Nomad Foods Launches Refinancing Of Loan Due Mid-2024; Preliminary Q3 Revenues Up ~27% - Nomad Foods (NYSE:NOMD)

Nomad Foods Ltd NOMD reported preliminary Q3 revenue increase of 26.7% year-on-year to €760 million, reflecting an organic revenue increase of 7.2%.
NOMD's preliminary Q3 gross margin increased 110 basis points to 29.1%, and Adjusted EBITDA rose 35.3% Y/Y to €153 million.
CEO Stéfan Descheemaeker said, "We successfully executed double-digit price increases in the quarter to offset input cost pressures, and we fully expect to deliver further price increases in the fourth quarter to re-build margins in preparation for next year."
Nomad Foods reiterated its FY22 Adjusted EPS expectation of €1.65 - €1.71, representing high-single-digit growth. This guidance assumes high-single-digit revenue growth, low-single-digit organic revenue growth, and the inclusion of Fortenova's frozen food business for the full year.
It also revealed confidence in its ability to deliver €2.30 Adjusted EPS target for 2025.
Nomad Foods also announced the launch of an anticipated refinancing of its existing Term Loan B of $960 million principal due mid 2024, with an $825 million seven-year term loan with lender meetings anticipated to follow later this week.
Price Action: NOMD shares are trading higher by 2.06% at $14.88 on the last check Monday.