Hostess Brands, Inc. Announces First Quarter 2017 Financial Results
Source Hostess Brands, Inc.
First Quarter 2017 Net Revenue Increased 15.2% to $184.5 million from Pro Forma First Quarter 2016
Company Reaffirms Full Year 2017 Outlook
KANSAS CITY, Mo--(BUSINESS WIRE)--Hostess Brands, Inc. (NASDAQ: TWNK, TWNKW) (the “Company”), a leading manufacturer and marketer in the United States of sweet baked goods, including Hostess®, Twinkies®, Ding Dongs®, Ho Hos®, Donettes® and a variety of other new and classic treats, today reported financial results for the first quarter ended March 31, 2017.
First Quarter 2017 Financial Highlights
- Net revenue for the first quarter 2017 increased 15.2%, or $24.3 million from pro forma first quarter of 2016 (net revenue increased 9.1%, excluding revenue from the Company's In-Store Bakery segment)
- Net income for the first quarter 2017 was $24.2 million, an increase of $11.9 million, compared to $12.3 million for the pro forma first quarter of 2016
- EPS on a fully diluted basis was $0.15 per share
- Adjusted EBITDA increased 13.3%, or $6.4 million, to $54.5 million for the first quarter of 2017 from $48.1 million for the pro forma first quarter of 2016
“We are pleased with our strong start to the year and continued ability to gain market share,” commented Bill Toler, President and Chief Executive Officer of the Company. “Our 2017 new product initiatives and our holiday and seasonal programs provided solid growth in the first quarter and we are optimistic about their potential for the year."
