SunOpta’s Q3 Revenue Rises 16% as Volume and New Business Drive Gains

SunOpta Inc. reported a 16% increase in revenue for the third quarter of fiscal 2024, reaching $176.2 million, thanks to higher sales volumes and new business wins. The company's gross profit also rose 16.4%, supported by gains in production efficiency and cost management, while adjusted gross margin improved to 17%. SunOpta's top-performing categories included fruit snacks, broths, plant-based beverages, and protein shakes, offsetting a revenue decline from exiting the smoothie bowls market earlier in the year.

In addition to strong financial results, SunOpta made significant investments in its supply chain, completing key projects such as its Texas plant-based beverage facility and expanding oat milk production capacity in California. The company also announced plans to expand distribution for its Dream Oatmilk Barista product, leading to a stock surge. Overall, SunOpta reaffirmed its positive outlook for fiscal 2024, expecting annual revenue growth of 13-16% and increased efficiency and product success. CEO Brian Kocher expressed confidence in the business's direction and commitment to generating long-term value for shareholders.