Lassonde has measures in place to weather coming trade storms
Lassonde Industries Inc., which provides national brand and private label products, including fruit juices and drinks, specialty food products, and fruit‑based snacks, to convenience stores and grocers in North America announced its fourth quarter and year end financials ending in December 31, 2024.
According to the company’s released reports, its fourth quarter saw sales of $738.1 million, up from $64.5 million from the same quarter last year, essentially due to higher sales volumes, mainly in the U.S., and to the favourable impact of selling price adjustments in Canada, mainly for private label products.
For the year end, Lassonde reported sales of $2,600.9 million up $163.6 million from last year, mainly due to the favourable impact of selling price adjustments in Canada and an increase in the U.S. sales volume for both private label and branded products, partly offset by an unfavourable change in the U.S. sales mix, mainly for private label products.
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"Lassonde delivered another quarter of strong profitable growth to conclude 2024 on a positive note," said Vince Timpano, chief executive officer of Lassonde Industries Inc. wrote in a release accompanying the results. "Solid fourth quarter results were driven by the contribution of Summer Garden, higher sales volume in our U.S. business resulting from our build-back plan as well as top-line growth in Canada driven by price adjustments to offset inflation related to orange juice and by product innovation launched throughout the year."
"We are entering 2025 with cautious optimism, as we continue to execute our strategic plan, including initiatives that will help reduce costs and improve capacity, most particularly with our announced plans for the construction of our new facility in New Jersey. We expect further progress in building back our U.S. volume, continued solid performance in Canada driven by our recently launched marketing campaign, as well as achieving synergies within our Specialty Food business in which we intend to reinvest to support long-term growth.”
Lassonde in its financial reporting added that it expects the largest factors impacting its performance in fiscal 2025 will be the financial health of consumers and the inflationary environment, including that of trade conflict going forward as a result of tariffs and possible duties and countermeasures taken by governments going forward.
"Although the threat of tariffs in North America may impact consumer demand as well as the global supply chain, we have prepared measures to mitigate these effects to the extent possible. Driven by a strong product portfolio and a seasoned management team, Lassonde remains well positioned to lead through this period of uncertainty with a continued focus in driving sustained growth in 2025 and beyond," added Timpano.
