SunOpta's Q3 Revenue Grows

Third quarter revenue at SunOpta was up double-digits driven in large part by strong volume growth.

For the quarter ended September 28, revenue increased 15.5% to $176.2 million. The increase was boosted by volume growth of 20.6% which was partially offset by a 2.8% price reduction for pass-through commodity pricing. Loss from continuing operations was $5.5 million compared to a loss of $5.7 million in the prior year period

SunOpta’s exit from the smoothie bowls category in March 2024 resulted in a 2.3% reduction in revenue. Volume/mix reflected volume growth for fruit snacks, broths, plant-based beverages, and protein shakes.

“The third quarter unfolded as expected,” said Brian Kocher, chief executive officer of SunOpta. “Volume again drove our revenue growth reflecting the strength of our competitive position. Our growth remains broad-based across our customers, channels, and product portfolio and we continue to have a substantial pipeline of new business opportunities.”

Kocher said the company continues to make short-term investments in its supply chain to support growth and implement processes and controls. Those productivity initiatives are gaining traction and creating a long runway for significant future incremental capacity within SunOpta’s existing asset base, which will drive sustainable gross margin expansion. 

For the remainder of its fiscal year 2024, SunOpta is forecasting total revenue of between $710 million and $730 million, which would equate to growth of between 13% and 16% over the previous fiscal year.