AdvancePierre Foods Appoints Christopher Sliva As President

(RTTNews) - AdvancePierre Foods (APFH) announced that its Board has approved a succession and transition plan for its Chief Executive Officer position. As a part of the plan, the Board announced that effective November 14, 2016, Christopher Sliva will be appointed President and also will join the AdvancePierre Board of Directors.

In a separate press release, AdvancePierre Foods Holdings reported that its GAAP net income was $22.4 million or $0.29 per share, for the third quarter of 2016, compared to reported net income of $12.6 million, or $0.19 per share, for the third quarter of 2015.

On March 31, 2017, current AdvancePierre Chief Executive Officer John Simons will retire and will be succeeded by Sliva. Simons will remain a member of AdvancePierre's Board following the transition.

Additionally, AdvancePierre announced the promotions of George Chappelle and Jim Clough. Chappelle, previously Senior Vice President, Supply Chain & Corporate Development, has been appointed Chief Operating Officer. Chappelle will be responsible for overseeing the company's manufacturing operations and supply chain as well as all business development activities including acquisitions, divestitures and other strategic projects.

Currently President of the Foodservice business unit, Clough will expand his role and become the company's first Chief Commercial Officer. Cloughwill continue to lead the Foodservice business unit as President and will have additional leadership responsibilities related to the company's customer-centric efforts. Both of these promotions reflect the Company's ongoing commitment to these critical business functions and their contributions to AdvancePierre.

AdvancePierre Foods Holdings reported that its GAAP net income was $22.4 million or $0.29 per share, for the third quarter of 2016, compared to reported net income of $12.6 million, or $0.19 per share, for the third quarter of 2015.

Adjusted Net Income for the third quarter of 2016 was $34.8 million, or $0.46 per diluted share. Adjusted Net Income for the third quarter of 2015 was $22.2 million, or $0.33 per adjusted diluted share.

For full year 2016, AdvancePierre expects net sales in the range of $1.545 billion to $1.575 billion, including volume growth of 2.0-2.5% in AdvancePierre's three core segments. The Company expects Adjusted EBITDA in the range of $290 million to $295 million and Adjusted Diluted Net Income per Share in the range of $1.65 to $1.75.

Net sales for the third quarter of 2016 were $393.7 million compared to $407.2 million for the third quarter of 2015. The decline was primarily attributable to the Company's elimination of lower margin business in its Industrial segment, which reduced net sales by $14.0 million, and to strategic price and trade spending investments to reflect lower raw material costs, which reduced net sales by $8.8 million. Excluding the impact of Industrial segment volume, volume and mix in the Company's three core segments, including sales volume growth of 0.7%, increased net sales by $9.3 million.