Vending

John B Sanfilippo boosts Q4 2021 sales, earnings

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August 19, 2021

John B. Sanfilippo & Son, Inc. saw improved sales and earnings in the fourth quarter ending June 24, 2021 over the prior year's fourth quarter.

Net sales increased 1.2% from $204.2 million for the fourth quarter of fiscal 2020 to $206.7 million due to a 9.6% increase in sales volume, according to a press release.

The increase in net sales from the sales volume increase was offset in large part by a 7.6% decrease in the weighted average selling price per pound. The decline in the weighted average selling price resulted from a decline in commodity acquisition costs for all major tree nuts.

Net income rose from $10.26 million to $12.34 million in the comparative quarters.

Both basic and diluted earnings per share rose from 89 cents to $1.07 in the comparative quarters.

Sales volume in the consumer distribution channel increased 2.5%, which was driven mainly by increased sales of private brand trail and snack mixes from new distribution at existing customers.

Sales volume increases for Orchard Valley Harvest products and Fisher snack nuts also contributed to the sales volume increase in the consumer distribution channel.

Sales volume increased 49.5% in the commercial ingredients distribution channel primarily due to a 117.1% increase in sales volume to foodservice customers.

The increase in foodservice sales volume was attributable primarily to the lifting of indoor dining restrictions in restaurants.

Sales volume increased 19.1% in the contract packaging distribution channel primarily due to the impact of increased foot traffic in convenience stores on a major customer's business in this channel.

"As was the case in the previous two quarters, we again reported record net income and diluted earnings per share for the current fourth quarter. The record results were driven primarily by rebounds in our foodservice business and contract packaging distribution channel as many indoor dining restrictions were lifted throughout the country, and foot traffic increased in convenience stores, respectively," CEO Jeffrey T. Sanfilippo said in the release.

Fiscal 2021 net sales declined 2.5% to $858.5 million from $880.1 million for fiscal 2020, while sales volume increased 1.6%. The decline in net sales was attributable to a 4% decline in the weighted average selling price per pound for our products.

Net income rose from $54.1 million in fiscal 2020 to $59.7 million in fiscal 2021.

Basic earnings rose from $4.72 to $5.19 while diluted earnings per share rose from $4.69 to $5.17 in the comparative years.

The $206.7 quarterly revenue beat analyst expectations by $8.54 million while GAAP EPS of $1.07 missed expectations by 8 cents, according to Seeking Alpha.

Shares traded at $87.92 Wednesday against a 52-week range of $67.35-$92.61.