AdvancePierre Foods, a leading national producer and distributor of sandwiches, sandwich components, and other premade items announced financial results for the third quarter of 2016. This is the company's first financial report since its strategic acquisition of Allied Specialty Foods, which seemingly set the company on track for another positive quarter.
“We are pleased to report another quarter of strong financial performance, driven by continuing execution of APF Way productivity initiatives, including our dynamic pricing model, and improvement in the mix of our business” said AdvancePierre President and Chief Executive Officer John Simons.
Third quarter highlights included:
While overall sales numbers were somewhat encouraging, the company’s net sales across various industry segments were mixed:
Unallocated Corporate expenses detracted from the company’s bottom line, increasing to $26.5 million in the third quarter of this fiscal year from $6.1 million the same time last year.
“As demonstrated in these results as well as our recently announced strategic acquisition of Allied Specialty Foods,” Simons added, “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.”
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