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Armanino Foods of Distinction Inc. AMNF reported record-breaking quarterly and year-to-date sales and profits for the second quarter of 2024. This marks the 84th consecutive quarter of profitability for the company, highlighting its consistent financial performance and strategic growth initiatives.
AMNF has demonstrated robust demand for its frozen Italian specialty food items across all market segments. The company's ability to optimize cost structures and maintain stringent cost-control measures has significantly contributed to its impressive financial results, underscoring its strong market position and commitment to delivering value to shareholders.
Armanino Foods of Distinction Inc. Price, Consensus and EPS Surprise
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Q2 Results
Armanino Foods reported second-quarter 2024 earnings per share of 12 cents, which doubled from the year-ago quarter’s 6 cents.
Strong quarterly earnings were primarily led by robust demand for the company's frozen Italian specialty food items across all market segments. Improved cost efficiencies and lower commodity costs also aided the quarterly results.
Dividend Hike
In the quarter, Armanino Foods raised its regular dividends by 10%, reflecting its solid financial position and commitment to returning value to shareholders. Additionally, the company continues to invest in capital improvement projects to enhance manufacturing and process efficiencies, positioning itself for sustained growth in new products and markets.
Profitability
Net sales for the quarter were $17.5 million, a 16% increase from $15 million in the prior-year quarter. This growth was driven by robust demand for the company's frozen Italian specialty food items across all market segments.
Gross profit rose 40% to $7.3 million in the second quarter from $5.2 million in the prior-year quarter. This significant increase in gross profit can be attributed to improved cost efficiencies, lower commodity costs and enhanced manufacturing processes.
Income before taxes for the second quarter of 2024 was $5.1 million, up 90% from $2.7 million in the second quarter of 2023. This dramatic rise in pre-tax income was primarily due to higher sales, improved margins and a slight reduction in operating expenses.
Net income for the second quarter of 2024 was $3.8 million, an 89% increase from the $2 million reported in the prior-year quarter.
Gross Margin
The gross profit margin expanded from 34.4% in the second quarter of 2023 to 41.6% in the second quarter of 2024.