0001437749-26-026264
SEC filingFY27Q1营收大增36.2%至$405.2M，净利$19.5M创同期新高，量增驱动。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $405.2M | $297.5M | +36.2% |
| Gross Profit | $47.9M | $41.8M | +14.6% |
| Gross Margin | 11.8% | 14.1% | -230bps |
| Operating Income | $26.2M | $23.2M | +13.0% |
| Operating Margin | 6.5% | 7.8% | -130bps |
| Net Income | $19.5M | $14.9M | +31.1% |
| Diluted EPS | $2.85 | $2.14 | +33.2% |
| Operating Cash Flow | $109.1M | $53.7M | +103.2% |
| Free Cash Flow | $91.9M | $42.4M | +116.7% |
FY27Q1营收$405.2M，同比+36.2%，主要由销量驱动（贡献$96.8M），价格与产品组合贡献$10.9M。Canned vegetables和Frozen vegetables合计增加$105.5M，其中Frozen vegetables营收$67.9M，同比+196%，反映Green Giant收购整合成效。
Gross Margin 11.8%，同比-230bps，主因上年同期LIFO credit高达$11.8M，而本期仅$3.0M。剔除LIFO影响后，毛利率同比基本持平，显示成本与售价同步上涨。SG&A占营收比降至5.0%，体现经营杠杆。
Net Income $19.5M，同比+31.1%，Diluted EPS $2.85。盈利质量高，Operating Cash Flow $109.1M，远超净利，主要受益于营运资本变动（+$82.4M），其中Accounts Payable增加$58.3M。剔除一次性项（Green Giant过渡服务费$1.4M、或有对价收款$1.7M）后，run-rate盈利依然强劲。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Vegetable | $375.9M | +39.1% | $19.4M | 5.2% | 销量+价格，Frozen vegetables高增 |
| Fruit and Snack | $22.4M | +3.9% | $0.1M | 0.6% | Snack持平，利润微薄 |
| Other | $6.9M | +23.4% | $3.5M | 50.5% | 罐、盖、种子及飞机外部收入 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $86.9M | +$37.0M QoQ |
| Total Debt | $200.4M | -$53.7M YoY |
| Net Debt | $113.5M | -$90.7M YoY |
| Inventory | $601.4M | -$13.0M YoY |
| Operating Cash Flow | $109.1M | +$55.4M YoY |
| Capex | $17.2M | +$5.9M YoY |
| Free Cash Flow | $91.9M | +$49.5M YoY |
| FCF 转化率 | 471% | — |
Net Debt/EBITDA（TTM）约0.7x，杠杆水平健康。公司主动偿还$50M Amended Term Loan A-2，利息费用同比-42%至$3.1M。