Dried fruit products maker John B. Sanfilippo & Son Q4 EPS rises 33.7%

Overview

• John B. Sanfilippo fiscal Q4 diluted EPS rises 33.7% to $1.15

• Net sales for fiscal Q4 decreased 0.2% to $269.1 mln

• Co announces 5.9% increase in annual dividend

Outlook

• Company remains focused on disciplined cost management and operational efficiencies

• Company committed to long-term sustainable growth and enhancing margins

Result Drivers

• SALES VOLUME DECLINE - Sales volume decreased by 5.9% to 86.2 mln pounds, primarily due to a 16.7% reduction in bars volume following a previous year's national brand recall, and strategic decisions to reduce sales to certain retailers

• PRICE INCREASE OFFSET - Despite a 5.9% decrease in sales volume, net sales only slightly declined by 0.2% to $269.1 mln, offset by a 30.4% increase in the cost per pound of raw nut and dried fruit input stock

• GROSS PROFIT DECREASE - Gross profit fell 2.4% to $48.8 mln, driven by higher commodity acquisition costs for peanuts and most major tree nuts, which was partially offset by increased selling prices per pound

Key Details

Press Release: ID:nBw3s1wkma