The Simply Good Foods Company (NASDAQ:SMPL) shares moved higher on Thursday morning after the developer, marketer and seller of branded nutritional foods and snacking products posted a third quarter fiscal 2023 earnings beat.
For the quarter ended May 27, 2023, the company reported adjusted earnings per share of $0.44, the same as the year-ago quarter and ahead of the Street’s expectation per Zacks Consensus Estimate (ZCE) of $0.42.
Its net sales of $324.8 million were up 2.6%, or $8.3 million, from the previous year and beat the ZCE by 1.2%.
The company also reaffirmed its full-year fiscal 2023 outlook, with net sales expected to increase slightly greater than its long-term algorithm of 4% to 6%, including a 1% headwind related to frozen pizza licensing.
It expects its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to increase, but at a slightly lesser rate than the net sales growth rate.
“As we enter the fourth quarter we are on track to deliver on our full-year objectives while also positioning the company for success in fiscal 2024,” commented Simply Good Foods CEO-elect Geoff Tanner.
Simply Good Foods shares were up 4.3% at US$36.08 late morning on Thursday.
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