Blue Buffalo Pet Products Inc. (NASDAQ: BUFF) reported its first-quarter financial results after the markets closed on Tuesday. The company posted $0.19 in earnings per share (EPS) on $279.8 million in revenue. That compares to consensus estimates of $0.18 in EPS on revenue of $275.6 million. In the same period of last year, the company posted EPS of $0.15 and $248.8 million in revenue.
During this quarter, net sales of Dry Foods increased $25.2 million, or 12.4%, to $229.2 million while net sales of Wet Foods, Treats and Other Products increased $5.8 million, or 13.1%, to $50.6 million.
In terms of guidance for the 2016 full year, Blue Buffalo expects to deliver EPS in the range of $0.73 to $0.74 and net sales of $1.125 billion to $1.140 billion. The consensus estimates are calling for $0.74 in EPS on $1.14 billion in revenue.
On the books, cash and cash equivalents totaled $265.1 million at the end of the first quarter, compared to $224.3 million at the end of 2015.
Blue Buffalo CEO Kurt Schmidt commented:
We’re off to a great start for the year. I’m pleased with both our top-line and bottom-line performance for the first quarter which was consistent with our expectations. More importantly, we continue to gain share and invest in our future. As a result of our strong year-to-date performance, we are raising the low-end of our revenue and EPS guidance for the full year.
Shares of Blue Buffalo were trading up 7.7% to $25.71 on Wednesday, with a consensus analyst price target of $26.14 and a 52-week trading range of $15.19 to $28.80.