MTY Food Clocks 18% Revenue Growth In Q1

MTY Food Clocks 18% Revenue Growth In Q1
  • MTY Food Group Inc MTY MTYFF reported first-quarter FY22 revenue growth of 18.1% year-over-year to C$140.49 million.
  • EPS improved to C$0.68 from C$0.54 in 1Q21.
  • Adjusted EBITDA improved by 9% Y/Y to C$35.64 million, and margin contracted by 207 bps to 25.4%.
  • MTY Food's cash flow from operations totaled C$39.7 million for the quarter, compared to C$31.31 million a year ago. Free cash flow was C$36.97 million.
  • The company repurchased and canceled 256,400 shares for a total consideration of C$14.6 million in Q1.
  • System sales increased 16% year-over-year to C$885.7 million, mainly due to the momentum in the recovery from the COVID-19 pandemic.
  • As of February 28, 2022, MTY had C$52.5 million cash on hand and long-term debt of C$362.2 million.
  • "Looking ahead, we anticipate continued recovery in Canada as public health measures get lifted. In the US, we're facing a tougher comparable since most states had already loosened measures on the restaurant industry during the past year. As always, we're opportunistically seeking acquisitions to supplement organic growth in order to generate added value for shareholders," commented CEO Eric Lefebvre.
  • Price Action: MTY shares are trading higher by 5.31% at C$57.30 on TSX on the last check Friday.

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