Premium Brands Holdings Corp. announced a rise in first-quarter profit, reaching $6.3 million compared to $5.9 million from the previous year’s quarter.
The specialty food company disclosed that this profit equated to 14 cents per diluted share for the 13 weeks concluding on March 31, marking an increase from 13 cents per diluted share in the corresponding quarter last year.
Revenue for the quarter surged to $1.46 billion, up from $1.43 billion in the first quarter of 2023. Growth was driven primarily by an increase in specialty food revenue, which reached $987.4 million compared to $948.8 million a year ago. However, premium food distribution revenue slightly declined to $474.4 million from $481.7 million a year earlier.
Despite the overall revenue growth, on an adjusted basis, Premium Brands reported a decrease in earnings per share in the latest quarter, standing at 54 cents per share, down from an adjusted profit of 64 cents per share in the same quarter last year.
Premium Brands owns a range of specialty food brands as well as food distribution businesses across Canada and the U.S.
