Business
John B. Sanfilippo & Son, Inc. Second Quarter Diluted EPS Increased by 55% to a Second Quarter Record $1.52 per Share
Quarterly Overview: Net sales decreased by 2.7% Sales volume increased by 4.8% Gross profit increased by 16.5% Net income increased by 55.0% Year to Date
About this update from John B. Sanfilippo & Son, Inc.
[{"type":"text","content":"\nQuarterly Overview:\n\n\n\nNet sales decreased by 2.7%\n\n\nSales volume increased by 4.8%\n\n\nGross profit increased by 16.5%\n\n\nNet income increased by 55.0%\n\n\n\nYear to Date Overview: \n\n\n\nNet sales increased by 1.5%\n\n\nSales volume increased by 6.8%\n\n\nGross profit increased by 21.6%\n\n\nNet income increased by 70.0%\n\n\n ELGIN, Ill.--(BUSINESS WIRE)--\nJohn B. Sanfilippo & Son, Inc. (Nasdaq: JBSS) (the “Company”) today announced operating results for its fiscal 2020 second quarter. Net income for the second quarter of fiscal 2020 was $17.5 million, or $1.52 per share diluted, compared to net income of $11.3 million, or $0.98 per share diluted, for the second quarter of fiscal 2019. Net income for the first two quarters of fiscal 2020 was $30.4 million, or $2.64 per share diluted, compared to net income of $17.9 million, or $1.56 per share diluted, for the first two quarters of fiscal 2019.\n\n\nNet sales for the second quarter of fiscal 2020 were $246.4 million compared to net sales of $253.3 million for the second quarter of fiscal 2019. The decline in net sales was primarily attributable to lower selling prices. The reduction in selling prices resulted primarily from a shift in sales volume from higher priced pecans and walnuts to lower priced trail and snack mixes, peanuts and cashews. Lower selling prices for pecans and cashews, which resulted from lower commodity acquisition costs for these nut types, also contributed to the overall reduction in selling prices. The decline in net sales from lower selling prices was largely offset by a 4.8% increase in sales volume, which is defined as pounds sold to customers. Sales volume increased by 4.2% in the consumer distribution channel, mainly due to increased sales of snack nuts and trail and snack mixes from distribution gains with new and existing private brand customers. Increased sales for our Orchard Valley Harvest and Southern Style Nut brands also contributed to the sales volume increase in the consumer distribution channel. Sales volume increased in the commercial ingredients distribution channel by 14.5% due to distribution gains with new food service customers and increased sales of peanut crushing stock to peanut oil processors. Sales volume declined in the contract packaging distribution channel by 2.5%, primarily from a reduction in promotional an...