SunOpta Inc. announced its financial results for the third quarter ended September 28, 2024, reporting a 15.5% increase in revenues to $176.2 million. This growth was primarily driven by a favorable volume/mix impact of 20.6%, partially offset by a 2.8% price reduction due to commodity cost pass-throughs and a 2.3% reduction from the exit of the smoothie bowls category.
Gross profit for the quarter increased by 16.4% to $23.6 million, with the gross profit margin improving slightly to 13.4% compared to 13.3% in the prior year period. Adjusted EBITDA from continuing operations grew by 13% to $21.5 million, reflecting improved operational performance.
The company reaffirmed its full-year 2024 outlook, expecting revenue between $710 million and $730 million, representing 13% to 16% growth, and adjusted EBITDA between $88 million and $92 million, an increase of 12% to 17%. Cash provided by operating activities for the first three quarters of 2024 significantly improved to $19.2 million, compared to cash used of $8.4 million in the same period of 2023.
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