Initiate 2024 Adjusted EPS guidance of
€1.75-€1.80 per share, representing 9-12% growth
Company to report fourth quarter and full year
results on Thursday, February 29,
2024
FELTHAM, England, Feb. 21,
2024 /PRNewswire/ -- Nomad Foods Limited
(NYSE: NOMD) today announced that management will present at
the Consumer Analyst Group of New
York (CAGNY) Conference on February
22, 2024 at 4:00pm EST. In
advance of its presentation, the Company is providing an update on
year-end 2023 results and initial guidance for full year 2024.
Financial Update and Management Comments
Stéfan Descheemaeker, Nomad Foods' Chief Executive Officer,
stated, "We are pleased with our continued momentum in the fourth
quarter as we closed a difficult year and remain well-positioned to
deliver another year of attractive growth in 2024. We expect to end
2023 with revenues in line with our previous guidance of mid-single
digit organic growth, while full year Adjusted EPS, Adjusted Cash
Flow, and Adjusted Cash Flow conversion are expected to be above
our previous guidance of €1.57- €1.60, €250 million, and 90% - 95%,
respectively. Our full year adjusted EBITDA is expected to be
modestly above current consensus estimates."
"Our recent announcement of the initiation of a quarterly
dividend further highlights the quality and resilience of our
business and our confidence in our ability to generate significant
cash flows and sustainable, long-term growth."
He continued, "I am proud of our uninterrupted track record of
top-tier growth and even more excited about our accelerated growth
outlook. As we look ahead to 2024, we expect our full year revenues
to increase by 3%-4%. Our volume and market share trends continue
to improve sequentially and we expect to deliver positive volume
and share growth in 2024. We expect our 2024 adjusted EBITDA to
increase by 4%-6%, while our adjusted EPS is expected to increase
by 9%-12% to €1.75-€1.80 per share. We remain focused on generating
strong cash flows and expect full year adjusted cash conversion in
the 90% - 95% range," concluded Descheemaeker.
CAGNY Presentation Webcast
As previously announced, the Company is scheduled to present
tomorrow at 4:00pm EST at the 2024
Consumer Analyst Group of New York
(CAGNY) Conference. Participants can access the CAGNY presentation
directly on Nomad Foods' website at http://www.nomadfoods.com under
Investor Relations or by using the following link:
https://event.webcasts.com/starthere.jsp?ei=1654529&tp_key=a8d52daacb
Fourth Quarter Earnings Conference Call and
Webcast
The Company expects to release its full results for the fiscal
fourth quarter and full year ended December
31, 2023 on Thursday, February 29,
2024. The Company does not plan to release preliminary
financial information on an ongoing basis.
The Company will host a conference call with members of the
executive management team on Thursday,
February 29, 2024, at 1:30 p.m.
GMT (8:30 a.m. Eastern Standard
Time). Investors interested in participating in the live
call can dial +1-877-451-6152 from North
America. International callers can dial +1-201-389-0879.
Additionally, there will be a presentation to accompany the
conference call and the call is being webcast. Both can be accessed
at the Nomad Foods website at www.nomadfoods.com under Investor
Relations. A replay of the conference call will be available on the
Company website for two weeks following the event and can be
accessed by listeners in North
America by dialing +1-844-512-2921 and by international
listeners by dialing +1-412-317-6671; the replay pin number is
13744170.
About Nomad Foods
Nomad Foods (NYSE: NOMD) is Europe's leading frozen food company. The
Company's portfolio of iconic brands, which includes Birds Eye,
Findus, iglo, Ledo and Frikom, have been a part of consumers' meals
for generations, standing for great tasting food that is
convenient, high quality and nutritious. Nomad Foods is
headquartered in the United
Kingdom. Additional information may be found at
www.nomadfoods.com.
Enquiries
Investor Relations Contact
Amit Sharma, Head of Investor
Relations
amit.sharma@nomadfoods.com
Media Relations Contact
Jim Golden / Ed Hammond / Jack
Kelleher
Collected Strategies
nomad-cs@collectedstrategies.com
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements which are based on the Company's expectations,
intentions and projections regarding its future performance,
anticipated events or trends and other matters that are not
historical facts, including the Company's: (i) expectations
regarding the Company's 2023 financial performance and its full
year 2024 guidance and expectations with respect to revenue growth,
Adjusted EBITDA growth, Adjusted EPS and Adjusted free cash flow
conversion; (ii) the Company's growth prospects and multiple
avenues for continued value creation and (iii) expectations of a
quarterly dividend. These statements are not guarantees of future
performance and are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements, including (i) the Company's ability to
effectively mitigate factors that negatively impact its supply of
raw materials, including the conflict in Ukraine; (ii) the Company's ability to
successfully mitigate inflationary changes in the market; (iii) the
Company's ability to successfully identify suitable acquisition
targets and adequately evaluate the potential performance of such
acquisition targets; (iv) the Company's ability to successfully
implement its strategies (including its M&A strategy) and
strategic initiatives and to recognize the anticipated benefits of
such strategic initiatives; (iv) the Company's ability to
successfully implement its strategies or strategic initiatives and
recognize the anticipated benefits of such strategic initiatives;
(v) the Company's ability to accurately predict the performance of
its Green Cuisine brand and the Findus Switzerland and Fortenova's
frozen food businesses' and their impact on the Company's growth;
(vi) the Company's ability to effectively compete in its markets,
including the ability of Green Cuisine to effectively compete in
continental Europe; (vii) changes
in consumer preferences, such as meat substitutes, and the
Company's failure to anticipate and respond to such changes or to
successfully develop and renovate products; (viii) the effects of
reputational damage from unsafe or poor quality food products; (ix)
increases in operating costs, including labor costs, and the
Company's ability to manage its cost structure; (x) fluctuations in
the availability of food ingredients and packaging materials that
the Company uses in its products; (xi) the Company's ability to
effectively mitigate factors that negatively impact its supply of
raw materials; (xii) the Company's ability to protect its brand
names and trademarks; (xiii) new regulations governing the import
and export of goods between the UK and the European Union as a
result of Brexit, as well as the potential adverse impact of Brexit
on currency exchange rates, global economic conditions and
cross-border agreements that affect the Company's business; (xiv)
the loss of any of the Company's major customers or a decrease in
demand for its products; (xv) economic conditions that may affect
the Company's future performance including exchange rate
fluctuations; (xvi) the Company's ability to successfully interpret
and respond to key industry trends and to realize the expected
benefits of its responsive actions; (xvii) the Company's failure to
comply with, and liabilities related to, environmental, health and
safety laws and regulations; (xviii) changes in applicable laws or
regulations; and (xix) the other risks and uncertainties disclosed
in the Company's public filings and any other public disclosures by
the Company. Given these risks and uncertainties, prospective
investors are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date of such statements and, except as required by
applicable law, the Company does not undertake any obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
Non-IFRS Financial Information
Nomad Foods is presenting preliminary Adjusted and Organic
financial information, which is considered non-IFRS financial
information, for the three and twelve months ended December 31, 2023.
EBITDA is profit or loss for the period before taxation, net
financing costs, depreciation and amortization. Adjusted EBITDA is
EBITDA adjusted to exclude, when they occur, the impacts of exited
markets, acquisition purchase price adjustments, chart of account
("CoA") alignments and exceptional items such as restructuring
charges, goodwill and intangible asset impairment charges and other
unusual or non-recurring items. In addition, we exclude other
adjustments such as the impact of share based payment expenses and
related employer payroll taxes, and non-operating M&A related
costs, because we do not believe they are indicative of our normal
operating costs, can vary significantly in amount and frequency,
and are unrelated to our underlying operating performance. The
Company believes Adjusted EBITDA provides important comparability
of underlying operating results, allowing investors and management
to assess operating performance on a consistent basis.
Adjusted EBITDA should not be considered as an alternative to
profit/(loss) for the period, determined in accordance with IFRS,
as an indicator of the Company's operating performance.
Adjusted EPS is defined as diluted earnings per share excluding,
when they occur, the impacts of exited markets, acquisition
purchase price adjustments, chart of account ("CoA") alignments and
exceptional items such as restructuring charges, goodwill and
intangible asset impairment charges, unissued preferred share
dividends, as well as certain other items considered unusual or
non-recurring in nature. In addition, we exclude other adjustments
such as the impact of share based payment expenses and related
employer payroll taxes, and non-operating M&A related costs,
because we do not believe they are indicative of our normal
operating costs, can vary significantly in amount and frequency,
and are unrelated to our underlying operating performance. The
Company believes Adjusted EPS provides important comparability of
underlying operating results, allowing investors and management to
assess operating performance on a consistent basis.
Organic revenue for the three and twelve months ended
December 31, 2023 presented in this
press release is preliminary and reflects reported revenue adjusted
for currency translation and non-comparable trading items such as
expansion, acquisitions, disposals, closures, chart of account
("CoA") alignments, trading day impacts or any other event that
artificially impact the comparability of our results.
Adjustments for currency translation are calculated by
translating data of the current and comparative periods using a
budget foreign exchange rate that is set once a year as part of the
Company's internal annual forecast process.
Adjusted and Organic non-IFRS financial information should be read
in conjunction with the unaudited financial statements of Nomad
Foods included in this press release as well as the historical
financial statements of the Company previously filed with the
SEC.
Leverage is defined as total loans and borrowings outstanding
less the sum of cash and cash equivalents and short term
investments, divided by adjusted EBITDA for the trailing twelve
month period.
Nomad Foods believe these preliminary non-IFRS financial
measures provide an important additional measure with which to
monitor and evaluate the Company's ongoing financial results, as
well as to reflect its acquisitions. Nomad Foods' calculation of
these financial measures may be different from the calculations
used by other companies and comparability may therefore be limited.
The preliminary Adjusted and Organic financial information
presented herein is based upon certain assumptions that Nomad Foods
believes to be reasonable and is presented for informational
purposes only and is not necessarily indicative of any anticipated
financial position or future results of operations that the Company
will experience. You should not consider the Company's non-IFRS
financial measures an alternative or substitute for the Company's
reported results and are cautioned not to place undue reliance on
these results and information as they may not be representative of
our actual or future results as a Company.
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SOURCE Nomad Foods Limited