Amplify Snack Brands revises FY17 adjusted EPS to 35c-43c from 42c-50c
Consensus 42c. The company updated its FY17 guidance to reflect its year-to-date results and current view on the remainder of the year. For the FY7 the company now expects the following: net sales of $385M to $400M, consensus $402.61M, adjusted EBITDA of $92M to $100M, cash and non-cash interest expense of approximately $43M to $45M, effective tax rate of 37% to 39%, adjusted EPS 35c to 43c, and fully diluted share count of approximately 77M share. As a result of the timing of planned distribution and sales gains across the company's business segments, it expects the rate of year-over-year growth for both sales and profitability to increase as the year progresses. Although the company plans to invest more heavily in marketing behind its North America and International brands in the third quarter, it expects continued margin improvement in the second half of 2017 relative to the first half of 2017.