Business
J&J Snack Foods Reports Record Fiscal Second Quarter Revenue of $359.7 Million
Net Earnings of $13.3 Million, EPS of $0.69 and Adjusted EPS of $0.84Increased Over 90% Versus Prior Year MOUNT LAUREL, N.J., May 06, 2024 (GLOBE NEWSWIRE) --
About this update from J & J Snack Foods Corp.
[{"type":"text","content":"Net Earnings of $13.3 Million, EPS of $0.69 and Adjusted EPS of $0.84Increased Over 90% Versus Prior Year MOUNT LAUREL, N.J., May 06, 2024 (GLOBE NEWSWIRE) -- J&J Snack Foods Corp. (NASDAQ: JJSF) (the “Company”) today reported financial results for the second quarter ended March 30, 2024. Second QuarterActuals$ vs. LY% vs. LYNet Sales$359.7M$21.9M 6.5%Operating Income$17.9M$7.7M75.6%Net Earnings$13.3M$6.5M94.0%Earnings per Diluted Share $0.69$0.3391.7% Adjusted Operating Income$21.8M$9.8M81.0%Adjusted EBITDA$39.3M$11.9M43.1%Adjusted Earnings per Diluted Share$0.84$0.4195.3% 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 another period of strong financial results, including the highest fiscal second quarter net sales in our company’s history -topping our previous record achieved in the prior year. Top line performance was driven by higher volumes of our core products and brands, as well as strong new business performance in our Food Service and Retail channels. Our investments over the last two years to increase production capacity in churros and pretzels have positioned us to pursue new sales opportunities. Also, the ongoing success of our initiatives to enhance profit margins and drive efficiency across our business led to a 330-basis point improvement in gross margin to 30.1%. This resulted in adjusted operating income and adjusted EBITDA growth of 81.0% and 43.1%, respectively, and a more than 90% increase in net earnings, EPS, and adjusted EPS.” “Food Service sales increased 5.4%, led by strong growth in churros, bakery, and frozen novelties. Our churros’ partnership with Subway has enjoyed phenomenal success and we remain excited about the opportunity ahead of us. Retail sales increased 14.1%, led by healthy year-over-year growth across all our product categories, including 75% growth in handhelds and 14% growth in frozen novelties. Our Superpretzel branded products, including Bavarian sticks, mini dogs, and bites, continue to perform well and we are making progress expanding our Hola! Churros brand in Retail. The Frozen Beverage segment continues its growth trajectory, with sales growing by 5% versus...