Micro Markets

Amcon Distributing reports Q1 2023 sales lift, earnings dip

Logo provided.

January 20, 2023

Amcon Distributing Co., an Omaha, Nebraska-based convenience foods distributor, reported an earnings dip on a sales gain for Q1 2023, according to an earnings release.

Highlights include:

• Net sales rose from $422.6 million in Q1 2022 to $565.9 million in the quarter ending Dec. 31, 2022.
• Net income dipped from $3 million to $2.63 million in the comparative quarters.
• Basic EPS fell from $5.33 to $4.52, while diluted EPS fell from $5.18 to $4.46.
• The wholesale distribution segment reported revenues of $555.7 million and operating income of $8.2 million for the first quarter of fiscal 2023.
• The retail health food segment reported revenues of $10.3 million and an operating loss of $300,000 for the first quarter of fiscal 2023.

The company declared a $5 per share dividend payable on Jan. 13 for shareholders of record Jan. 3.

Shares traded Thursday at $176 against a 52-week range of $141.44 to $249.44.

"We are investing heavily in our foodservice and technology platforms and associated staffing for these strategic focus areas," Andrew Plummer, president and CEO, said in a prepared statement. "Our customer base is growing, and we continue to search for facilities in and adjacent to the geographic markets we serve."