Market Movers On the Rise
After better-than-anticipated first-quarter results, Vancouver-based Premium Brands Holdings Corp. increased on Friday.
Before the bell, the specialty foods company reported revenue of $1.25-billion, up 23.9 per cent year-over-year and above the Street’s estimate of $1.23. Earnings per share rose 22 per cent to 88 cents, topping the consensus forecast of 80 cent.
Premium Brands also reiterated its 2022 financial guidance, including EBITA in a range of $510-$530-million (versus the Street’s estimate of $516-million).
“Premium Brands continues to successfully deal with inflationary pressures reporting good earnings growth,” said Stifel analyst Martin Landry. “The company decided to hold-off introducing a new five-year plan, which may disappoint some investors which were looking at this as a near-term catalyst. However, we don’t see this as a major issue. We don’t expect a significant share price reaction, but the bias is to the upside.”