Jamieson Wellness Inc. (JWEL), a producer and marketer of sports activities vitamin merchandise and specialty dietary supplements, reported stable development in earnings and revenues in its second quarter statements. Consequently, the corporate elevated its fiscal 2021 steerage and its quarterly dividend.
Income for Q2 2021 got here in at C$110.6 million, a rise of 18.6% from the income of C$93.2 million reported in Q2 2020. The rise in income was pushed by 10.9% development in Jamieson Manufacturers and 48.9% development in Strategic Companions.
In the meantime, adjusted EBITDA elevated 17.6% to C$22.3 million within the second quarter of 2021. (See Jamieson Wellness Inc. stock charts on TipRanks)
Web earnings for Q2 2021 was C$11.5 million (C$0.28 per diluted share) in comparison with C$6.0 million (C$0.15 per diluted share) in Q2 2020. Adjusted internet earnings elevated 21.8% to C$12.0 million (C$0.29 per diluted share).
Jamieson president and CEO Mike Pilato stated, “Our branded income grew by 11% within the quarter, on account of continued demand from our expanded shopper base. Our pill compression and packaging capability enlargement tasks are on monitor and have allowed us to enhance our home buyer and worldwide distributor inventories forward of our third quarter seasonal demand and promotional calendar.
“Client information continues to point that well being and wellness, which was a rising pattern earlier than the pandemic, has grow to be firmly embedded in shopper behaviour for the long-term. We stay assured in our plans for continued development, and as such, have elevated the midpoint of our outlook for income, adjusted EBITDA and adjusted internet earnings. We’re happy that this earnings development additional permits us to assist our strategic priorities and has allowed us to extend our quarterly dividend.”
Now C$0.15 per frequent share, the dividend has been raised 20%.
For fiscal 2021, Jamieson now forecasts income in a spread of $435 to $445 million, representing annual development of seven.8% to 10.2%. Adjusted diluted EPS are anticipated to be in a spread of C$1.27 to C$1.32.
Earlier this week, Stifel Nicolaus Justin Keywood reiterated a Purchase ranking on JWEL and a C$50 value goal. This means 46.6% upside potential.
Keywood stated he sees above-average natural development past 2021 with continued traction in worldwide markets, innovation, and changing new customers to extra SKUs.
Total, JWEL scores a Sturdy Purchase consensus ranking amongst analysts based mostly on three Buys and one Maintain. The Jamieson Wellness average price target of C$45.54 implies 33.6% upside potential to present ranges.