Investors Question Amplify Snack Brands After Disappointing 3rd Quarter
Shares of Amplify Snack Brands (NYSE: BETR), a snack-food company focused on developing and marketing "better for you" snacks, fell 15% as of 11:20 a.m. EST after the company's third-quarter results failed to live up to expectations.
Amplify, most known for its popcorn and tortilla chip snacks, posted revenue of $94.9 million during the third quarter, which fell modestly below analysts' estimates calling for $98.7 million. That weaker-than-expected result carried through to the bottom line as well, with adjusted earnings per share checking in at $0.07, below analysts' estimates calling for $0.09 per share. While the results fell short of Wall Street expectations, the silver lining for investors is that growth was still visible: Organic net sales jumped 9.4% over the prior year.
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Source: Fool.com
