05:14 PM EST, 11/05/2024 (MT Newswires) -- SunOpta ( STKL ) on Tuesday reported a higher third quarter adjusted profit on higher revenue.

The plant-based food and beverage company said its adjusted profit, excluding most one-time items, rose to US$2.5 million or US$0.02 per share, in the quarter, up from US$0.5 million, or nil, a year earlier.

Revenue rose 16% to US$176.2 million, driven primarily by volume growth.

"The third quarter unfolded as expected," said chief executive Brian Kocher. "Volume again drove our revenue growth reflecting the strength of our competitive position. Our growth remains broad based across our customers, channels and product portfolio and we continue to have a substantial pipeline of new business opportunities."

SunOpta ( STKL ) reaffirmed its fiscal 2024 outlook and expects revenue of US$710 million to US$730 million, for a 13% to 16% growth.

The company's shares closed down $0.03 to $9.38 on the Toronto Stock Exchange.