Business
John B. Sanfilippo & Son, Inc. Third Quarter Diluted EPS Increased by 30% to a Third Quarter Record $1.17 per Share
Quarterly Overview: Net sales increased by 4.9% Sales volume increased by 13.7% Gross profit increased by 10.3% Net income increased by 30.3% Year to Date
About this update from John B. Sanfilippo & Son, Inc.
[{"type":"text","content":"\nQuarterly Overview: \n\n\n\nNet sales increased by 4.9%\n\n\nSales volume increased by 13.7%\n\n\nGross profit increased by 10.3%\n\n\nNet income increased by 30.3%\n\n\n\nYear to Date Overview:\n\n\n\nNet sales increased by 2.5%\n\n\nSales volume increased by 9.0%\n\n\nGross profit increased by 17.8%\n\n\nNet income increased by 55.5%\n\n\n ELGIN, Ill.--(BUSINESS WIRE)--\nJohn B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (hereinafter the “Company”) today announced operating results for its fiscal 2020 third quarter. Net income for the third quarter of fiscal 2020 was $13.5 million, or $1.17 per share diluted, compared to net income of $10.3 million, or $0.90 per share diluted, for the third quarter of fiscal 2019. Net income for the first three quarters of fiscal 2020 was $43.9 million, or $3.80 per share diluted, compared to net income of $28.2 million, or $2.45 per share diluted, for the first three quarters of fiscal 2019.\n\n\nNet sales increased to $211.6 million for the third quarter of fiscal 2020 from $201.8 million for the third quarter of fiscal 2019. The increase in net sales was attributable to a 13.7% increase in sales volume, which is defined as pounds sold to customers. The increase in net sales from the sales volume increase was offset in part by a lower weighted average selling price per pound as the majority of the sales volume increase was driven by growth in lower priced trail and snack mixes and peanuts. Lower selling prices for pecans and cashews, which resulted from lower acquisition costs, also contributed to the decline in the weighted average selling price per pound. Sales volume increased in the consumer distribution channel by 19.3%, which came primarily from increased sales of trail and snack mixes and peanuts and to a lesser extent from increased sales of cashews, almonds and mixed nuts with existing private brand customers. Sales volume increases for Fisher snack nuts, Orchard Valley Harvest produce products and Southern Style Nuts snack mix products also contributed to the sales volume increase in the consumer distribution channel.\n\n\nSales volume from our branded products within the consumer distribution channel changed in the quarterly comparison as follows:\n\n\n\n\nFisher recipe nuts\n\n\n\n\n(21.7)%\n\n\n\n\n\nOrchard Valley Harvest produce products\n\n\n\n \n\n\n\n5.8%\n\n\n\n\n\nFisher sna...