Foodservice

Amcon Distribution boosts sales and earnings in Q1 2021

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January 20, 2021

Amcon Distributing Co., a food and consumer product wholesaler, reported sales of $404.7 million in the 2021 first quarter ended Dec. 31, 2020 compared to $460.1 million in the 2020 first quarter, according to an earnings release.

Diluted earnings per share rose from 80 cents in the 2020 first quarter to $5.57 in the 2021 first quarter on net income available to common shareholders of $3.1 million compared to $451.8 million for the 2020 first quarter.

Shares traded at $105.73 on Tuesday against a 42-week range of $50.02-$119.38, according to Seeking Alpha.

Dividends declared and paid per common share were 18 cents for the 2021 first quarter, the same as the 2020 first quarter.

"Our management team was able to deliver to our customers a safe and seamless level of customer service," Christopher H. Atayan, chairman and CEO, said in the press release.

The wholesale distribution segment reported revenues of $393.6 million and operating income of $5.8 million for the first quarter of fiscal 2021, while the retail health food segment reported revenues of $11.1 million and an operating loss of $0.1 million.