Premium Brands Holdings Corporation (OTCPK:PRBZF) Q3 2024 Earnings Conference Call November 6, 2024 7:00 AM ET
Company Participants
George Paleologou – President and Chief Executive Officer
Will Kalutycz – Chief Financial Officer
Conference Call Participants
George Paleologou
Welcome, everyone, to our 2024 Third Quarter Conference Call. Thank you for joining us today. With me here today is our CFO, Will Kalutycz. Our presentation will follow the deck that was posted on our website this morning.
We are now on Slide 4, which outlines certain key highlights for the quarter. Results for the third quarter were generally in line with our expectations with the exception of a material sales shortfall in our sandwich group due to an unanticipated decline in sales to a key customer. We believe that this decline is transitory and that sales to this customer will recover and will eventually return to their historical growth rates. Excluding sales to this customer, our Specialty Food Group’s organic volume growth for its major U.S. initiatives was 8.1%.
Our Premium Food Distribution business improved sequentially during the quarter and has returned to modest growth in dollar terms as the consumer backdrop in Canada continues to show signs of improvement, driven by lower interest rates and lower inflation. Demand for our products in the U.S. remained strong for the quarter with the exception of our sandwich group, which reported a 5% decline for the reason I mentioned earlier.
Despite this material but transitory decline, I’m very pleased to report that the new opportunities and sales initiatives pipeline in our sandwich group has never been more robust and that we look forward to leveraging our new capacity coming on stream to return to our historical levels of growth in 2025 and beyond. Our CFO, Will Kalutycz, will give you more color on our U.S. sales pipeline later on
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