Rogers Sugar Reports Record 2022 Adjusted EBITDA Driven by Sugar Segment Strength

Rogers Sugar Inc. reported its fiscal year 2022 results, highlighted by the company achieving its highest adjusted EBITDA in its 135-year history. The company posted $29.0 million in adjusted EBITDA for the fourth quarter and $102.1 million for the full year.

The strength of the sugar segment was a primary driver for the record annual performance. Rogers Sugar experienced record sugar sales volumes in the fourth quarter, enabled by its flexible manufacturing capabilities that met high demand in the domestic market. This occurred despite supply chain challenges and inflationary pressures affecting its operations.

Consolidated revenues for fiscal year 2022 reached $1.0 billion, marking a 12.6% increase from the prior year, largely due to higher volumes and selling prices in the sugar segment. Sugar sales volume hit a historic high of 794,600 metric tonnes for the full year, representing nearly a 2.0% increase over 2021.

In contrast, the company's maple syrup segment saw lower adjusted EBITDA due to decreased sales volumes and higher operating costs driven by inflation. Rogers Sugar recorded a $50.0 million non-cash impairment charge on the goodwill associated with its maple business. Looking ahead, the company anticipates stable financial results in fiscal 2023, driven by continued strong demand and steady margins in its sugar segment.