SunOpta has reported 31% revenue growth for its plant-based segment in Q2, driving an “excellent” set of quarterly results for the natural food and beverage maker.
Overall, the company recorded revenue of $243.5 million, a 20.4% increase driven primarily by plant-based foods and beverages. SunOpta operates as a manufacturer for natural and private label brands, and also produces its own brands, including the Sown oat creamer and Dream milk alternative ranges.
The company’s plant-based unit generated revenue of $145.9 million in Q2. SunOpta said that it “saw growth in nearly every customer, every channel, every product type and in every go-to-market business”.
Plant-based volume/mix was up 17.3%, boosted by oat-based offerings, while pricing increased 13.7%.
Meanwhile, revenue for the company’s fruit-based segment grew 7.4%, as SunOpta raised prices to offset inflationary pressures.
SunOpta CEO, Joe Ennen, said: “While the macro environment remains challenging, we have been able to offset the majority of inflation with pricing and our productivity initiatives continue to gain traction. The actions we have taken over the past several years to optimise our product portfolio, streamline operations and aggressively expand capacity are driving significant and sustainable momentum across our business.”
The company recorded $22.3 million in adjusted Q2 earnings before interest, taxes, depreciation, and amortization (EBITDA), up 38.4% year-over-year.
SunOpta is raising its outlook for fiscal 2022 and now expects revenue growth in the region of 14-18%, up from its previous guidance of 10-14% growth.
© FoodBev Media Ltd 2024
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