The Simply Good Foods Company (NASDAQ:SMPL), a key player in the branded nutritional foods and snacking industry, today unveiled its financial outcomes for the thirteen-week period ending May 25, 2024.
Demonstrating consistent growth, the company announced a slight uptick in net sales, reaching $334.8 million, up from $324.8 million recorded during the same quarter last year.
The Denver-based company reported a significant increase in net income, climbing from $35.4 million to $41.3 million.
This surge is reflected in both the earnings per diluted share, which rose from $0.35 to $0.41, and the adjusted diluted EPS, which improved from $0.44 to $0.50.
Furthermore, the company's adjusted EBITDA also saw a healthy rise, marking a new figure at $71.9 million compared to the previous year's $66.6 million.
A pivotal moment this quarter was the acquisition of Only What You Need on June 13, 2024. This move is expected to expand Simply Good Foods’ reach and product offerings.
Looking ahead, Simply Good Foods has set optimistic projections for the full fiscal year 2024.
The company expects net sales, excluding OWYN, to increase around the mid-point of their established 4-6% growth algorithm.
The inclusion of OWYN’s operations is anticipated to add $25-30 million to net sales.
Additionally, the total adjusted EBITDA is projected to increase by about 8%, marking an uptick from the previous 6-8% forecast.