MTY Food Group Reports Revenues Of $135.8 Million For Q2 2021

MTY Food Group Inc. (TSX: MTY) today released its quarterly results for the second quarter. The company reported $135.8 million in revenues, compared to last year’s figure of $97.8 million in the same period. The company meanwhile saw a net income attributable to shareholders of $23.0 million, compared to last year’s net loss of $99.1 million.

MTY achieved system sales of $891.5 million, an increase of 33% compared to Q2 of 2020. Digital sales meanwhile amounted to 27% of total system sales for Canada, and in the United States MTY saw digital sales account for 22% of total system sales. Q2 of 2020 saw 20% being recorded for Canada and 24% recorded for the United States.

MTY saw cash flows from operations increasing by 54% to $29.5 million, compared to the $19.2 million realized for Q2 of 2020.

The adjusted EBITDA figure improved by 139% to $43.5 million, compared to last year’s same period which recorded $18.2 million. MTY attributed these improvements to the negative impacts experienced in 2020, with the onset of the COVID-19 pandemic.

The company further announced that quarterly dividend has been restored, with investors to receive $0.185 per share starting on August 13, 2021. The company’s normal course issuer bid meanwhile was renewed throguh to July 2022.

MTY Food Group Inc. last traded on the TSX at $54.26.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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