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Premium Brands reports $6.3M Q1 profit, up from $5.9M a year ago



Premium Brands Holdings Corp., a Canadian specialty food company, has reported a rise in its first-quarter profit compared to the same period last year. The company disclosed a profit of $6.3 million for the first quarter of this year, marking an increase from $5.9 million in the corresponding quarter of the previous year.


The profit equated to 14 cents per diluted share for the 13-week period ending on March 31, compared to 13 cents per diluted share in the prior year's quarter. Revenue for the quarter amounted to $1.46 billion, showing an uptick from $1.43 billion recorded in the first quarter of 2023.


The growth in revenue can be attributed to the surge in specialty food revenue, which climbed to $987.4 million from $948.8 million a year ago. However, premium food distribution revenue dipped slightly to $474.4 million from $481.7 million in the same period last year.


On an adjusted basis, Premium Brands reported earnings of 54 cents per share in the latest quarter, down from 64 cents per share in the first quarter of the previous year. Despite the slight decline in adjusted earnings, the company remains optimistic about its performance.


Premium Brands is the owner of various specialty food brands and operates food distribution businesses across both Canada and the United States. The company's diverse portfolio positions it well in the market, allowing it to navigate through changing consumer preferences and market dynamics effectively.


With its continued focus on delivering quality products and services, Premium Brands is poised to maintain its position as a key player in the specialty food industry while exploring avenues for growth and innovation in the future.


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