Business
J&J Snack Foods’ Reports Record Fiscal Second Quarter Revenue of $337.9M
Growth Across All Three Business Segments Leads to Net Earnings of $6.9M and EPS of $0.36; Adjusted EPS of $0.43 PENNSAUKEN, N.J., May 01, 2023 (GLOBE
About this update from J & J Snack Foods Corp.
[{"type":"text","content":"Growth Across All Three Business Segments Leads to Net Earnings of $6.9M and EPS of $0.36; Adjusted EPS of $0.43\nPENNSAUKEN, N.J., May 01, 2023 (GLOBE NEWSWIRE) -- J&J Snack Foods Corp. (NASDAQ: JJSF) (the “Company”) today reported financial results for the second quarter ended March 25, 2023. Second QuarterActuals$ v. LY% v. LYNet Sales$337.9M$56.3M20.0%Operating Income$10.2M$6.1M149.3%Net Earnings$6.9M$3.6M110.1%Earnings per Diluted Share $0.36$0.19111.8% Adjusted Operating Income$12.1M$7.4M157.7%Adjusted EBITDA$27.5M$9.5M52.5%Adjusted Earnings per Diluted Share$0.43$0.24126.5% 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 President and CEO, commented, “Our sales this fiscal quarter was the highest second quarter sales in company history, and was driven by strong demand across all three business segments. The quarter benefited from marked improvement in unit volumes for our core brands and products, including strong performances in soft pretzels, churros, frozen novelties and frozen beverages. Higher volumes, combined with the impact of price increases in fiscal 2022, resulted in a 20.0% increase in net sales to $337.9 million. Our Icee frozen beverages segment delivered a strong quarter growing beverage sales approximately 18% through expanded placement, new customers, and a rebounding theater channel. In addition, we are beginning to realize the benefits of our various operational initiatives, resulting in improvement across a number of key performance metrics including distribution expenses and gross margin. These improvements combined with strong sales led to significant growth in adjusted earnings per share. “We continue to build momentum executing our plans and initiatives to grow sales. Our teams are focused on growing our core brands and product categories led by a more disciplined innovation process, targeted marketing strategies and improved execution of cross selling across our portfolio. As an example, we expanded Dippin’ Dots into theaters, launched an Icee Cherry’n Blue Raze Dippin’ Dots product, added the Icee and Slush Puppie pop products to our frozen novelty portfolio, and initiated the roll-out of our SuperPretzel filled knots which will benefit both...