May 27th, 2024

Premium Brands reports $6.3M Q1 profit, up from $5.9M a year ago

By The Canadian Press on May 13, 2024.

Premium Brands logo is shown in a handout. Premium Brands Holdings Corp. reported a first-quarter profit of $6.3 million, up from $5.9 million in the same quarter last year. THE CANADIAN PRESS/HO

Premium Brands Holdings Corp. reported a first-quarter profit of $6.3 million, up from $5.9 million in the same quarter last year.

The specialty food company says the profit amounted to 14 cents per diluted share for the 13-week period ended March 31, up from 13 cents per diluted share a year earlier.

Revenue for the quarter totalled $1.46 billion, up from $1.43 billion in the first quarter of 2023.

The increase came as specialty food revenue rose to $987.4 million, up from $948.8 million a year ago, while premium food distribution revenue totalled $474.4 million, down from $481.7 million a year earlier.

On an adjusted basis, Premium Brands says it earned 54 cents per share in its latest quarter, down from an adjusted profit of 64 cents per share in the same quarter last year.

Premium Brands owns a range of specialty food brands as well as food distribution businesses across Canada and the United States.

This report by The Canadian Press was first published May 13, 2024.

Companies in this story: (TSX:PBH)

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