Business
J & J Snack Foods Reports Fiscal 2024 Fourth Quarter Revenue of $426.8 Million
Full Year Fiscal 2024 Revenue Increases 1.0% to $1.57 Billion; Gross Margin of 30.9% and Net Earnings of $86.6 Million Leads to Diluted EPS of $4.45
About this update from J & J Snack Foods Corp.
[{"type":"text","content":"Full Year Fiscal 2024 Revenue Increases 1.0% to $1.57 Billion; Gross Margin of 30.9% and Net Earnings of $86.6 Million Leads to Diluted EPS of $4.45 andAdjusted EPS of $4.93 for the full year MOUNT LAUREL, N.J., Nov. 13, 2024 (GLOBE NEWSWIRE) -- J&J Snack Foods Corp. (NASDAQ: JJSF) (the “Company”) today reported financial results for the fourth quarter (13 weeks) and full year (52 weeks) ended September 28, 2024.1 Fourth QuarterFull-YearActuals% v. LYActuals% v. LYNet Sales$426.8M-3.9% $1,574.8M1.0% Operating Income$39.8M-4.5% $117.5M7.3% Net Earnings$29.6M-2.6% $86.6M9.7% Earnings per Diluted Share $1.52-3.2% $4.459.1% Adjusted Operating Income$42.0M-8.3% $130.4M8.5% Adjusted EBITDA$59.7M-4.0% $200.1M10.2% Adjusted Earnings per Diluted Share$1.60-7.5% $4.939.6% This press release contains non-GAAP financial measures. Please refer to the Non-GAAP Financial Measures section below for reconciliations to the most comparable GAAP measures. 1J&J’s fiscal 2023 fourth quarter and full year included an additional week, with reported results comparing 14 weeks in the fourth quarter of fiscal 2023 to 13 weeks in the fourth quarter of fiscal 2024. Likewise, reported results include 53 weeks for the full year 2023 results, compared to 52 weeks for fiscal 2024. For purposes of comparability, we will refer to “normalized” results to more accurately explain performance trends. For reconciliation of these “normalized” results to GAAP measures, please refer to the non-GAAP financial measures section below. “J&J Snack Foods delivered another year of strong financial performance in fiscal 2024,” stated Dan Fachner, J&J Snack Foods Chairman, President, and CEO. “Our results demonstrate that we are successfully executing our strategy, improving operational efficiencies and margins, growing profits faster than sales and expanding growth opportunities across channels and customers. In addition to generating record annual sales and gross profit, we also set a new record for full-year Adjusted EBTIDA. For the year, we grew sales 1.0% on a reported basis and 2.8% comparing results on a normalized basis. I am especially proud of our double-digit growth in Adjusted EBITDA led by an 80-basis point improvement in gross margins to 30.9%, along with a 110-basis point improvement in Adjusted EBITDA margins for the year. “Looking at our fiscal fourth quarter res...