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November 10, 2016

AdvancePierre issues Q3 results after Allied Specialty Foods acquisition

AdvancePierre Foods Holdings has booked a dip in net sales for the third quarter of the year in the group's first results reported since its acquisition last month of cooked and raw beef and chicken Philly steak products manufacturer Allied Specialty Foods.

AdvancePierre Foods Holdings has booked a dip in net sales for the third quarter of the year in the group’s first results reported since its acquisition last month of cooked and raw beef and chicken Philly steak products manufacturer Allied Specialty Foods.

Net sales were US393.7m compared to $407.2m for the third quarter of 2015, which the US sandwich maker said was mainly due to eliminating lower margin business in its Industrial segment, which reduced net sales by $14m “and to strategic price and trade spending investments to reflect lower raw material costs”, which reduced net sales by $8.8m.

Net sales for the first nine months of the year were $1.15bn compared to $1.22bn for the same period last year.

Operating income for the third quarter was $39.2m compared to $41.5 for the year-ago period and amounted to $127.4m for the first nine months of the year versus $110.1m for the comparable period in 2015.

Adjusted third-quarter EBITDA was $78.9m versus $68.4m for the same period last year. Adjusted EBITDA for the first nine months of the year was $219m compared to $191m in the year-ago period.

President and CEO John Simons said: “As demonstrated in these results as well as our recently announced strategic acquisition of Allied Specialty Foods, we are delivering on our commitments to invest in our core business to continue improving our portfolio mix, and adding accretive acquisitions to accelerate our future growth.”

In a separate announcement yesterday (9 Noember) AdvancePierre Foods said Chris Silva will join the company’s board as president from 14 November – and he will succeed Simons as CEO on his retirement next March.

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