Business
J & J Snack Foods Reports Record Fiscal Third Quarter Revenue of $440.0 Million
Gross Margin of 33.6% Leads to Net Earnings of $36.3 Million, and EPS of $1.87 and Adjusted EPS of $1.98 MOUNT LAUREL, N.J., Aug. 05, 2024 (GLOBE NEWSWIRE) --
About this update from J & J Snack Foods Corp.
[{"type":"text","content":"Gross Margin of 33.6% Leads to Net Earnings of $36.3 Million, and EPS of $1.87 and Adjusted EPS of $1.98\nMOUNT LAUREL, N.J., Aug. 05, 2024 (GLOBE NEWSWIRE) -- J&J Snack Foods Corp. (NASDAQ: JJSF) (the “Company”) today reported financial results for the third quarter ended June 29, 2024. Third QuarterActuals$ vs. LY% vs. LYNet Sales$440.0M$14.2M3.3%Operating Income$50.1M$1.8M3.8%Net Earnings$36.3M$1.3M3.8%Earnings per Diluted Share $1.87$0.063.3% Adjusted Operating Income$53.1M$2.0M3.9%Adjusted EBITDA$70.9M$4.2M6.3%Adjusted Earnings per Diluted Share$1.98$0.063.1% 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. Dan Fachner, J&J Snack Foods Chairman, President, and CEO, commented, “J&J Snack Foods delivered excellent third quarter financial results, including the second-highest quarterly net sales performance in our Company’s history and record quarterly earnings per diluted share. Top-line growth was driven by higher volumes across most of our core products and brands, as well as strong new business performance in our Food Service and Retail segments, partially offset by temporary challenges in the theater channel. Our continued success in improving operating efficiencies led to a healthy 33.6% gross margin, flat versus the prior year, despite a less favorable sales mix. This resulted in adjusted operating income growth of 3.9% and adjusted EBITDA growth of 6.3%, building on our solid momentum from the first two quarters of our fiscal year. “Food Service sales increased 3.7%, led by strong growth in handhelds, frozen novelties and bakery. Retail sales increased 12.4% largely reflecting strong sales of handhelds, frozen novelties and soft pretzels, partially offset by a single-digit decline in biscuits. We experienced healthy demand across our frozen novelties, including Luigi’s, Icee and Dogsters, as well as continued strong performance for Superpretzel-branded products, including Bavarian sticks. As we had anticipated, the effect of the 2023 actors strike on this summer’s film slate resulted in a significant year-over-year decline in movie theater attendance, impacting fiscal third quarter sales of frozen beverages, soft pretzels and churros. Despite these challenges, the depth and breadth of our cust...