Vending

John B Sanfilippo boosts Q3 2023 sales, earnings

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May 3, 2023

John B. Sanfilippo & Son Inc. boosted its Q3 2023 sales and earnings driven by higher sales volume, according to a press release. Highlights include:

• Net sales increased 9.1% from $218.6 million in Q3 2022 to $238.5 million in Q3 2023 due to a 5% increase in sales volume, which is defined as pounds sold to customers, and a 3.9% increase in the weighted average sales price per pound.
• The increase in the weighted average selling price was mainly due to the normalization of selling price with tree nut acquisition costs, as well as higher commodity acquisition costs for peanuts and dried fruit.
• Net income rose from $11.8 million to $15.7 million in the comparative quarters.
• Basic EPS rose from $1.03 to $1.36 while diluted EPS rose from $1.02 to $1.35.
• The consumer distribution channel rose 2.1%.
• The private brand within the consumer distribution channel rose 2.1%, mostly driven by a new private brand peanut butter at a mass merchandising retailer and increased peanut butter distribution at a grocery retailer.
• The branded segment in the consumer distribution channel rose 0.6% due to a decrease mainly attributable to a 16.7% decrease in the sales volume of Fisher snack nuts due to decreased merchandising activity at a customer and a seasonal rotation at a club store that did not repeat in the quarter.
• The commercial ingredients distribution channel rose 18.9%, primarily due to a 30.5% increase to foodservice customers, mainly due to increased peanut butter distribution at existing customers.
• The contract packaging distribution channel rose 7.5%, mainly due to increased peanut and cashew distribution by an existing customer.

Shares traded Tuesday at $106.11 against a 52-week range of $64.89 to $106.29.

The company declared a $1.50 share special dividend payable June 22 for shareholders of record June 1.

"I am proud to report record diluted earnings per share for our third quarter and our second consecutive quarter of double-digit diluted earnings per share growth," Jeffrey Sanfilippo, CEO, said in the press release.