Revenue from continuing operations increased 18% to $182.8 million, driven by volume growth
Earnings from continuing operations of $3.8 million compared to a loss of $2.8 million in the prior year
Adjusted EBITDA from continuing operations of $22.6 million, an increase of 21%
Raising 2024 outlook
SunOpta Inc. (“SunOpta” or the “Company”) (Nasdaq:STKL) (TSX:SOY), an innovative and sustainable manufacturer fueling the future of food, today announced financial results for the first quarter ended March 30, 2024.
All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.
First Quarter 2024 highlights:
- Revenues of $182.8 million increased 18.0% compared to $155.0 million in the year earlier period, driven by 23.5% volume growth partially offset by a 5% price reduction for pass-through commodity pricing
- Gross profit of $31.7 million increased 31.8% compared to $24.1 million in the prior year period
- Operating income of $10.2 million compared to $0.5 million in the prior year period
- Earnings from continuing operations were $3.8 million compared to a loss of $2.8 million in the prior year period
- Adjusted EBITDA from continuing operations1 increased 20.8% to $22.6 million, or 12.3% of revenues, compared to $18.7 million and 12.0% of revenues in the prior year period.
“SunOpta’s first quarter performance was defined by excellent revenue growth across our portfolio of products, customers, and channels, which continue to see healthy, broad-based demand,” said Brian Kocher, Chief Executive Officer of SunOpta. “We are encouraged by the progress of our capacity investments and our operational improvement initiatives, which are supporting significant volume growth, driving our revenue trajectory and enabling us to improve gross margin. Based on the strength of first quarter results, the relentless pursuit of operational excellence, our robust pipeline of opportunities and confidence in our business momentum, we are increasing our 2024 outlook.”
First Quarter 2024 Results
Revenues increased 18.0% to $182.8 million for the first quarter of 2024. The increase was driven by a favorable volume/mix impact of 23.5%, partially offset by a price reduction of 5.0% due to pass through of commodity prices, together with a 0.6% revenue reduction related to our exit from the smoothie bowls category in March 2024. Volume/mix reflected volume growth for oat milks and creamers, protein shakes, broths, teas, and fruit snacks, partially offset by softer demand for other varieties of plant-based milks.
Gross profit increased by $7.6 million to $31.7 million for the first quarter, compared to $24.1 million in the prior year period. As a percentage of revenue, gross profit margin was 17.4% compared to 15.5% in the first quarter of 2023. Adjusted gross margin1 was 17.5% compared to 19.3% in the first quarter of 2023. The 180-basis point decrease in adjusted gross margin reflected the impact of incremental depreciation of new production equipment for capital expansion projects, together with higher inventory reserves, partially offset by plant production volumes that drove favorable plant utilization.
Operating income was $10.2 million, or 5.6% of revenue in the first quarter of 2024, compared to operating income of $0.5 million, or 0.3% of revenue in the first quarter of 2023. The increase in operating income was primarily driven by higher gross profit.
Earnings from continuing operations were $3.8 million for the first quarter of 2024 compared with a loss of $2.8 million in the prior year period. Diluted earnings per share from continuing operations attributable to common shareholders (after dividends and accretion on preferred stock) was $0.03 for the first quarter compared with a diluted loss per share of $0.03 in the prior year period.
Loss from discontinued operations was $1.4 million or $0.01 per diluted share in the first quarter of 2024 versus earnings of $4.2 million or $0.04 per diluted share in the year earlier period.
Adjusted earnings from continuing operations1 were $1.9 million or $0.02 per diluted share in the first quarter of 2024 compared to adjusted earnings from continuing operations of $1.8 million or $0.02 per diluted share in the first quarter of 2023.
Adjusted EBITDA from continuing operations1 was $22.6 million or 12.3% of revenue in the first quarter of 2024 compared to $18.7 million and 12.0% of revenue in the first quarter of 2023.
Please refer to the discussion and table below under “Non-GAAP Measures”.
Balance Sheet and Cash Flow
As of March 30, 2024, SunOpta had total assets of $671.8 million and total debt of $258.8 million compared to total assets of $669.4 million and total debt of $263.2 million at year end fiscal 2023. During the first quarter of 2024, cash provided by operating activities of continuing operations was $7.4 million compared to $6.7 million during the first quarter of 2023. The increase in cash provided mainly reflected the increase in operating income, partially offset with increases in working capital mainly due to an increase in inventory supporting increased demand. Investing activities of continuing operations consumed $4.2 million of cash during the first quarter of 2024 down from $25.4 million in the prior year, reflecting the completion of certain major capital projects, including the construction of our new plant-based beverage facility in Midlothian, Texas and $3.3 million in proceeds from the sale of smoothie bowls.
2024 Outlook2
For fiscal 2024, the Company is raising its outlook and continues to expect strong growth in revenue and Adjusted EBITDA from continuing operations:
($ millions) |
Prior Outlook |
|
Revised Outlook |
Revenue |
$670 – $700 |
|
$685 - $715 |
Adj. EBITDA from continuing operations |
$87 - $92 |
|
$88 - $92 |
Revenue growth |
6% - 11% |
|
9% - 13% |
Adj. EBITDA from continuing operations growth |
11% - 17% |
|
12% - 17% |
Conference Call
SunOpta plans to host a conference call at 5:30 P.M. Eastern time on Wednesday, May 8, 2024, to discuss the first quarter financial results. After prepared remarks, there will be a question and answer period. Investors interested in listening to the live webcast can access a link on SunOpta’s website at www.sunopta.com under the “Investor Relations” section or directly here. A replay of the webcast will be archived and can be accessed for approximately 90 days on the Company’s website.
This call may be accessed with the toll free dial-in number (888) 440-4182 or international dial-in number (646) 960-0653 using Conference ID: 8338433.
1 See discussion of non-GAAP measures
2 The Company has included certain forward-looking statements about the future financial performance, including adjusted EBITDA from continuing operations, which is a non-GAAP financial measure. Adjusted EBITDA from continuing operations is derived by excluding certain amounts, expenses or income, from earnings from continuing operations determined in accordance with U.S. GAAP. The determination of these excluded amounts is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period. We are unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measure of adjusted EBITDA from continuing operations to the most directly comparable forward-looking GAAP financial measure because management cannot reliably predict all of the necessary components of earnings from continuing operations. Historically, management has excluded the following items in the determination of certain non-GAAP measures, including adjusted EBITDA from continuing operations, and such items may also be excluded in future periods and could be significant amounts.
- Expenses related to the acquisition or divestiture of a business, including business development costs, impairment of assets, integration costs, severance, retention costs and transaction costs;
- Start-up costs of new facilities and equipment;
- Charges associated with restructuring and cost saving initiatives, including but not limited to asset impairments, accelerated depreciation, severance costs and lease abandonment charges;
- Asset impairment charges and facility closure costs;
- Legal settlements or awards; and
- The tax effect of the above items.
About SunOpta Inc.
SunOpta (Nasdaq:STKL) (TSX:SOY) is an innovative and sustainable manufacturer fueling the future of food. With roots tracing back over 50 years, SunOpta drives growth for today’s leading brands by serving as a trusted innovation partner and value-added manufacturer, crafting organic, plant-based beverages, fruit snacks, nutritional beverages, broths and tea products sold through retail, club, foodservice and e-commerce channels. Alongside the company’s commitment to top brands, retailers and coffee shops, SunOpta also proudly produces its own brands, including Sown®, Dream®, and West LifeTM. For more information, visit www.sunopta.com and LinkedIn.
Forward-Looking Statements
Certain statements included in this press release may be considered "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, which are based on information available to us on the date of this release. These forward-looking statements include, but are not limited to, our expectation for strong growth in revenue, Adjusted EBITDA from continuing operations, and our revised revenue growth and Adjusted EBITDA from continuing operations growth for fiscal 2024. Generally, forward-looking statements do not relate strictly to historical or current facts and are typically accompanied by words such as “expect”, “potential”, “believe”, “anticipate”, “estimates”, “can”, “will”, “target”, "should", "would", "plans", “continue”, "becoming", "intend", "confident", "may", "project", "intention", "might", "predict", “budget”, “forecast” or other similar terms and phrases intended to identify these forward-looking statements. Forward-looking statements are based on information available to the Company on the date of this release and are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments including, but not limited to, the Company’s actual financial results; our exit from, and use of proceeds from the divestiture of the assets and liabilities of, Frozen Fruit, uninterrupted operations and service levels to our customers; current customer demand for the Company’s products; general economic conditions; continued consumer interest in health and wellness; the Company’s ability to maintain product pricing levels; planned facility and operational expansions, closures and divestitures; cost rationalization and product development initiatives; alternative potential uses for the Company’s capital resources; portfolio optimization and productivity efforts; the sustainability of the Company’s sales pipeline; the Company’s expectations regarding commodity pricing, margins and hedging results; procurement and logistics savings; freight lane cost reductions; yield and throughput enhancements; labor cost reductions; and the terms of our insurance policies. Whether actual timing and results will agree with expectations and predictions of the Company is subject to many risks and uncertainties including, but not limited to, potential loss of suppliers and customers as well as the possibility of supply chain, logistics and other disruptions; unexpected issues or delays with the Company’s structural improvements and automation investments; failure or inability to implement portfolio changes, process improvements, go-to-market improvements and process sustainability strategies in a timely manner; changes in the level of capital investment; local and global political and economic conditions; consumer spending patterns and changes in market trends; decreases in customer demand; delayed or unsuccessful product development efforts; potential product recalls; potential additional costs associated with the frozen fruit recall; working capital management; availability and pricing of raw materials and supplies; potential covenant breaches under the Company’s credit facilities; and other risks described from time to time under "Risk Factors" in the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q (available at www.sec.gov). Consequently, all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized. The Company undertakes no obligation to publicly correct or update the forward-looking statements in this document, in other documents, or on its website to reflect future events or circumstances, except as may be required under applicable securities laws.
SunOpta Inc. |
|||||
Consolidated Statements of Operations |
|||||
For the quarters ended March 30, 2024 and April 1, 2023 |
|||||
(Unaudited) |
|||||
(All dollar amounts expressed in thousands of U.S. dollars, except per share amounts) |
|||||
|
|
|
|
||
|
|
Quarter ended |
|||
|
|
March 30, 2024 |
April 1, 2023 |
||
|
|
$ |
$ |
||
|
|
|
|
||
Revenues |
182,848 |
|
154,969 |
|
|
|
|
|
|
||
Cost of goods sold |
151,101 |
|
130,890 |
|
|
|
|
|
|
||
Gross profit |
31,747 |
|
24,079 |
|
|
|
|
|
|
||
Selling, general and administrative expenses |
22,988 |
|
23,069 |
|
|
Intangible asset amortization |
446 |
|
446 |
|
|
Other expense (income), net |
(1,800 |
) |
42 |
|
|
Foreign exchange gain |
(51 |
) |
(11 |
) |
|
|
|
|
|
||
Operating income |
10,164 |
|
533 |
|
|
|
|
|
|
||
Interest expense, net |
6,050 |
|
5,664 |
|
|
|
|
|
|
||
Earnings (loss) from continuing operations before income taxes |
4,114 |
|
(5,131 |
) |
|
|
|
|
|
||
Income tax expense (benefit) |
277 |
|
(2,304 |
) |
|
|
|
|
|
||
Earnings (loss) from continuing operations |
3,837 |
|
(2,827 |
) |
|
Earnings (loss) from discontinued operations |
(1,417 |
) |
4,204 |
|
|
Net earnings |
2,420 |
|
1,377 |
|
|
|
|
|
|
||
Dividends and accretion on preferred stock |
(433 |
) |
(704 |
) |
|
|
|
|
|
||
Earnings attributable to common shareholders |
1,987 |
|
673 |
|
|
|
|
|
|
||
Basic and diluted earnings (loss) per share |
|
|
|||
|
Earnings (loss) from continuing operations |
0.03 |
|
(0.03 |
) |
|
Earnings (loss) from discontinued operations |
(0.01 |
) |
0.04 |
|
|
Earnings attributable to common shareholders |
0.02 |
|
0.01 |
|
|
|
|
|
||
Weighted-average common shares outstanding (000s) |
|
|
|||
|
Basic |
116,033 |
|
110,014 |
|
|
Diluted |
117,558 |
|
110,014 |
|
|
|
|
|
||
SunOpta Inc. |
|||||
Consolidated Balance Sheets |
|||||
As at March 30, 2024 and December 30, 2023 |
|||||
(Unaudited) |
|||||
(All dollar amounts expressed in thousands of U.S. dollars) |
|||||
|
|
|
|
||
|
|
March 30, 2024 |
December 30, 2023 |
||
|
|
$ |
$ |
||
|
|
|
|
||
ASSETS |
|
|
|||
Current assets |
|
|
|||
|
Cash and cash equivalents |
1,487 |
|
306 |
|
|
Accounts receivable |
67,823 |
|
64,862 |
|
|
Inventories |
92,000 |
|
83,215 |
|
|
Prepaid expenses and other current assets |
20,435 |
|
25,235 |
|
|
Income taxes recoverable |
4,070 |
|
4,717 |
|
|
Current assets held for sale |
2,542 |
|
5,910 |
|
Total current assets |
188,357 |
|
184,245 |
|
|
|
|
|
|
||
Restricted cash |
9,066 |
|
8,448 |
|
|
Property, plant and equipment, net |
317,084 |
|
319,898 |
|
|
Operating lease right-of-use assets |
106,667 |
|
105,919 |
|
|
Intangible assets, net |
21,415 |
|
21,861 |
|
|
Goodwill |
3,998 |
|
3,998 |
|
|
Other assets |
25,174 |
|
25,055 |
|
|
|
|
|
|
||
Total assets |
671,761 |
|
669,424 |
|
|
|
|
|
|
||
LIABILITIES |
|
|
|||
Current liabilities |
|
|
|||
|
Accounts payable and accrued liabilities |
95,900 |
|
96,650 |
|
|
Notes payable |
16,648 |
|
17,596 |
|
|
Current portion of long-term debt |
24,882 |
|
24,346 |
|
|
Current portion of operating lease liabilities |
16,403 |
|
15,808 |
|
Total current liabilities |
153,833 |
|
154,400 |
|
|
|
|
|
|
||
Long-term debt |
233,874 |
|
238,883 |
|
|
Operating lease liabilities |
100,500 |
|
100,102 |
|
|
Deferred income taxes |
378 |
|
505 |
|
|
Total liabilities |
488,585 |
|
493,890 |
|
|
|
|
|
|
||
Series B-1 preferred stock |
14,637 |
|
14,509 |
|
|
|
|
|
|
||
SHAREHOLDERS' EQUITY |
|
|
|||
Common shares |
464,817 |
|
464,169 |
|
|
Additional paid-in capital |
32,413 |
|
27,534 |
|
|
Accumulated deficit |
(330,700 |
) |
(332,687 |
) |
|
Accumulated other comprehensive income |
2,009 |
|
2,009 |
|
|
Total shareholders' equity |
168,539 |
|
161,025 |
|
|
|
|
|
|
||
Total liabilities and shareholders' equity |
671,761 |
|
669,424 |
|
|
|
|
|
|
||
SunOpta Inc. |
|||||
Consolidated Statements of Cash Flows |
|||||
For the quarters ended March 30, 2024 and April 1, 2023 |
|||||
(Unaudited) |
|||||
(Expressed in thousands of U.S. dollars) |
|||||
|
|
|
|
||
|
|
Quarter ended |
|||
|
|
March 30, 2024 |
April 1, 2023 |
||
|
|
$ |
$ |
||
|
|
|
|
||
CASH PROVIDED BY (USED IN) |
|
|
|||
Operating activities |
|
|
|||
Net earnings |
2,420 |
|
1,377 |
|
|
Earnings (loss) from discontinued operations |
(1,417 |
) |
4,204 |
|
|
Earnings (loss) from continuing operations |
3,837 |
|
(2,827 |
) |
|
Items not affecting cash: |
|
|
|||
|
Depreciation and amortization |
8,576 |
|
7,050 |
|
|
Amortization of debt issuance costs |
229 |
|
407 |
|
|
Deferred income taxes |
- |
|
(4,850 |
) |
|
Stock-based compensation |
5,299 |
|
3,892 |
|
|
Gain on sale of smoothie bowls product line |
(1,800 |
) |
- |
|
|
Other |
(97 |
) |
603 |
|
|
Changes in operating assets and liabilities, net of divestitures |
(8,642 |
) |
2,389 |
|
Net cash provided by operating activities of continuing operations |
7,402 |
|
6,664 |
|
|
Net cash used in operating activities of discontinued operations |
(2,133 |
) |
(2,797 |
) |
|
Net cash provided by operating activities |
5,269 |
|
3,867 |
|
|
Investing activities |
|
|
|||
Additions to property, plant and equipment |
(7,548 |
) |
(25,395 |
) |
|
Proceeds received from sale of smoothie bowls product line |
3,336 |
|
- |
|
|
Net cash used in investing activities of continuing operations |
(4,212 |
) |
(25,395 |
) |
|
Net cash provided by (used in) investing activities of discontinued operations |
6,300 |
|
(62 |
) |
|
Net cash provided by (used in) investing activities |
2,088 |
|
(25,457 |
) |
|
Financing activities |
|
|
|||
Increase in borrowings under revolving credit facilities |
250 |
|
5,573 |
|
|
Repayment of long-term debt |
(4,782 |
) |
(9,899 |
) |
|
Borrowings of long-term debt |
- |
|
18,693 |
|
|
Proceeds from notes payable |
33,424 |
|
10,662 |
|
|
Repayment of notes payable |
(34,373 |
) |
(5,433 |
) |
|
Proceeds from the exercise of stock options and employee share purchases |
314 |
|
289 |
|
|
Payment of withholding taxes on stock-based awards |
(86 |
) |
(249 |
) |
|
Payment of cash dividends on preferred stock |
(305 |
) |
(818 |
) |
|
Payment of share issuance costs |
- |
|
(87 |
) |
|
Net cash provided by (used in) financing activities of continuing operations |
(5,558 |
) |
18,731 |
|
|
Net cash provided by financing activities of discontinued operations |
- |
|
3,090 |
|
|
Net cash provided by (used in) financing activities |
(5,558 |
) |
21,821 |
|
|
Increase in cash, cash equivalents and restricted cash in the period |
1,799 |
|
231 |
|
|
Cash, cash equivalents and restricted cash, beginning of the period |
8,754 |
|
679 |
|
|
Cash, cash equivalents and restricted cash, end of the period |
10,553 |
|
910 |
|
|
Non-GAAP Financial Measures
Adjusted Gross Margin
The Company uses a measure of adjusted gross margin to evaluate the underlying profitability of its revenue-generating activities within each reporting period. This non-GAAP measure excludes non-capitalizable start-up costs included in cost of goods sold that are incurred in connection with capital expansion projects. Additionally, the Company’s measure of adjusted gross margin may exclude other unusual items that are identified and evaluated on an individual basis, which due to their nature or size, the Company would not expect to occur as part of its normal business on a regular basis. The Company believes that disclosing this non-GAAP measure provides investors with a meaningful, consistent comparison of its profitability measure for the periods presented. However, the non-GAAP measure of adjusted gross margin should not be considered in isolation or as a substitute for gross margin calculated based on gross profit determined in accordance with U.S. GAAP.
The following table presents a reconciliation of adjusted gross margin from reported gross margin calculated in accordance with U.S. GAAP.
For the quarter ended |
March 30, 2024 |
|
April 1, 2023 |
Reported gross margin |
17.4% |
|
15.5% |
Start-up costs(a) |
0.2% |
|
3.7% |
Adjusted gross margin |
17.5% |
|
19.3% |
|
|
|
|
Note: percentages may not add due to rounding. |
|||
| (a) | Represents incremental direct costs incurred in connection with plant expansion projects and new product introductions before the project or product reaches normal production levels, including costs for the hiring and training of additional personnel, fees for outside services, travel costs, and plant- and production-related expenses. For the first quarter of 2024, start-up costs related to the ramp-up of production on a third line at our plant-based beverage facility in Midlothian, Texas, together with an expansion of our ingredient extraction operations at our Modesto, California, facility. For the first quarter of 2023, start-up costs included in cost of goods sold mainly related to the ramp-up of production on the first two lines at our Midlothian, Texas, facility. |
Adjusted Earnings from Continuing Operations and Adjusted EBITDA from Continuing Operations
In addition to reporting financial results in accordance with U.S. GAAP, the Company provides additional information about its operating results regarding adjusted earnings from continuing operations and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) from continuing operations, which are not measures in accordance with U.S. GAAP. The Company believes that adjusted earnings from continuing operations and Adjusted EBITDA from continuing operations assist investors in comparing performance across reporting periods on a consistent basis by excluding items that management believes are not indicative of its operating performance. These non-GAAP measures are presented solely to allow investors to more fully assess the Company’s results of operations and should not be considered in isolation of, or as substitutes for, an analysis of the Company’s results as reported under U.S. GAAP.
The following are tabular presentations of adjusted earnings from continuing operations and Adjusted EBITDA from continuing operations, including a reconciliation from earnings (loss) from continuing operations, which the Company believes to be the most directly comparable U.S. GAAP financial measure.
|
|
|
March 30, 2024 |
|
April 1, 2023 |
|||||
|
|
|
|
Per Share |
|
|
Per Share |
|||
|
For the quarter ended |
$ |
$ |
|
$ |
$ |
||||
|
|
|
|
|
|
|
|
|||
|
Earnings (loss) from continuing operations |
3,837 |
|
|
|
(2,827 |
) |
|
||
|
Dividends and accretion on preferred stock |
(433 |
) |
|
|
(704 |
) |
|
||
|
Earnings (loss) from continuing operations attributable to common |
|
|
|
|
|
||||
|
|
shareholders |
3,404 |
|
0.03 |
|
(3,531 |
) |
(0.03 |
) |
|
Adjusted for: |
|
|
|
|
|
||||
|
|
Gain on sale of smoothie bowls product line(a) |
(1,800 |
) |
|
|
- |
|
|
|
|
|
Start-up costs(b) |
327 |
|
|
|
6,425 |
|
|
|
|
|
Business development costs(c) |
- |
|
|
|
731 |
|
|
|
|
|
Other |
- |
|
|
|
42 |
|
|
|
|
|
Net income tax on adjusting items(d) |
- |
|
|
|
(1,873 |
) |
|
|
|
Adjusted earnings from continuing operations |
1,931 |
|
0.02 |
|
1,794 |
|
0.02 |
|
|
|
|
|
|
|
|
|
||||
|
|
|
March 30, 2024 |
|
April 1, 2023 |
||
|
For the quarter ended |
$ |
|
$ |
|||
|
Earnings (loss) from continuing operations |
3,837 |
|
|
(2,827 |
) |
|
|
Income tax expense (benefit) |
277 |
|
|
(2,304 |
) |
|
|
Interest expense, net |
6,050 |
|
|
5,664 |
|
|
|
Depreciation and amortization |
8,576 |
|
|
7,050 |
|
|
|
Stock-based compensation |
5,299 |
|
|
3,892 |
|
|
|
Adjusted for: |
|
|
|
|||
|
|
Gain on sale of smoothie bowls product line(a) |
(1,800 |
) |
|
- |
|
|
|
Start-up costs(b) |
327 |
|
|
6,425 |
|
|
|
Business development costs(c) |
- |
|
|
731 |
|
|
|
Other |
- |
|
|
42 |
|
|
Adjusted EBITDA from continuing operations |
22,566 |
|
|
18,673 |
|
|
| (a) | Reflects the pre-tax gain on sale of the smoothie bowls product line, which is recorded in other income. |
|
|
||
| (b) | For the first quarter of 2024, start-up costs related to the ramp-up of production on a third line at our plant-based beverage facility in Midlothian, Texas, together with an expansion of our ingredient extraction operations at our Modesto, California, facility, and are recorded in cost of goods sold. For the first quarter of 2023, start-up costs mainly related to the ramp-up of production on the first two lines at our Midlothian, Texas, facility, and are recorded in cost of goods sold ($5.8 million) and SG&A expenses ($0.6 million). |
|
|
||
| (c) | Represents third-party costs associated with business development activities, which are inclusive of costs related to the evaluation, execution, and integration of external acquisitions and divestitures, internal expansion projects, and other strategic initiatives. For the first quarter of 2023, business development costs related to the divestiture of our frozen fruit business, which was completed in October 2023. These costs are recorded in SG&A expenses. |
|
|
||
| (d) | Reflects the tax effect of the adjustments to earnings calculated based on the statutory tax rates applicable in the tax jurisdiction of the underlying adjustment, net of deferred tax valuation allowances. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508006860/en/
Contacts
Investor Relations:
Reed Anderson
ICR
646-277-1260
investors@sunopta.com
Media Relations:
Claudine Galloway
SunOpta
952-295-9579
press.inquiries@sunopta.com
