Simply Good Foods Turns To Profit In Q1

(RTTNews) - Simply Good Foods Co. (SMPL) reported that its net income for the first quarter of fiscal 2021 was $22.5 million or $0.23 per share compared to a net loss of $4.8 million or $0.05 per share in the prior year.

Adjusted earnings per share were $0.29 compared to $0.22 in the year ago period.

Net sales for the quarter increased to $231.15 million from $152.15 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share and revenues of $209.72 million for the first-quarter. Analysts' estimates typically exclude special items.

The company updated its outlook for the first half of fiscal 2021. Assuming U.S. consumer movement restrictions remain at the current levels, the company anticipates net sales of $455 million -$465 million and Adjusted EBITDA of $85 million - $90 million.

The company's previous outlook for the first half of fiscal 2021 net sales and Adjusted EBITDA was $425 million - $435 million and $77 million - $82 million, respectively.