AdvancePierre Foods Announces Fourth Quarter and Full Year 2016 Financial Results
Source AdvancePierre Foods
CINCINNATI--(BUSINESS WIRE)--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 fourth quarter and full year ended December 31, 2016.
Fourth Quarter Highlights
- GAAP net income of $33.1 million, or $0.42 per diluted share, and Adjusted Net Income1 of $42.0 million, or $0.53 per diluted share.
- Net sales of $409.4 million included organic core volume growth2 of 5.7%.
- Adjusted EBITDA1 of $81.2 million.
- Reduced net leverage to 3.3 times trailing twelve month Adjusted EBITDA.
- Paid quarterly dividend of $0.14 per share in the fourth quarter.
Full Year 2016 Highlights
- GAAP net income of $136.3 million, or $1.90 per diluted share, and Adjusted Net Income1 of $124.4 million, or $1.73 per diluted share.
- Net sales of $1.568 billion included organic core volume growth of 2.5%.
- Adjusted EBITDA1 of $300.2 million.
Full Year 2017 Outlook
- Net sales in the range of $1.640 billion to $1.670 billion, including organic core volume growth of 2.0-3.0%.
- Adjusted EBITDA in the range of $315 million to $325 million.
- Adjusted Diluted Net Income per Share in the range of $1.30 to $1.37.
“Our fourth quarter results were highlighted by profitable growth in each of our three core segments, strong cash flow generation, and the completion of another strategic business acquisition,” said AdvancePierre Chief Executive Officer, John Simons. “In 2016 we delivered on our commitments to achieve solid organic growth, increase earnings, and deploy cash flow to reward our shareholders with an attractive dividend.”
“We plan to continue to invest in highly accretive acquisitions and reduce leverage,” added AdvancePierre’s President, Chris Sliva. “Our growth trajectory sets us apart from the broader food industry and we are well positioned to continue our momentum driven by execution of our continuous improvement process, ‘the APF Way’, in 2017 and beyond.”
