The following is a summary of the Nomad Foods Limited (NOMD) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Nomad Foods reported adjusted EBITDA rose by 19% year-over-year and adjusted EPS increased by 28% year-over-year to EUR0.55.

• Gross margin increased significantly by 390 basis points year-over-year, reaching an all-time high of 32.3%, driven by a favorable mix, productivity, and price net of cost benefits.

• Q3 2024 reported net revenues marginally increased by 0.8% to EUR770 million, with organic growth at 0.3% amidst ERP implementation headwinds.

Business Progress:

• The company experienced its ninth consecutive quarter of organic sales growth and its second consecutive quarter of volume growth.

• Successful innovation efforts in Southeastern Europe contributed to sales growth, complementing robust market performance across other European markets.

• Nomad Foods is continuing its investment in marketing and innovation to drive market share growth and support the 'commercial flywheel', expecting robust organic sales growth into the fourth quarter and 2025.

Opportunities:

• The frozen food category continues to show robust growth, providing a favorable environment for Nomad's strategic initiatives.

• Continued investment in product innovation and marketing, especially in the Southeastern European market, is expected to support market share growth.

Risks:

• The company faced significant temporary headwinds related to ERP implementation, impacting service levels and causing a reduction in in-market support to manage demand and supply.

• Slower market growth and conservative assumptions for the remaining fiscal year due to these disruptions have resulted in a lowered full-year revenue and profit forecast.

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