SunOpta announces second quarter 2022 financial results

Revenue increased 20.4% vs. prior year to $243.5 million

SunOpta Inc., a U.S.-based global pioneer fueling the future of sustainable, plant-based and fruit-based foods and beverages, today announced financial results for the second quarter ended July 2, 2022.

All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

Second quarter 2022 highlights

  • Revenues increased 20.4% to $243.5 million reflecting 31.0% growth in plant-based and 7.4% increase in fruit-based.
  • Gross margin increased 130 basis points to 14.3% from 13.0% in the prior year, despite approximately 140 basis points of margin dilution from pricing to recover inflationary costs.
  • Net earnings from continuing operations were $2.5 million compared to net loss of $0.9 million in the prior year.
  • Adjusted earnings¹ were $3.5 million or $0.03 per diluted common share in the second quarter of 2022, compared to adjusted earnings of $0.1 million or $0.00 per diluted common share in the second quarter of 2021.
  • Adjusted EBITDA¹ of $22.3 million, or 9.2% of revenues for the second quarter of 2022, was up 38.4% versus $16.1 million or 8.0% of revenues in the second quarter of 2021.

“Second quarter results were excellent, driven by strong revenue growth and our highest Adjusted EBITDA in company history2. Revenues were up 20.4%, and Adjusted EBITDA increased 38.4% as we continued to leverage the power of our platform to accelerate growth and increase profitability,” said Joe Ennen, Chief Executive Officer. Plant-Based revenues surged 31.0% to $145.9 million, a new quarterly record reflecting the strength of our oat-based offering and double-digit increases in volume, mix and pricing."

"We saw growth in nearly every customer, every channel, every product type and in every go-to-market business, reflecting the strength of our SunOpta value proposition. In Fruit-Based, revenues increased 7.4% due to demand for fruit snacks and smoothie bowls along with higher price realization in frozen fruit."

Second Quarter 2022 Results
Revenues of $243.5 million for the second quarter of 2022 increased 20.4% compared to the second quarter of 2021 driven by 31.0% growth in Plant-Based Foods and Beverages and 7.4% growth in Fruit-Based Foods and Beverages. The increase in revenues reflected a 12.2% increase in pricing along with an 8.2% increase in volume/mix.

The Plant-Based Foods and Beverages segment generated revenues of $145.9 million, an increase of 31.0% compared to $111.4 million in the second quarter of 2021. Pricing increased 13.7% driven by actions to offset inflationary pressures, together with the pass-through effect of higher sunflower commodity pricing. Volume/mix was up 17.3%, reflecting growth in oat-based offerings, other plant-based beverages and teas.

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