AdvancePierre net income, net sales up in Q1 2017
Company reports positive quarter as it prepares to be acquired by Tyson Foods
AdvancePierre Foods reported a substantial increase in net income and net sales during its first quarter of fiscal year 2017. The quarter ended April 1, and the company released its annual results on May 10.
The company, which is a producer and distributor of value-added meat and poultry products and sandwiches, reported that its net income increased from $16.6 million in the first quarter of fiscal year 2016 to $28.2 million during the most recent quarter. Its net sales increased from $394 million to $403 million.
The most recent quarter is expected to be one of the final quarters for AdvancePierre Foods as a stand-alone company. Tyson Foods, on April 25, announced that it had reached an agreement to purchase AdvancePierre Foods for about $4.2 billion. That transaction is expected to close during the third quarter of Tyson Foods’ 2017 fiscal year. Tyson’s third quarter is already underway, as the company reported its financial results for its second quarter earlier this week.
During a conference call with reporters on May 8, Tyson Foods President and CEO Tom Hayes said that once the acquisition is finalized, AdvancePierre Foods will be integrated into Tyson Foods, rather than operate as a subsidiary.