In This Article:
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Net Sales (Q4 2024): $269.6 million, a 15.1% increase from Q4 2023.
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Lakeville Acquisition Contribution (Q4 2024): $44.2 million in net sales.
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Net Income (Q4 2024): $10 million or $0.86 per diluted share.
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Gross Profit (Q4 2024): $50 million, a decrease of 8.6%.
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Gross Profit Margin (Q4 2024): 18.5% of net sales, down from 23.4% in Q4 2023.
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Net Sales (Fiscal 2024): $1.07 billion, a 6.7% increase from fiscal 2023.
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Net Income (Fiscal 2024): $60.2 million or $5.15 per diluted share.
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Annual Dividend Increase: 6.3% to $0.85 per share, plus a special dividend of $1.25 per share.
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Inventory Increase: $23.6 million or 13.7% year-over-year.
Release Date: August 21, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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John B Sanfilippo & Son Inc (NASDAQ:JBSS) exceeded $1 billion in sales for the first time in the company's history.
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The company successfully diversified its product offerings through the acquisition and optimization of the Lakeville bar facility.
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Annual dividend was raised by 6.3% to $0.85 per share, with an additional special dividend of $1.25 per share.
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Net sales for the fourth quarter increased by 15.1% compared to the previous year, driven by the Lakeville Acquisition.
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The company is focused on expanding its manufacturing capabilities and has leased a new 400,000 square foot warehouse to support growth.
Negative Points
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Excluding the Lakeville Acquisition, net sales decreased by 3.8% due to a decline in sales volume and competitive pricing pressures.
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Gross profit decreased by 8.6% in the fourth quarter, primarily due to decreased selling prices and manufacturing inefficiencies.
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Sales volume declined for key nut types such as peanuts, almonds, pecans, and walnuts.
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The consumer channel faced significant headwinds with declining consumption due to inflation and other economic factors.
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Net income for the fourth quarter decreased to $10 million from $14.7 million in the previous year.
Q & A Highlights
Q: Can you provide an overview of the financial performance for the fourth quarter of fiscal 2024? A: Frank Pellegrino, CFO, reported that net sales for the fourth quarter increased by 15.1% to $269.6 million, primarily due to the Lakeville Acquisition, which contributed $44.2 million. Excluding this acquisition, net sales decreased by 3.8% due to a decline in sales volume and competitive pricing pressures. Gross profit decreased by 8.6% to $50 million, with a gross profit margin decline to 18.5% from 23.4% in the previous year.