SunOpta Inc. reported significant financial improvements in its latest 10-Q filing for the quarter ended September 28, 2024. The company achieved revenues of $176.2 million, marking a 15.5% increase from $152.5 million in the same quarter of the previous year. This upward trend in revenue is reflected in the gross profit, which rose to $23.6 million, a 16.4% increase from $20.3 million in the prior year.
Operating income for the quarter was $1.5 million, slightly up from $1.5 million in the same quarter of 2023. However, the company reported a net loss of $5.5 million, a significant improvement compared to a net loss of $145.8 million in the same quarter of the previous year. The loss attributable to common shareholders also decreased to $5.6 million from $146.2 million year-over-year. Basic and diluted loss per share improved to $(0.05) from $(1.26) in the same quarter of 2023.
For the three quarters ended September 28, 2024, SunOpta reported total revenues of $530.1 million, an 18.1% increase from $448.7 million for the same period in 2023. Gross profit for this period was $77.2 million, up 22.6% from $63.0 million in the previous year. Operating income for the three quarters rose significantly to $14.3 million, compared to $3.2 million for the same period in 2023. The net loss for the three quarters was $7.8 million, a notable improvement from a net loss of $163.3 million in the prior year. Loss attributable to common shareholders for the three quarters was $8.2 million, down from $164.8 million year-over-year.
Adjusted earnings from continuing operations for the quarter were $2.5 million, or $0.02 per diluted share, compared to $452,000, or $0.00 per diluted share, for the same quarter in 2023. Adjusted EBITDA from continuing operations increased to $21.5 million from $19.1 million in the prior year.
Overall, SunOpta's financial results indicate a strong recovery and growth trajectory, with substantial improvements in revenue, gross profit, and reductions in net loss compared to the previous fiscal period.
About SunOpta Inc.
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