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AdvancePierre Foods Announces
First Quarter 2017 Financial Results
Net Income of $28 million; Adjusted Net Income of $24 million; Adjusted EBITDA of $76 million
CINCINNATI May 10, 2017 AdvancePierre Foods Holdings, Inc. (NYSE: APFH) (AdvancePierre or the Company), a leading national producer and distributor of sandwiches, sandwich components and other entrées and snacks, today reported financial results for the first quarter ended April 1, 2017.
First Quarter Highlights
|||GAAP net income of $28.2 million, or $0.36 per diluted share, and Adjusted Net Income1 of $24.3 million, or $0.31 per diluted share.|
|||Net sales of $402.7 million included organic core volume growth2 of 0.5%.|
|||Adjusted EBITDA1 of $75.8 million.|
|||Quarterly dividend of $12.7 million, or $0.16 per share in the first quarter.|
1See About Non-GAAP Financial Measures
2Organic core volume growth refers to the period-to-period change in volume generated by the Companys three core segments, excluding volume from acquisitions and the industrial segment.
Consolidated Financial Results
Net sales for the first quarter of 2017 were $402.7 million compared to $394.5 million for the first quarter of 2016. The increase was primarily attributable to volume from the acquisition of Allied Specialty Foods (Allied) during the fourth quarter of 2016, and organic volume growth, partially offset by strategic price and trade spending investments which reduced net sales to reflect lower raw material costs.
Gross profit for the first quarter of 2017 increased by $7.3 million to $107.5 million, or 26.7% of net sales, compared to $100.2 million, or 25.4% of net sales, for the first quarter of 2016, reflecting an increase of 130 basis points of margin. Gross profit increased primarily due to productivity improvements, positive price realization (net of raw material cost movements), and contributions from the Allied acquisition and organic volume growth.
Selling, general and administrative expenses for the first quarter of 2017 were $53.4 million, or 13.3% of net sales, compared to $54.4 million, or 13.8% of net sales for the first quarter of 2016.
Interest expense for the first quarter of 2017 was $13.9 million, a decrease of $11.9 million compared to $25.8 million for the first quarter of 2016. The decrease was primarily from lower rates due to the fiscal year 2016 refinancing activities and lower borrowings.
Income tax provision was $18.5 million for the first quarter of 2017 reflecting a 39.7% effective tax rate, as compared to an income tax provision of $1.4 million for the first quarter of 2016.
AdvancePierres reported GAAP net income was $28.2 million, or $0.36 per diluted share, for the first quarter of 2017, compared to $16.6 million, or $0.25 per diluted share, for the first quarter of 2016. Adjusted Net Income for the first quarter of 2017 was $24.3 million, or $0.31 per diluted share compared to $23.0 million, or $0.34 per diluted share, for the first quarter of 2016. For the first quarter of 2017, Adjusted EBITDA increased 10.2% to $75.8 million from $68.8 million for the first quarter of 2016.
The following information was filed by Advancepierre Foods Holdings, Inc. (APFH) on Wednesday, May 10, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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