Frozen food giant Nomad Foods has projected organic revenue growth of approximately 9.5% for the fourth quarter of its financial year in a preliminary report for the three- and twelve-month periods ended 31 December 2020.
Adjusted EBITDA for the fourth quarter will amount to approximately €119 million, while adjusted EPS is to see a 19% year-on-year growth to €0.38 per share.
For the full-year 2020, the company expects organic revenue growth of approximately 8.7%.
Adjusted EBITDA is likely to amount to around €467 million, exceeding its prior guidance of €465 million.
The company foresees an adjusted EPS of approximately €1.35 per share, up 10% year-on-year, exceeding its prior guidance of €1.34 per share.
'A Strong Finish'
Chief executive of Nomad Foods, Stéfan Descheemaeker, commented, "We expect to conclude 2020 with a strong finish with all key fourth-quarter financial metrics expected to exceed our prior guidance.
"These preliminary results include our previously articulated decision to deploy an incremental €10 million of strategic investment that will help fuel growth in both the near and long-term."
The Birds Eye parent will publish its full results for the fourth quarter and full-year 2020 on 25 February.
Outlook
The company's initial guidance for 2021 indicates an organic revenue growth of approximately 1-2%, with revenue and adjusted EBITDA growth ranging between 3-5%.
The 2021 guidance does not reflect potential accretion that may result from the company's exclusive negotiations to acquire Fortenova Group's frozen food portfolio, Nomad Foods added.
Descheemaeker added, "We enter the new year with strong momentum and expect 2021 to mark our fifth consecutive year of organic growth, a feat that only a distinguished group of food companies has achieved.
"Notwithstanding our history, the growth prospects of our company remain exciting with multiple avenues for continued value creation."
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