Company Reports Q1 Revenue of $312M, Beating Expectations
Reports Q1 revenue $312M, consensus $308.52M. Net revenue increased 4.5% primarily due to volume growth and pricing improvements in seafood along with volume growth in commodity products. Reports Q1 gross profit margin decreased to 16.2%, down from 17.1%, due to increased sales in lower-margin products and higher landed costs. "Our first quarter performance demonstrated continued momentum from our transformation initiatives even as the broader foodservice industry navigated ongoing headwinds," said CEO Felix Lin.
