Nomad Foods Reports Q3 Results

Nomad Foods Limited announced selected preliminary financial results for the three month period ended September 30, 2022.

Preliminary financial performance for the third quarter 2022, when compared to the third quarter 2021, includes an increase of reported revenue of 26.7%, to EUR760m. The organic revenue increased by 7.2%, while gross margin increased to 29.1%.

“I am pleased to report that Nomad Foods performed very well in the third quarter as our business delivered pricing recovery and a solid underlying performance. Our revenues grew by nearly 27% year-on-year, reflecting organic revenue growth of more than 7% year-on-year as well as the contribution from our recent acquisition, which is also growing relative to its prior year’s results,” said Stéfan Descheemaeker, Nomad Foods’ chief executive officer. “We successfully executed double-digit price increases in the quarter to offset input cost pressures, and we fully expect to deliver further price increases in the fourth quarter to re-build margins in preparation for next year. We are reiterating our full-year 2022 Adjusted EPS expectation range of EUR1.65 to EUR1.71. As we recover our margins to longer-term levels and focus on maximizing our input cost coverage, we are positioning Nomad for sustainable growth into 2023 and beyond. We remain confident in our ability to deliver our €2.30 Adjusted EPS target for 2025.”

Nomad Foods Limited will report its financial results for the third quarter ended September 30, 2022, before the New York Stock Exchange opens on November 9, 2022.