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Exhibit 99.1
Blue Buffalo Reports Fourth Quarter and Full Year 2017 Results
Wilton, CTFebruary 23, 2018Blue Buffalo Pet Products, Inc. (the Company) (NASDAQ: BUFF), the leading natural pet food company in the United States, today announced its fourth quarter and full year 2017 results.
| Fourth Quarter Highlights |
| Net sales of $337 million, up 14.2% |
| Net income of $54 million, up 54.1%; Adjusted Net Income of $54 million, up 50.2% |
| Adjusted EBITDA of $80 million, up 22.4% |
| Diluted EPS of $0.27, up 55.3%; Adjusted Diluted EPS of $0.27, up 51.4% |
| Full Year Highlights |
| Net sales of $1,275 million, up 10.9% |
| Net income of $194 million, up 48.6%; Adjusted Net Income of $195 million, up 24.3% |
| Adjusted EBITDA of $319 million, up 15.8% |
| Diluted EPS of $0.97, up 48.9%; Adjusted Diluted EPS of $0.98, up 24.5% |
| 2018 Outlook |
| Net sales between $1,400 million and $1,430 million |
| Adjusted Diluted EPS of $1.20 to $1.24 |
Im pleased to say that 2017 was a strong year, said CEO Billy Bishop. Blue Buffalos momentum continues to be strong as we gained share, broadened our distribution footprint, and built two new plants to fuel our growth. Looking ahead, were very optimistic about our future.
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Favorable product mix accounted for 15.5 percentage points of the increase in net sales of Wet Foods, Treats and Other Products, volume growth contributed 10.2 percentage points of growth, which was partially offset by unfavorable net pricing of 4.6 percentage points.
Volume growth accounted for 5.1 percentage points of the increase in net sales of Dry Foods, favorable product mix contributed 2.0 percentage point of growth, and favorable net pricing contributed 1.4 percentage points.
Volume growth accounted for 9.2 percentage points of the increase in net sales of Dry Foods, favorable net pricing contributed 2.1 percentage points, and favorable product mix contributed 0.7 percentage point of growth.
Volume growth accounted for 6.1 percentage points of the increase in net sales, favorable product mix contributed 4.5 percentage points, and favorable net pricing contributed 0.3 percentage point.
Volume growth accounted for 7.3 percentage points of the increase in net sales of Wet Foods, Treats and Other Products, favorable product mix contributed 4.5 percentage point of growth, which was partially offset by unfavorable net pricing of 0.3 percentage points.
, driven primarily by supply...Read more
Volume growth accounted for 8.9...Read more
To the extent we determine...Read more
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creases in net cash provided...Read more
crease in net cash used...Read more
crease in net cash used...Read more
Gross margin increased to...Read more
our continued innovation, including the...Read more
This has allowed us to...Read more
On July 31, 2017, the...Read more
In 2017, we raised prices...Read more
Over the past three year...Read more
Over the past three years,...Read more
Based on the Companys strong...Read more
Effective with our initial public...Read more
These components are subject to...Read more
, driven primarily by increased...Read more
, driven primarily by increased...Read more
The decrease in the effective...Read more
, driven primarily by supply...Read more
Interest expense decreased $0.5 million,...Read more
crease in the effective rate...Read more
The strong performance of our...Read more
The strong performance of our...Read more
The strong performance of our...Read more
our continued investment in our...Read more
In addition, the following trends...Read more
The decreases in net cash...Read more
We have experienced significant growth...Read more
We also assess permanent and...Read more
, primarily driven by increased...Read more
In the near term, these...Read more
Over the last three years,...Read more
Net Sales of Wet Foods,...Read more
Net sales of Dry Foods...Read more
and Jasper County, Missouri, or...Read more
Despite our growth within eCommerce,...Read more
In addition to these general...Read more
Over the past three years,...Read more
In the near term, we...Read more
Our cost of goods sold...Read more
BLUE Life Protection Formula and...Read more
, our Term Facility consisted...Read more
We determine whether it is...Read more
Our effective tax rate was...Read more
Our effective tax rate was...Read more
Net sales increased $122.3 million,...Read more
Net sales of Dry Foods...Read more
Net Sales of Wet Foods,...Read more
growth of eCommerce which has...Read more
See Note 2 to the...Read more
We have entered into contracts...Read more
Historically, we have been able...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Blue Buffalo Pet Products, Inc. provided additional information to their SEC Filing as exhibits
Ticker: BUFF
CIK: 1609989
Form Type: 10-K Annual Report
Accession Number: 0001609989-18-000019
Submitted to the SEC: Mon Feb 26 2018 4:46:04 PM EST
Accepted by the SEC: Mon Feb 26 2018
Period: Sunday, December 31, 2017
Industry: Food And Kindred Products