Vending

John B Sanfilippo reports mixed Q1 2024 results

Logo: John B. Sanfilippo & Son Inc.

November 1, 2023

John B. Sanfilippo & Son Inc. lifted its Q1 2024 earnings despite a sales decline affecting all of its business segments compared to the prior year period, according to an earnings release. Highlights include:

• Net sales declined from $252.6 million in Q1 2023 to $234.1 million for the quarter ending Sept. 28, 2023.
• Net income rose from $15.5 million to $17.6 million in the comparative quarters.
• EPS rose from $1.34 to $1.51 on a diluted basis and from $1.35 to $1.52 on a basic basis.
• Consumer distribution channel sales fell 5.8%.
• Private-brand consumer sales fell 5% primarily due to fewer promotional programs and lower seasonal sales volume for snack and trail mixes at two current mass merchandising retailers.
• Branded consumer sales fell 17% mainly due to a 30.9% decrease in the sales volume of Fisher snack nuts, which was due in turn to increased competitive pricing pressures, discontinuance of a product line at a mass merchandising retailer and timing of holiday sales orders for a customer in the non-food sector.
• Commercial ingredients distribution channel sales fell 5.5% primarily due to a 50.3% decrease in sales volume of peanut crushing stock to peanut oil processors, which in turn was due to reduced peanut shelling in the current quarter compared to the prior year.
• Contract packaging distribution channel sales fell 19.4% mainly due to decreased peanut distribution and timing of holiday sales orders for a major customer.

Shares traded Tuesday at $102.26 against a 52-week range of $74.62 to $125.78.

"We delivered an 12.7% increase in diluted earnings per share for our fiscal 2024 first quarter as the execution of our plan to control costs and invest in growth initiatives was accompanied by a challenging nut category and softness in consumer confidence, which resulted in a decrease in our sales volume," CEO Jeffrey Sanfilippo said in the press release.