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(Reuters) – German meal-kit maker HelloFresh reported better-than-expected preliminary results for the first quarter just before market close on Wednesday, followed by full results on Thursday.
Group revenue came in at 1.92 billion euros ($2.01 billion), up 32.7% compared to its first quarter in the previous year and above the 1.84 billion euros estimated by analysts in a company-provided consensus
Adjusted EBITDA for the quarter fell to 99.3 million euros (from 159.2 million euros) but landed well ahead of the 67.9 million euros forecast by consensus.
“Our unique diversification across geographies, brands and business models has allowed us to navigate an incredibly volatile macroeconomic environment and continue our strong and profitable growth path into 2022,” Chief Executive Officer Dominik Richter said in a news release.
The Berlin-based company confirmed its previously provided outlook, expecting revenue growth on a constant currency basis between 20% and 26% and adjusted EBITDA between 500 and 580 million euros for the full year.
HelloFresh proved investors’ fears over risk to core profit guidance as “unwarranted”, Jefferies brokerage wrote in a note on Wednesday.
With COVID-19-related restrictions easing across markets, food delivery companies and other pandemic-era winners have shed gains as investors fear a slowdown in growth and higher costs from increasing prices.
HelloFresh’s share price spiked after the release, closing up 11.6% on Wednesday.
($1 = 0.9531 euros)
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