Vending

J&J Snack Foods lifts Q2 2022 sales, suffers earnings dip

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May 3, 2022

J&J Snack Foods Corp. improved its Q2 2022 sales over the prior year period, but suffered an earnings loss, according to an earnings report. Highlights include:

• Sales rose 9.9% from $256.2 million in Q2 2021 to $281.5 million for the quarter ending March 26, 2022.
• Net earnings fell from $6.06 million to $3.271 million for the comparative quarters.
• Earnings per diluted share and per basic share fell from 32 cents to 17 cents in the comparative quarters.
• Sales were driven by growth in core products including pretzels, churros and frozen beverages.
• Foodservice sales exceeded Q2 2021 by 4% and by 1% versus Q2 2019.
• Retail segment sales declined versus Q2 2021 by 7%, but grew by 19%, compared to Q2 2019.
• Frozen beverage segment sales beat Q2 2021 sales by 50%, led by frozen beverages growing over 90%, but declined by 4% versus Q2 2019.

Shares traded today at $146.85 against a 52-week range of $134.68-$181.71.

The $281.5 million in quarterly revenue missed analyst expectations by $28.73 million and the GAAP EPS of 17 cents missed expectations by 48 cents, according to Seeking Alpha.

"J&J Snack Foods' record second quarter net sales increased 10% year-over-year and by 2% versus the same period in fiscal 2019, exceeding pre-COVID levels for the third consecutive quarter," Dan Fachner, president and CEO, said in the press release. "We had a number of accomplishments throughout the quarter including new customer wins, successful product launches and expanding product distribution. We delivered our best second quarter sales in company history despite the unexpected challenges related to the early February implementation of a new enterprise resource planning system."