Vending

John B. Sanfilippo improves Q4 2022 results

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August 25, 2022

John B. Sanfilippo & Son Inc. lifted its Q4 2022 sales and earnings over the prior year period, according to an earnings report. Highlights include:

• Net sales rose 24.7% from $206.7 million in Q4 2021 to $257.7 million in the quarter ending June 3, 2022. The increase in net sales was attributable to a 12.5% increase in the weighted average sales price per pound, and a 10.9% increase in sales volume, which is defined as pounds sold to customers. The increase in the weighted average selling price resulted from an increase in acquisition costs for peanuts, all major tree nuts, dried fruits and other input costs due to inflationary conditions.
• Sales increased in all three distribution channels. Sales in the consumer distribution channel increased 7.5%, which was primarily driven by a 9.9% increase in private brand sales volume from increases in trail and snack mixes.
• Sales in the commercial ingredients distribution channel increased 20.5% primarily due to a 30.4% increase in sales to foodservice customers related to the continued recovery in the restaurant industry from the impacts of COVID-19 restrictions and new distribution at existing customers.
• Sales increased 19.4% in the contract packaging distribution channel due to increased peanut distribution by a major customer in this channel and business with a new customer.
• Net income rose from $13.3 million to $17.4 million for the comparative quarters, while basic EPS rose from $1.07 to $1.51 and diluted EPS rose from $1.07 to $1.50, a record for the fourth quarter.
• For the full year, sales rose from $858.5 million to $955.9 million.
• Net income for the full year rose from $59.7 million to $61.8 million, while basic EPS rose from $5.19 to $5.36 and diluted EPS rose from $5.178 to $6.33.

Shares traded at $72.11 Wednesday against a 52-week range of $65.66-$90.23.

"We finished the year by reporting record net income and diluted earnings per share for the current fourth quarter, driven by strong sales volume growth in all our distribution channels and brands," Jeffrey Sanfilippo, CEO, said in the press release.