In September of this year, Hostess Brands announced that it was being acquired by The J.M. Smucker Co. Now, several months later, the bakery giant is sharing a post-merger update as part of its third quarter 2023 financial results. The report also shows a net revenue increase of 1.9 percent to $352.8 million, pointing to the success of the deal.
“I am extremely proud of the entire Hostess Brands team for building a premier snacking company focused on attractive snacking occasions, a portfolio of iconic brands, and outstanding execution to deliver long-term, sustainable, profitable growth,” commented Andy Callahan, President and Chief Executive Officer, Hostess Brands.
Hostess Brands was acquired by The J.M. Smucker Co. for $34.25 per share in cash and stock transaction, representing a total enterprise value of $5.6 billion, including assumption of debt. According to a release, Hostess will not provide its outlook for 2023 or longer-term targets. It will also not hold a conference call to discuss financial results for the third quarter and year-to-date ended September 30, 2023.
Besides an increase in net revenue compared to the prior-year period, Hostess’ highlights also included:
To read the report in its entirety, click here.
What will the rest of the fiscal year hold for Hostess? Stay tuned to Deli Market News to find out.