Central Garden & Pet Co Raises Annual Guidance - Quick Facts

(RTTNews) - Central Garden & Pet Company (CENT, CENTA) increased its annual guidance and now expects non-GAAP earnings per share of $1.85 or higher for fiscal 2018, an increase of 23.3% or more from the prior year and up from the previous guidance of $1.62 or higher. The company said favorable tailwinds from the lower tax rate is the driver for the increase over prior guidance. The lower Federal tax rate and the change in the recording of non-cash compensation are expected to substantially lower the company's tax rate for the year compared to prior years.

First-quarter non-GAAP earnings per share increased 58.3% to $0.19 from $0.12, prior year. Total net sales increased 5.4% to $442.0 million compared to $419.5 million in the first quarter a year ago, primarily driven by acquisitions. Organic sales increased 1.1%, contributed almost equally from the Garden and Pet segments.