08:52 AM EDT, 05/13/2024 (MT Newswires) -- Premium Brands Holdings ( PRBZF ) , a producer, marketer, and distributor of branded specialty food products, on Monday reported first-quarter adjusted earnings of $24 million, or $0.54 per share, down from $28.6 million, or $0.64 per share, a year earlier.

Analysts polled by Capital IQ expected $0.56.

Revenue for the quarter ended March 30 was $1.46 billion, up 2.2% from $1.43 billion a year earlier. Analysts surveyed by Capital IQ expected $1.46 billion.

Adjusted EBITDA for Q1 was $121 million, up from $110.7 million a year earlier.

The company's board approved a cash dividend of $0.85 per share for the second quarter. The dividend will be paid on July 15 to shareholders of record at the close of business on June 28.

For 2024, the company reiterated its sales outlook of $6.65 billion to $6.85 billion, and adjusted EBITDA of $630 million to $650 million.

Analysts surveyed by Capital IQ are forecasting sales of $6.69 billion.

Further, the company said it remains on track to meet or exceed its five-year targets set in 2023. The company is expecting revenue of $10 billion in 2027 and adjusted that year of EBITDA of $1 billion.