Bullboard - Stock Discussion Forum Premium Brands Holdings Corp T.PBH.DB.G

Primary Symbol: T.PBH Alternate Symbol(s): PRBZF | T.PBH.DB.H | T.PBH.DB.I

Premium Brands Holdings Corporation is a Canada-based company, which owns a range of specialty food manufacturing and differentiated food distribution businesses with operations across Canada and the United States. The Company operates through two segments: Specialty Foods and Premium Food Distribution. The Specialty Foods segment consists of its specialty food manufacturing businesses. The... see more

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TSX:PBH - Post Discussion

Premium Brands Holdings Corp > Third Quarter 2021 Results, Declares Fourth Quarter Dividend

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Post by Betteryear2 on Nov 04, 2021 8:28am

Third Quarter 2021 Results, Declares Fourth Quarter Dividend

VANCOUVER, BC, Nov. 4, 2021 /CNW/ - Premium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today its results for the third quarter of 2021.

HIGHLIGHTS

Record third quarter revenue of $1.3 billion representing a 21.9%, or $240.7 million, increase as compared to the third quarter of 2020
Record third quarter adjusted EBITDA1 of $122.6 million representing a 31.1%, or $29.1 million, increase as compared to the third quarter of 2020
Record third quarter adjusted EPS1 of $1.33 per share representing a 24.3%, or $0.26 per share increase as compared to the third quarter of 2020
Clearwater Seafood, which is accounted for using the equity method, continued to generate significantly improved results posting quarterly sales and EBITDA of $158.4 million and $40.1 million, respectively, as compared to $133.7 million and $25.4 million, respectively in the third quarter of 2020
The Company declared a quarterly dividend of $0.635 per share for the fourth quarter of 2021
While conditions in many of the Company's selling channels have returned to normal, its customers in the airline and cruise line channels, as well as in certain segments of the foodservice channel, continue to be impacted by pandemic related challenges
Subsequent to the quarter, the Company completed the acquisitions of Maid-Rite Specialty Foods, a Pennsylvania based leading manufacturer of customized cooked and raw protein solutions for retail and foodservice customers across Canada and the U.S; and Westmorland Fisheries, a New Brunswick based leading processor, distributor and marketer of lobster products which it sells to retail, foodservice and distribution customers around the world
Also, subsequent to the quarter, the Company increased its revolving senior credit facility by US$250.0 million to approximately $1.5 billion, extended the facility's maturity date to November 1, 2026, and linked the interest rates associated with the facility to the Company's performance relative to certain environmental and social objectives set by the Company