of revenues, gross profit margin was 12.8% compared to 8.8% in the fourth quarter of 2022.
SunOpta’s plant-based foods and beverages segment generated revenues of $138.6 million, an increase of 10.8% compared to $125.1 million in the fourth quarter of 2021. The company’s fruit-based foods and beverages segment generated revenues of $82.7 million, an increase of 4.5% compared to $79.2 million in the fourth quarter of 2021.
“Our significant improvement year-over-year in profitability reflects strong execution against our key priorities of driving growth and optimizing performance including maintaining high service levels and supply chain efficiency,” said Joe Ennen, CEO of SunOpta. “Plant-based growth accelerated to over 23% in the quarter, excluding sunflower, fueled by almost every dimension of our business. We saw double-digit growth in our four largest product types, double-digit increases in retail, over 30% growth in food service and double-digit growth in sales to three of our four largest customers. Additionally, all go-to-market approaches delivered double digit growth, including 40% growth in our branded portfolio. This is a testament to our competitive advantages and shows we have numerous ways to win with the business model we have built."