Blue Buffalo Pet Products Shares Surging, Beats Expectations, Raises FY 2016 Guidance

Blue Buffalo Pet Products BUFF reported Q2 EPS of $0.19 versus estimates of $0.17. Sales were $287.00 million versus estimates of $280.93 million. Shares are trading almost three percent higher after hours.
Blue Buffalo raised FY 2016 adjusted EPS $0.74 to $0.76 versus estimates for $0.75. The company had previous forecasted EPS to be $0.73 to $0.74.

Sales for FY 2016 were raised to a range of $1.114 billion to $1.15 billion versus estimates for $1.14 billion. Previous forecasts from management were for sales to be $1.12 billion to $1.14 billion.

CEO Kurt Schmidt said "Our strong Q2 results reflected the high-quality execution of our strategy and advantaged business model. Given our performance through the first half of the year and our confidence for the second half, we are raising both our sales and EPS guidance for the year,"

Blue Buffalo has outperformed analyst expectations since its IPO July 22, 2015 at $27.00, above the initial pricing of $20.00.

Shares of Blue Buffalo Pet Products closed Wednesday's regular session up $0.31 or 1.17 percent to $26.84.