Amplify's stock soars after better-than-expected results, upbeat outlook
Amplify Snack Brands Inc.'s stock soared 11% in after-hours trade, after the maker of Skinny Pop popcorn reported fourth-quarter results that beat expectations, and provided an upbeat outlook for the current year. Earnings for the latest quarter rose to $4.4 million, or 6 cents a share, from $2.6 million, or 4 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 13 cents, above the FactSet consensus of 10 cents. Revenue increased 40% to $46.4 million, beating the FactSet consensus of $44.3 million. For 2016, the company expects adjusted EPS of 61 cents to 64 cents, above the FactSet consensus of 59 cents. Sales were projected to be $231 million to $237 million, surrounding the FactSet consensus of $233 million. "Our financial performance in the quarter reflects the strong momentum for the SkinnyPop brand, as we continue to realize best-in-class velocities while simultaneously increasing our points of distribution and gaining market share across a wide range of sales channels," said Chief Executive Thomas Ennis. The stock has gained 1.2% year to date through Tuesday's close, while the S&P 500 has lost 3.2%.
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