Gluten free manufacturer Boulder Brands lowered the top end of its full year guidance as it blamed a drop in first quarter earnings on higher egg white prices, product mix and one-off costs.
First quarter operating income fell to $5.3m, from $17.7m last year. The company said higher egg white prices and a mix shift to its lower margin natural segment caused earnings to fall in the period.
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The group also registered a number of one-time costs associated with restructuring initiatives and acquisition costs associated with Evol. Excluding these items, adjusted EBITDA fell by 3.2%.
During the period, net sales surged 15.2% reflecting “strong” growth of the natural segment.
The firm lowered the top end of its full-year adjusted earnings guidance range to $89-91m, from $89-94m previously. Boulder reaffirmed its sales outlook, with full-year sales expected to total $540-$550m.
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