The seafood producer revised its 2024 sales growth outlook to 4-6% and gross margin to 19.5-20.5% following record Q2 performance.
Thai Union updated its full-year guidance, projecting sales growth of 4-6%, up from a prior 3-4% forecast. The company also raised its gross margin outlook to 19.5-20.5%, compared with an earlier 19-20% range, citing strong Q2 results.
In 2023, Thai Union reported a 4% decline in sales to $3.97bn and a gross margin of 18.9%. The company’s Q2 gross margin reached a record 21.4%, aligning with its 2030 target of 21-23%. Sales in the quarter rose 1.4% to $1.01bn, driven by growth in ambient seafood, pet care, and value-added products.
CEO Thiraphong Chansiri highlighted a 14% dividend increase and a tenth consecutive quarter of volume growth, reinforcing confidence in the company’s long-term strategy.