Posts Tagged ‘net sales’

The Middleby Corporation Reports Second Quarter Results | Business Wire

ELGIN, Ill.–(BUSINESS WIRE)–The Middleby Corporation (NASDAQ: MIDD), a leading worldwide

manufacturer of equipment for the commercial foodservice, food

processing and residential kitchen industries, today reported net sales

and earnings for the second quarter ended July 1, 2017. Net earnings for

the second quarter were $77,569,000 or $1.35 per share on net sales of

$579,343,000 as compared to the prior year second quarter net earnings

of $72,891,000 or $1.28 per share on net sales of $580,456,000.

2017 Second Quarter Financial Highlights

  • Net sales decreased 0.2% compared to the prior year second quarter.

    Sales related to recent acquisitions added $29.2 million or 5.0%, in

    the second quarter. The impact of foreign exchange rates on foreign

    sales translated into U.S. Dollars reduced net sales by approximately

    $10.7 million, or 1.8%, during the second quarter. Excluding the

    impact of foreign exchange and acquisitions, sales decreased 3.4%

    during the second quarter.

  • Net sales at the company’s Commercial Foodservice Equipment Group

    increased by $12.8 million, or 4.0%, to $333.8 million in the second

    quarter as compared to $321.0 million the prior year second quarter.

    During fiscal 2016, the company completed the acquisition of Follett.

    Excluding the impact of this acquisition, sales decreased 4.4% in the

    second quarter, or 3.3% excluding the impact of foreign exchange.

  • Net sales at the company’s Food Processing Equipment Group increased

    by $8.9 million, or 10.7%, to $92.4 million in the second quarter as

    compared to $83.5 million the prior year second quarter. During fiscal

    2017, the company completed the acquisition of Burford. Excluding the

    impact of this acquisition, sales increased 8.0% in the second

    quarter, or 8.5% excluding the impact of foreign exchange.

  • Net sales at the company’s Residential Kitchen Equipment Group

    decreased by $22.8 million, or 13.0%, to $153.2 million in the second

    quarter as compared to $176.0 million in the prior year second

    quarter. Excluding the impact of foreign exchange, sales decreased

    9.1%.

  • Gross profit in the second quarter increased to $234.6 million from

    $233.5 million. The gross margin rate increased to 40.5% from 40.2%

    for the second quarter, reflecting improvement in profitability for

    both the Food Processing Equipment Group and the Residential Kitchen

    Equipment Group, due to the favorable impact of restructuring

    initiatives at the AGA group. This increase was offset in part by

    lower gross margins at the Commercial Foodservice Group reflecting the

    impact from the acquisition of Follett.

  • Operating income increased 9.1% in the second quarter to $122.1

    million from $111.9 million in the prior year quarter. Operating

    income during the second quarter of 2017 included $11.5 million of

    restructuring charges related to cost reduction initiatives associated

    primarily with AGA, as compared to $6.4 million in charges in the

    second quarter of 2017 related to acquisition integration initiatives

    at AGA. Additionally, the company realized a $12.0 million gain on the

    sale of a manufacturing facility in connection with relocation to an

    upgraded facility which will allow for improvement in production

    efficiencies and consolidation of certain operations. Operating income

    also included the impact of $3.4 million in non-cash expenses

    associated with the finalization of purchase accounting adjustments

    during the quarter for the Follett acquisition completed in 2016.

  • Non-cash expenses included in operating income during the second

    quarter of 2017 amounted to $20.9 million, including $7.4 million of

    depreciation, $10.5 million of intangible amortization and $3.0

    million of non-cash share based compensation.

  • Other expense in the quarter was $0.3 million compared to $3.8 million

    of other income in the prior year quarter, consisting mainly of

    foreign exchange gains and losses.

  • The provision for income taxes during the second quarter amounted to

    $38.6 million, at an effective rate of 33.2%, as compared to a $36.8

    million provision at a 33.5% effective rate in the prior year quarter.

  • Net earnings per share increased 5.5% to $1.35 in the second quarter

    as compared to $1.28 in the prior year quarter. Net earnings in the

    current second quarter were reduced by restructuring expenses,

    non-cash expenses associated with the finalization of purchase

    accounting adjustments for Follett, offset by the gain on sale of a

    manufacturing facility. The impact of these items reduced earnings per

    share by $0.04 in the 2017 second quarter period.

  • Net debt, defined as debt less cash, at the end of the second quarter

    amounted to $738.4 million as compared to $663.6 million at the end of

    the fiscal 2016. Second quarter debt reflected the funding of the

    Burford, CVP Systems and Sveba Dahlen acquisitions completed in the

    current period.

Selim A. Bassoul Chairman and Chief Executive Officer, commented, “At

the Commercial Foodservice Equipment Group, sales continued to be slower

due to timing of purchases from our major restaurant chain customers. We

have an exciting pipeline of new product opportunities with existing and

new major restaurant chain customers. These new equipment solutions have

a quick and proven payback to the restaurant operator. We have a high

level of confidence these opportunities will translate into revenues and

future growth, although longer periods of time to finalize programs

associated with larger capital investments at those customers has

impacted our revenues with those customers during the quarter.”

“At the Food Processing Equipment Group, we realized a solid quarter and

continue to see development of new food processing facilities in

emerging markets and with customers in existing facilities looking to

expand production capacities. We have invested heavily in the operations

of our industrial bakery brands, including the opening of our world

class industrial baking center in Plano, Texas which provides a resource

and expertise to our customers.”

Mr. Bassoul continued, “At our Residential Kitchen Equipment Group, the

second quarter sales decline reflects the impact of lower revenues at

the AGA Group due to acquisition integration initiatives. In an effort

to simplify those businesses and significantly reduce costs, we have

eliminated unprofitable products and reduced price discounting for

non-core business within that group. At Viking we continued to realize

sales declines reflecting the impact of the prior year product recall

and legacy issues related to products manufactured during the previous

ownership. We continue to have a positive outlook for this brand as the

benefit of the comprehensive new product lineup, improved customer

service, and significant investments in after-sales service take hold in

the marketplace. Since the acquisition by Middleby, Viking has released

more award winning products than any time in its history. As a result of

these investments, Viking is now leading in consumer product ratings

across its product categories.”

Mr. Bassoul added, “We continue to expand our industry leading profit

margins at all three business segments. Through our continued focus on

product innovation, pricing discipline and operational excellence we

realized record EBITDA margins despite short-term revenue declines. We

have ongoing initiatives to integrate recently acquired businesses and

remain in the early stages of leveraging synergies in our newly

developed residential platform. We remain confident in our commitment

and progress toward our longer-term margin expansion goals for the

company.

Mr. Bassoul further commented, “We were also very pleased to announce

three acquisitions during the quarter including, Burford, CVP Systems

and Sveba Dahlen. Burford is a leading brand in a broad line of seeding,

topping and slicing equipment for the industrial baking industry

complementing our existing baking systems offering. CVP Systems is a

leader in high speed modified atmosphere packaging systems,

complementing both our Food Processing Equipment Group product offerings

in meat and bakery equipment. Sveba Dahlen adds two leading brands to

our portfolio, which included the Bear Varimixer and Sveba Dahlen

brands. Bear Varimixer is a leading brand and innovator in mixing

equipment utilized primarily in the foodservice industry. Sveba Dahlen

is a long standing and highly respected manufacturer of ovens for the

baking industry, significantly expanding Middleby’s offering in this

product category and providing increased opportunities to expand and

accelerate growth into the retail supermarket customer segment.”

Conference Call

A conference call will be held at 10:00 a.m. Central time on August 10,

2017 and can be accessed by dialing (888) 391-6937 or (315) 625-3077 and

entering conference code 65321198#. The conference call is also

accessible through the Investor Relations section of the company website

at www.middleby.com.

A replay of the conference call will be available two hours after the

conclusion of the call by dialing (855) 859-2056 and entering conference

code 65321198#.

Statements in this press release or otherwise attributable to the

company regarding the company’s business which are not historical fact

are forward-looking statements made pursuant to the safe harbor

provisions of the Private Securities Litigation Reform Act of 1995. The

company cautions investors that such statements are estimates of future

performance and are highly dependent upon a variety of important factors

that could cause actual results to differ materially from such

statements. Such factors include variability in financing costs;

quarterly variations in operating results; dependence on key customers;

international exposure; foreign exchange and political risks affecting

international sales; changing market conditions; the impact of

competitive products and pricing; the timely development and market

acceptance of the company’s products; the availability and cost of raw

materials; and other risks detailed herein and from time-to-time in the

company’s SEC filings.

The Middleby Corporation is a global leader in the foodservice equipment

industry. The company develops, manufactures, markets and services a

broad line of equipment used in the commercial foodservice, food

processing, and residential kitchen equipment industries. The company’s

leading equipment brands serving the commercial foodservice industry

include Anets®, Bear Varimixer®, Beech®, Blodgett®, Blodgett Combi®,

Blodgett Range®, Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®,

Concordia®, CookTek®, CTX®, Desmon®, Doyon®, Eswood®, frifri®, Follett®,

Giga®, Goldstein® , Holman®, Houno®, IMC®, Induc®, Jade®, Lang®,

Lincat®, MagiKitch’n®, Market Forge®, Marsal®, Middleby Marshall®, MPC®,

Nieco®, Nu-Vu®, PerfectFry®, Pitco Frialator®, Southbend®, Star®, Sveba

Dahlen®, Toastmaster®, TurboChef® and Wells® and Wunder-Bar®. The

company’s leading equipment brands serving the food processing industry

include Alkar®, Armor Inox®, Auto-Bake®, Baker® Thermal Solutions®,

Burford®, Cozzini®, CVP Systems®, Danfotech®, Drake®, Maurer-Atmos®, MP

Equipment®, RapidPak®, Spooner Vicars®, Stewart Systems® and Thurne®.

The company’s leading equipment brands serving the residential kitchen

industry include AGA®, AGA Cookshop®, Brigade®, Falcon®, Fired Earth®,

Grange®, Heartland®, La Cornue®, Leisure Sinks®, Lynx®, Marvel®,

Mercury®, Rangemaster®, Rayburn®, Redfyre®, Sedona®, Stanley®,

TurboChef®, U-Line® and Viking®.

For more information about The Middleby Corporation and the company

brands, please visit www.middleby.com

 

 

 

 

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF

EARNINGS

(Amounts in 000’s, Except Per Share Information)

(Unaudited)

 

 

Three Months Ended

Six Months Ended

 

2nd Qtr, 2017

2nd Qtr, 2016

2nd Qtr, 2017

2nd Qtr, 2016

Net sales

$

579,343

$

580,456

$

1,109,640

$

1,096,811

Cost of sales

 

344,735

 

346,954

 

665,582

 

666,536

 

Gross profit

234,608

233,502

444,058

430,275

 

Selling, general & administrative

113,020

115,199

219,666

224,991

Restructuring expenses

11,494

6,390

13,219

6,996

Gain on sale of plant

 

(12,042)

 

 

(12,042)

 

 

Income from operations

122,136

111,913

223,215

198,288

 

Interest expense and deferred

financing amortization, net

5,702

6,059

11,507

11,335

Other expense (income), net

 

302

 

(3,838)

 

2,169

 

(4,638)

 

Earnings before income taxes

116,132

109,692

209,539

191,591

 

Provision for income taxes

 

38,563

 

36,801

 

61,268

 

64,162

 

Net earnings

$

77,569

$

72,891

$

148,271

$

127,429

 

 

Net earnings per share:

 

Basic

$

1.35

$

1.28

$

2.59

$

2.23

 

Diluted

$

1.35

$

1.28

$

2.59

$

2.23

 

Weighted average number shares:

 

Basic

 

57,299

 

57,022

 

57,201

 

57,037

 

Diluted

 

57,299

 

57,022

 

57,201

 

57,037

Be the first to comment - What do you think?  Posted by admin - August 12, 2017 at 8:23 am

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Gap Inc. Reports First Quarter Results | Business Wire

SAN FRANCISCO–(BUSINESS WIRE)–Gap

Inc. (NYSE: GPS) today reported first quarter fiscal year 2017

diluted earnings per share of $0.36 compared with diluted earnings per

share of $0.32 in the first quarter of fiscal year 2016. The company

also reaffirmed its full-year diluted earnings per share guidance to be

in the range of $1.95 to $2.05.

“We are pleased with our positive comp and earnings growth this

quarter,” said Art Peck, president and chief executive officer, Gap Inc.

“We’ve made substantial improvements in product quality and fit, and our

increasing responsive capabilities are enabling us to better react to

trends and demand.”

“While the retail environment continues to be challenging, we are

focused on delivering the best possible product and customer experience,

and our ability to leverage a portfolio of iconic brands and operating

scale uniquely positions the company for long-term growth,” Peck

continued.

First Quarter 2017 Comparable Sales Results

Gap Inc.’s comparable sales for the first quarter of fiscal year 2017

were up 2 percent versus a 5 percent decrease last year. Comparable

sales by global brand for the first quarter were as follows:

  • Old Navy Global: positive 8 percent versus negative 6 percent

    last year

  • Gap Global: negative 4 percent versus negative 3 percent last

    year

  • Banana Republic Global: negative 4 percent versus negative 11

    percent last year

Net Sales Results

Net sales for the first quarter of fiscal year 2017 were $3.4 billion,

about flat to the first quarter of fiscal year 2016. The translation of

foreign currencies into U.S. dollars negatively impacted the company’s

net sales for the first quarter of fiscal year 2017 by about $11

million. First quarter net sales details appear in the tables at the end

of this press release.

Additional First Quarter of Fiscal 2017 Results and 2017 Outlook

Earnings per Share

The company reaffirmed its full year diluted earnings per share guidance

to be in the range of $1.95 to $2.05.

The company updated its diluted earnings per share guidance for the

first half of fiscal year 2017 to be down mid-single digits when

compared with the adjusted diluted earnings per share for the first half

of fiscal year 2016, an improvement from the company’s previous guidance

of down high-single digits.

The company noted that foreign currency fluctuations negatively impacted

earnings per share for the first quarter of fiscal year 2017 by an

estimated $0.03, or about 9 percentage points of earnings per share

growth.1
___________________________
1

In calculating earnings per share excluding the impact of foreign

exchange, the company estimates current gross margins using the

appropriate prior year rates (including the impact of

merchandise-related hedges), translates current period foreign earnings

at prior year rates, and excludes the year-over-year earnings impact of

balance sheet remeasurement and gains or losses from

non-merchandise-related foreign currency hedges. This is done in order

to enhance the visibility of business results excluding the direct

impact of foreign currency exchange rate fluctuations.

Comparable and Net Sales

The company continues to expect comparable sales for fiscal year 2017 to

be flat to up slightly.

Net sales for fiscal year 2017 are expected to be slightly below this

range driven by an expected negative impact from foreign currency

fluctuations year-over-year.

Operating Margin

The company’s operating margin for the first quarter of fiscal year 2017

was 7.4 percent compared with 6.5 percent last year.

Operating Expenses

First quarter fiscal year 2017 operating expenses were $1.05 billion

compared with $987 million last year.

Effective Tax Rate

The effective tax rate was 39.9 percent for the first quarter of fiscal

year 2017. The first quarter tax rate was negatively impacted by the

adoption of a new accounting standard related to share-based

compensation which requires all excess tax benefits and deficiencies to

be recognized as a component of the income tax provision.

The company continues to expect its fiscal year 2017 effective tax rate

to be about 39 percent, including the impact of the new accounting

standard related to share-based compensation.

Inventory

At the end of the first quarter of fiscal year 2017, total inventory was

about flat year-over-year.

The company now expects total inventory to be about flat at the end of

the first half of fiscal year 2017 when compared with the end of the

first half of fiscal year 2016.

Cash and Cash Equivalents

The company ended the first quarter of fiscal year 2017 with $1.6

billion in cash and cash equivalents. Year-to-date free cash flow,

defined as net cash provided by operating activities less purchases of

property and equipment, net of insurance proceeds related to loss of

property and equipment, was negative $5 million, reflecting the timing

of lease payments and a larger increase in inventory from the beginning

of the quarter to the end of the quarter when compared to the same

period in fiscal 2016. Please see the reconciliation of free cash flow,

a non-GAAP financial measure, from the GAAP financial measure in the

tables at the end of this press release.

Cash Distribution

During the quarter, Gap Inc. repurchased 4.2 million shares for about

$100 million and ended the first quarter of fiscal year 2017 with 396

million shares outstanding.

The company expects to spend about $100 million on share repurchases in

the second quarter of fiscal 2017.

The company paid a dividend of $0.23 per share during the first quarter

of fiscal year 2017. In addition, the company announced today that its

Board of Directors authorized a second quarter dividend of $0.23 per

share.

Capital Expenditures

First quarter fiscal year 2017 capital expenditures were $110 million.

The company continues to expect capital spending to be approximately

$625 million for fiscal year 2017, excluding an estimated $200 million

associated with the rebuilding of the company’s Fishkill, New York

distribution center campus and related supply chain spend. The company

noted the majority of these costs are expected to be covered by

insurance proceeds.

Real Estate

The company ended the first quarter of fiscal year 2017 with 3,652 store

locations in 50 countries, of which 3,186 were company-operated.

The company now expects store count to be about flat at the end of

fiscal year 2017 compared with fiscal year 2016, down from previous

guidance of 40 net store openings.

Webcast and Conference Call Information

Jennifer Fall, senior vice president of Corporate Finance and Investor

Relations at Gap Inc., will host a summary of the company’s first

quarter fiscal year 2017 results during a conference call and webcast

from approximately 2:00 p.m. to 3:00 p.m. Pacific Time today. Ms. Fall

will be joined by Art Peck, Gap Inc. president and chief executive

officer, and Teri List-Stoll, Gap Inc. executive vice president and

chief financial officer.

The conference call can be accessed by calling 1-855-5000-GPS or

1-855-500-0477 (participant passcode: 4151797). International callers

may dial 913-643-0954. The webcast can be accessed at www.gapinc.com.

Forward-Looking Statements

This press release and related conference call and webcast contain

forward-looking statements within the “safe harbor” provisions of the

Private Securities Litigation Reform Act of 1995. All statements other

than those that are purely historical are forward-looking statements.

Words such as “expect,” “anticipate,” “believe,” “estimate,” “intend,”

“plan,” “project,” and similar expressions also identify forward-looking

statements. Forward-looking statements include statements regarding the

following:

  • earnings per share for the first half and full fiscal year 2017;

  • comparable sales for fiscal year 2017;

  • net sales for fiscal year 2017;

  • foreign exchange impact in fiscal year 2017;

  • effective tax rate for fiscal year 2017;

  • total inventory at the end of the first half of fiscal year 2017;

  • capital expenditures for fiscal year 2017;

  • costs related to rebuilding the Fishkill distribution center;

  • store count at the end of fiscal year 2017 and new Athleta stores;

  • insurance recovery for costs related to the fire at our Fishkill

    distribution center; and

  • share repurchases in the second quarter of fiscal year 2017.

Because these forward-looking statements involve risks and

uncertainties, there are important factors that could cause the

company’s actual results to differ materially from those in the

forward-looking statements. These factors include, without limitation,

the following:

  • the risk that additional information may arise during the company’s

    close process or as a result of subsequent events that would require

    the company to make adjustments to the unaudited financial information;

  • the risk that the company or its franchisees will be unsuccessful in

    gauging apparel trends and changing consumer preferences;

  • the highly competitive nature of the company’s business in the United

    States and internationally;

  • the risk that failure to maintain, enhance and protect the company’s

    brand image could have an adverse effect on its results of operations;

  • the risk that the failure to attract and retain key personnel, or

    effectively manage succession, could have an adverse impact on the

    company’s results of operations;

  • the risk that trade matters could increase the cost or reduce the

    supply of apparel available to the company and adversely affect its

    business, financial condition, and results of operations;

  • the risk that changes in the regulatory or administrative landscape

    could adversely affect the company’s financial condition, strategies,

    and results of operations;

  • the risk that the company’s investments in omni-channel shopping

    initiatives may not deliver the results the company anticipates;

  • the risk that if the company is unable to manage its inventory

    effectively, its gross margins will be adversely affected;

  • the risk that the company is subject to data or other security

    breaches that may result in increased costs, violations of law,

    significant legal and financial exposure, and a loss of confidence in

    the company’s security measures, which could have an adverse effect on

    the company’s results of operations and reputation;

  • the risk that foreign currency exchange rate fluctuations could

    adversely impact the company’s financial results;

  • the risks to the company’s business, including its costs and supply

    chain, associated with global sourcing and manufacturing;

  • the risk that changes in global economic conditions or consumer

    spending patterns could adversely impact the company’s results of

    operations;

  • the risks to the company’s efforts to expand internationally,

    including its ability to operate under a global brand structure and

    operating in regions where it has less experience;

  • the risks to the company’s reputation or operations associated with

    importing merchandise from foreign countries, including failure of the

    company’s vendors to adhere to its Code of Vendor Conduct;

  • the risk that the company’s franchisees’ operation of franchise stores

    is not directly within the company’s control and could impair the

    value of its brands;

  • the risk that the company or its franchisees will be unsuccessful in

    identifying, negotiating, and securing new store locations and

    renewing, modifying, or terminating leases for existing store

    locations effectively;

  • the risk that comparable sales and margins will experience

    fluctuations;

  • the risk that changes in the company’s credit profile or deterioration

    in market conditions may limit the company’s access to the capital

    markets and adversely impact its financial results or business

    initiatives;

  • the risk that updates or changes to the company’s information

    technology systems may disrupt its operations;

  • the risk that natural disasters, public health crises, political

    crises, or other catastrophic events could adversely affect the

    company’s operations and financial results, or those of its

    franchisees or vendors;

  • the risk that reductions in income and cash flow from our marketing

    and servicing arrangement related to our private label and co-branded

    credit cards could adversely affect our operating results and cash

    flows;

  • the risk that the adoption of new accounting pronouncements will

    impact future results;

  • the risk that the company does not repurchase some or all of the

    shares it anticipates purchasing pursuant to its repurchase program;

    and

  • the risk that the company will not be successful in defending various

    proceedings, lawsuits, disputes, claims, and audits.

Additional information regarding factors that could cause results to

differ can be found in the company’s Annual Report on Form 10-K for the

fiscal year ended January 28, 2017, as well as the company’s subsequent

filings with the Securities and Exchange Commission.

These forward-looking statements are based on information as of May 18,

2017. The company assumes no obligation to publicly update or revise its

forward-looking statements even if experience or future changes make it

clear that any projected results expressed or implied therein will not

be realized.

About Gap Inc.

Gap Inc. is a leading global retailer offering clothing, accessories,

and personal care products for men, women, and children under the Gap,

Banana Republic, Old Navy, Athleta, Intermix, and Weddington Way brands.

Fiscal year 2016 net sales were $15.5 billion. Gap Inc. products are

available for purchase in more than 90 countries worldwide through about

3,200 company-operated stores, about 450 franchise stores, and

e-commerce sites. For more information, please visit www.gapinc.com.

 

The Gap, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

UNAUDITED

 

 

 

 

 

($ in millions)

April 29,
2017

April 30,
2016

ASSETS

Current assets:

Cash and cash equivalents

$

1,583

$

1,313

Merchandise inventory

1,961

1,958

Other current assets

 

575

 

674

Total current assets

4,119

3,945

Property and equipment, net

2,605

2,864

Other long-term assets

 

687

 

698

Total assets

$

7,411

$

7,507

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Current maturities of debt

$

67

$

424

Accounts payable

1,119

1,108

Accrued expenses and other current liabilities

1,088

974

Income taxes payable

 

28

 

49

Total current liabilities

 

2,302

 

2,555

Long-term liabilities:

Long-term debt

1,248

1,318

Lease incentives and other long-term liabilities

 

999

 

1,112

Total long-term liabilities

 

2,247

 

2,430

Total stockholders’ equity

 

2,862

 

2,522

Total liabilities and stockholders’ equity

$

7,411

$

7,507

 

Be the first to comment - What do you think?  Posted by admin - June 27, 2017 at 5:34 pm

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Electronic Arts Reports Q4 FY17 and Full Year FY17 Financial Results | Business Wire

REDWOOD CITY, Calif.–(BUSINESS WIRE)–Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial

results for its fourth fiscal quarter and fiscal year ended March 31,

2017.

“Fiscal 2017 was a milestone year for Electronic Arts, defined by

groundbreaking games and live services that delivered more fun and

connected more players with their friends,” said Chief Executive Officer

Andrew Wilson. “In Fiscal 2018, we are focused on innovating for our

players with extraordinary new experiences across our portfolio,

continuing to grow our global network, and extending our reach across

new platforms and more ways to play.”

“We generated record net sales and operating cash flow in fiscal 2017,

driven by our ongoing transition to digital as well as our increasing

success with live services,” said Chief Financial Officer Blake

Jorgensen. “Our long-term vision, to leverage deep player engagement to

drive growth and profitability, is enabling us to execute on our

near-term financial goals to increase revenue, earnings and cash

generation.”

News and ongoing updates regarding EA and its games are available on

EA’s blog at www.ea.com/news.

Selected Operating Highlights and Metrics:

  • Digital net sales* of $3.034 billion for fiscal 2017; this represents

    61% of total net sales, up 20% year-over-year.

  • EA was the #1 publisher on PlayStation®4 and Xbox One consoles in the

    Western World for fiscal 2017, based on available sources and EA

    estimates.

  • Through the end of FY17, Battlefield™ 1 had more than 19

    million players joining the game, a 50% increase over Battlefield 4™

    in the comparable period.

  • More than 21 million players have joined FIFA 17 to date

    including more than 12 million players that have engaged in our new

    story mode “The Journey”.

  • FIFA Ultimate Team™ had 13% more players year-over-year

    through the end of Q4.

  • In Q4, average gameplay time per player in STAR WARS™: Galaxy

    of Heroes reached a new record high of 162 minutes per day.

  • Monthly active users in Q4 for The Sims™ 4 increased 33%

    year-over-year.

* Net sales is defined as the net amount of products and services

sold digitally or sold-in physically in the period.

Selected Financial Highlights and Metrics:

All financial measures are presented on a GAAP basis.

  • Net cash provided by operating activities for the fourth quarter was

    $407 million.

  • Net cash provided by operating activities for the fiscal year was a

    record $1.383 billion.

  • In Q4, EA repurchased 1.5 million shares for $125 million.

  • In fiscal 2017, EA repurchased 6.5 million shares for $508 million.

  • EA announced a new $1.2 billion, two-year stock repurchase program.

 

Quarterly Financial Highlights:

(in millions, except per share amounts)

 

Three Months Ended March 31,

2017

 

2016

 

Digital net revenue

$934

$715

Packaged goods and other net revenue

593

593

Total net revenue

$1,527

$1,308

 

Net income

$566

$899

Diluted earnings per share

$1.81

$2.79*

 

Operating cash flow

$407

$396

 

Value of shares repurchased

$125

$634

Number of shares repurchased

1.5

9.9

Be the first to comment - What do you think?  Posted by admin - June 9, 2017 at 8:08 am

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Berry Global Group, Inc. Reports Second Quarter Fiscal 2017 Results | Business Wire

EVANSVILLE, Ind.–(BUSINESS WIRE)–Berry Global Group, Inc. (NYSE:BERY) today reported results for its

second fiscal 2017 quarter, referred to in the following as the March

2017 quarter.

  • Net income for the March 2017 quarter was $72 million ($0.54 per

    diluted share) compared to $59 million ($0.47 per diluted share) in

    the prior year quarter. Adjusted net income in the March 2017 quarter

    was 36 percent higher at $0.79 per diluted share compared to $0.58 per

    diluted share in the prior year quarter.

  • Net sales increased 12% over the prior year quarter and was a

    quarterly record at $1 billion 806 million. Operating income for the

    quarter increased to $175 million compared to $165 million in the

    prior year quarter. Operating EBITDA was also a quarterly record at

    $336 million (18.6% of net sales).

  • Cash flow from operations for the last four quarters ended March 2017

    was $829 million, and adjusted free cash flow for the same period was

    $524 million.

  • We are reaffirming our fiscal 2017 guidance of projected cash flow

    from operations of $925 million and adjusted free cash flow of $550

    million.

  • Increased our annual cost synergies for the AEP acquisition from our

    original guidance of $50 million to $70 million.

“I am pleased to report that we had another quarter of record financial

results. Milestones for both revenue and operating EBITDA were achieved

of $1 billion $806 million and $336 million, respectively. Adjusted free

cash flow improved 36% to $122 million, and adjusted net income was also

36% higher at 79 cents per diluted share,” said Tom Salmon, CEO of Berry.

March 2017 Quarter Results

Comparison of the Quarterly Period Ended April 1, 2017 (“Current

Quarter”) and the Quarterly Period Ended April 2, 2016 (“Prior Year

Quarter”) are presented below:

 

 

Consolidated Overview

 

 

 

 

 

 

 

 

 

 

(in millions of dollars)

Current
Quarter

 

 

Prior Year
Quarter

 

 

$ Change

 

 

% Change

Net sales

$

1,806

 

 

$

1,614

 

 

$

192

 

 

12

%

Operating income

175

165

10

6

%

 

Be the first to comment - What do you think?  Posted by admin - June 1, 2017 at 3:32 pm

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Hershey Announces Third-Quarter Results | Business Wire

HERSHEY, Pa.–()–The Hershey Company (NYSE: HSY):

</p>

<p style="text-align: center">http://www.funnyordie.com/videos/e64faad3f0/crooked-media-live-everybody-hates-trumpcare-with-whitney-cummings-episode-3

  • Third-quarter net sales increased 2.2%, including the impact of

    acquisitions and foreign currency exchange rates:

    • Acquisitions a 0.7 point benefit

    • Unfavorable foreign currency exchange rates a 0.2 point headwind

  • Third-quarter earnings per share-diluted of $1.06 as reported and

    $1.29 adjusted

  • Outlook for 2016 net sales and earnings per share-diluted updated:

    • Full-year net sales expected to increase around 1%, including a

      net benefit from acquisitions and divestitures of about 0.5 points

      and unfavorable foreign currency exchange rates of about 0.75

      points

    • Reported earnings per share-diluted expected to be in the $3.82

      to $3.90 range

    • Adjusted earnings per share-diluted expected to increase 4% to

      5%, including dilution from acquisitions of $0.05 to $0.06 per

      share, and be in the $4.28 to $4.32 range

The Hershey Company (NYSE: HSY) today announced sales and earnings for

the third quarter ended October 2, 2016. Consolidated net sales were

$2,003.5 million compared with $1,960.8 million for the third quarter of

2015. Reported net income for the third quarter of 2016 was $227.4

million or $1.06 per share-diluted, compared with $154.8 million or

$0.70 per share-diluted for the comparable period of 2015.

“I’m pleased with Hershey’s third-quarter operating results, which were

relatively in line with our estimates across all markets,” said John P.

Bilbrey, Chairman, President and Chief Executive Officer, The Hershey

Company. “Our U.S. business benefited from performance within key retail

channels and Halloween programming and merchandising in the marketplace.

Throughout 2016, our top priority has been to restore consistency across

the business. Against a backdrop of continued snacks competition, we

experienced improvements in key aspects of our business. Our brands

responded positively to the marketplace investments we discussed last

quarter, which is why we continue to believe that candy, mint and gum

(CMG) is an attractive category capable of solid growth over the long

term when supported with the right mix of customer and consumer

marketing. Therefore, we intend to make the necessary investments in our

business to drive growth and market share over the strategic planning

cycle. Initiatives such as the demand landscape work we discussed last

quarter and platform innovation, similar to Hershey’s Cookie Layer

Crunch bar that we announced earlier this month, should enable us to

improve net sales and operating income performance in 2017.

Additionally, analysis of our cost structure continues. This is a

comprehensive global review across all businesses and functions with a

goal of ensuring that we operate more effectively and efficiently. I

continue to work closely with my management team on this important

endeavor and look forward to discussing the value enhancing outcomes in

the near future.”

As described in the Note below, for the third quarter of 2016, these

results, prepared in accordance with U.S. generally accepted accounting

principles (GAAP), included items impacting comparability of $72.4

million, or $0.23 per share-diluted. Reported gross margin of 42.5%

represented a decrease of 300 basis points versus the third quarter of

2015, while reported operating profit increased 23.4% to $374.0 million.

For the third quarter of 2015, items impacting comparability totaled

$140.2 million, or $0.47 per share-diluted. As described in the Note,

adjusted net income, which excludes these items, was $277.3 million, or

$1.29 per share-diluted, for the third quarter of 2016, compared with

$257.2 million, or $1.17 per share-diluted, for the same period of 2015.

The following table presents a summary of items impacting comparability

in each period (see Appendix I for additional information):

 

 

Pre-Tax (millions)

Earnings Per Share-Diluted

Three Months Ended

Three Months Ended

October 2,
2016

 

October 4,
2015

October 2,
2016

 

October 4,
2015

Derivative Mark-to-Market Losses

$

35.8

 

$

$

0.10

 

$

Business Realignment Activities

28.0

67.5

0.10

0.20

Acquisition Integration Costs

2.3

9.4

0.01

0.03

Non-Service Related Pension Expense

6.3

4.0

0.02

0.01

Goodwill Impairment

31.0

0.15

Loss on Early Extinguishment of Debt

 

28.3

 

 

0.08

 

$

72.4

 

$

140.2

 

$

0.23

 

$

0.47

 

 

Be the first to comment - What do you think?  Posted by admin - May 17, 2017 at 5:32 pm

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Mead Johnson Nutrition Reports First Quarter 2017 Results | Business Wire

CHICAGO–()–Mead Johnson Nutrition Company (NYSE: MJN) today announced its financial

results for the quarter ended March 31, 2017.

</p>

<p style="text-align: center">http://www.youtube.com/watch?v=C_DKyDSXwdA

Highlights are as follows:

  • Net sales were 8% below the prior year quarter on a reported basis and

    5% below the prior year quarter on a constant dollar basis.(1)

  • Gross Margin was 62.6% for the first quarter 2017, which was 130 basis

    points below the prior year quarter on a GAAP basis and 150 basis

    points below the prior year quarter on a non-GAAP basis. Benefits from

    lower dairy costs and price increases were more than offset by higher

    costs for new premium products, increased trade investments and

    adverse foreign exchange.

  • Advertising and Promotion increased 6% in the first quarter compared

    to the prior year quarter, primarily as a result of investments to

    support product launches and the channel transition in China.

  • Selling, general and administrative expenses decreased 3% in the first

    quarter compared to the prior year quarter primarily due to beneficial

    foreign currency translation.

  • Earnings before Interest and Income Taxes (EBIT) was 3% higher in the

    first quarter compared to the prior year quarter. Reduced gross profit

    from lower sales and adverse foreign exchange in the first quarter of

    2017 were less than the impact of the prior year Venezuela charges.

    Excluding Specified Items and the impact of foreign exchange, non-GAAP

    EBIT was 22% below the prior year quarter due to lower sales and

    reduced gross margin.

  • In the quarter, the company’s effective tax rate (ETR) was 8.1%,

    primarily reflecting the timing of foreign tax credit recognition

    associated with the repatriation of foreign earnings.

  • Earnings per Share (EPS) for the first quarter of 2017 was $0.65

    compared to $0.39 in the prior year quarter. Excluding Specified

    Items, non-GAAP EPS on a constant dollar basis for the first quarter

    of 2017 was $0.80, which excludes $0.06 of adverse foreign currency

    impacts, compared to $0.87 in the prior year quarter.

Kasper Jakobsen, Chief Executive Officer, said “Our first quarter of the

year results were much as expected. Comparisons to last year were

impacted by one-time events in both the base year period and the current

period. While we are addressing challenges across the business, we

importantly remain on track in China, where our new products continue to

deliver strong growth for us and the channel transition to an online

model in Hong Kong continues to accelerate.”

(1) Constant dollar figures exclude the impact of changes

in foreign currency exchange rates and are reconciled in the tables in

the body of this earnings release and in the schedules titled

“Reconciliation of non-GAAP to GAAP Results.” Non-GAAP results exclude

Specified Items. For a description of Specified Items and a

reconciliation of non-GAAP to GAAP, see the schedules titled

“Reconciliation of non-GAAP to GAAP Results.”

 

 

First Quarter 2017

(Dollars in Millions)

(UNAUDITED)

 

 

 

 

Three Months Ended March 31,

% Change

% Change Due to

 

% of

 

 

% of

 

Constant

 

 

Foreign

Net Sales

2017

Total

2016

Total

Reported

Dollar

Volume

Price/Mix

Exchange

Asia

$434.1

49%

$500.6

52%

(13)%

(10)%

(10)%

—%

(3)%

Latin America

156.2

18%

160.3

17%

(3)%

6%

(5)%

11%

(9)%

North America/Europe

293.2

33%

301.2

31%

(3)%

(2)%

(6)%

4%

(1)%

Net Sales

$883.5

100%

$962.1

100%

(8)%

(5)%

(8)%

3%

(3)%

 

Be the first to comment - What do you think?  Posted by admin - April 28, 2017 at 8:52 pm

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