The Freedom Foods Group Ltd (ASX: FNP) share price was out of form on Friday.
The diversified food company's shares ended the day 4.5% lower at 41 cents.
This leaves the Freedom Foods share price trading a whopping 91% lower than its 52-week high.
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Will next week be better for the Freedom Foods share price?
Whether or not the Freedom Foods share price performs better next week will depend upon the reaction to its third quarter update.
This update, that was released after the market close, reveals that the company had a tough quarter.
According to the release, for the three months ended 31 March, Freedom Foods reported total revenue of $141.6 million. This was down $17 million or 10.7% quarter on quarter.
Management advised that this was broadly in line with company expectations and due to seasonal factors.
How did its businesses perform?
The main drag on its performance during the quarter was its key Dairy and Nutritionals business.
For the three months, the company reported Dairy and Nutritionals revenue of $91.5 million. This was down $16.7 million or 15.4% on the prior quarter.
Also underperforming the previous quarter were its smaller Specialty Seafoods and Cereals and Snacks businesses. The latter has now been sold to The Arnott's Group, whereas the former is being reviewed.
This offset a positive performance by its Plant-based Beverages business, which recorded revenue of $37.3 million. This was an increase of $2.4 million or 7% quarter on quarter.
What about cash flow and debt?
Possibly weighing on the Freedom Foods share price next week will be its cash flows.
For the three months, the company recorded an operating cash outflow of $25.6 million. This was partially offset by an $18 million asset disposal, leaving it with a cash balance of $20 million at the end of the quarter.
This cash balance is dwarfed by its debt. The company ended the period with $331.9 million of drawn finance facilities.
