Nomad Foods(US:NOMD) Prnewswire·2024-08-07 10:45Core Viewpoint - Nomad Foods Limited reported a revenue growth of 1.1% for Q2 2024, with an adjusted EPS of €0.44, and reiterated its full-year financial guidance for 2024 [1][2][5]. Financial Performance - Revenue for Q2 2024 increased to €753 million, with organic revenue growth of 0.5% driven by a volume increase of 1.6%, a significant improvement from a decline of 2.2% in Q1 2024 [3][34]. - Adjusted EBITDA rose by 5.3% to €139 million, while adjusted profit for the period increased by 5% to €72 million, resulting in an adjusted EPS increase of €0.04 to €0.44 [3][4]. - Gross profit for Q2 2024 increased by 10.8% to €233 million, with a gross margin improvement of 270 basis points to 30.9% due to a favorable product mix and productivity initiatives [3][4]. Guidance and Outlook - The company maintains its full-year 2024 guidance, expecting organic revenue growth of 3%-4%, adjusted EBITDA growth of 4%-6%, and adjusted EPS of €1.75-€1.80, indicating a growth of 9-12% [2][5]. - Management expressed confidence in achieving profitable volume growth acceleration in the second half of 2024, supported by an improving European consumer backdrop and strong category fundamentals [2][5]. Operational Highlights - Adjusted operating expenses increased by 15.4% to €117 million, attributed to planned increases in advertising and promotional investments and ongoing capability development [3][4]. - The company reported a cash flow conversion rate expected to be between 90% to 95% for the full year [5]. Market Position - Nomad Foods is recognized as Europe's leading frozen food company, with a portfolio of iconic brands including Birds Eye, Findus, iglo, Ledo, and Frikom [7].