Austin-based Amplify Snack Brands saw its revenue surge in the fourth quarter in the wake of its acquisition of U.K.-based snack foods company Tyrrells, the company said Wednesday.
The snack foods company reported revenue of posted revenue of $88.6 million in the fourth quarter, a 91 percent jump from the same quarter the previous year. That topped Wall Street forecasts, as analysts surveyed by Zacks had projected revenue of $87.2 million.
The company reported profit of $8.5 million, or 11 cents per share, for the quarter. Adjusted for one-time gains and costs, net income was 9 cents per share. The average estimate of seven analysts surveyed by Zacks Investment Research had been for earnings of 10 cents per share.
For all of 2016, the popcorn and tortilla chip maker reported profit of $27.3 million, or 36 cents per share. Revenue was $270.8 million, the company said.
In September, Amplify completed its $391 million acquisition of U.K.-based snack foods company Tyrrells.
Amplify’s flagship brand, SkinnyPop, is sold nationwide at stores including Wal-Mart, Whole Foods, 7-Eleven and Walgreens. The company says its products don’t contain genetically modified organisms and are free of gluten and allergens, such as peanuts.
Tom Ennis, Amplify’s president and CEO, called 2016 “a year of transformation for Amplify.”
“We strategically expanded and diversified our better-for-you product offering and began to make key leadership team additions to further strengthen our execution to deliver the growth we know our company is capable of achieving over the next several years,” Ennis said in a written statement.
“Our fourth quarter financial performance reflects the strong momentum for our SkinnyPop, Paqui and Oatmega brands, and the addition of Tyrrells…. Looking ahead, we have a robust innovation pipeline and remain very excited about our acquisition of Tyrrells as we begin to leverage our cross selling opportunities during 2017.”
Amplify said it expects full-year earnings for 2017 in the range of 43 cents to 51 cents per share, with revenue in the range of $404 million to $420 million.
Amplify shares have risen roughly 2 percent since the beginning of the year. In after-hours trading Wednesday following its earnings report, Amplify’s shares dropped 25 cents, or about 2.7 percent to $8.70.