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.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
