- Nomad Foods Ltd (NYSE:NOMD) reported first-quarter FY23 sales growth of 5.8% year-on-year to €775 million. Revenue of $831.9 million missed the consensus of $851.81 million.
- Gross profit for the quarter climbed 9.5% Y/Y to €224 million. Gross margin increased 100 basis points to 28.9%, linked to the successful recovery of higher input costs through pricing, and a benefit in the cost of goods sold from the tail end of cover positions from 2022.
- Operating margin was 10.3%, and operating income for the quarter fell 9.1% to €79.6 million.
- The company held €370.9 million in cash and equivalents as of March 31, 2023.
- Adjusted EBITDA for the quarter increased 11.3% to €146 million.
- Adjusted EPS of $0.49 beat the consensus of $0.42.
- Outlook: Nomad Foods raised the bottom end of its FY23 adjusted EPS outlook, with the new range at €1.52 – €1.55 (prior view €1.50 – €1.55).
- Price Action: NOMD shares are trading lower by 1.07% at $19.42 on the last check Wednesday.
Here’s Why Churchill Downs Shares Are Moving
Churchill Downs, Inc. (NASDAQ: CHDN) shares are trading higher by 2.57% to $136.95 Tuesday morning. The stock is rebounding following Monday weakness after the company announced it will suspend operations at Churchill Downs Racetrack
