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The maker of private label packaged foods and drinks reaffirmed guidance for the second quarter ending in June, seeing revenue flat to rising 4% from the same time last year to $810 million to $840M versus analyst expectations for $830.5M.
It sees revenue for the first half of the year between $1.705 billion and $1.735B, for growth of 7.7% to 9.6%.
CEO Steve Oakland said the company has repositioned itself to be stronger and more focused. “We are pleased with our start to 2023 and are confident in our ability to achieve our annual growth targets and create value for our shareholders.”
The company said in a press release that its annual growth targets for 2024 through 2027 include 3% to 5% revenue growth, 8% to 10% in annual adjusted growth of earnings before interest, taxes, depreciation and amortization, and $200M of free cash flow.
Shares are up 6% so far this year. Stifel recently resumed coverage with a Hold rating and a $53 price target. The stock is currently trading at $52.75.
