Loading...
•
Sep 23, 2021
Sanfilippo Q1 2022 Earnings Report
JBSS's first quarter earnings increased, driven by strong volume growth and lower commodity costs.
Key Takeaways
John B. Sanfilippo & Son, Inc. reported a strong first quarter with net income increasing by 50.2% and diluted EPS reaching a record $1.66 per share. Net sales also increased by 7.6%, driven by a 14.0% increase in sales volume.
Net sales increased by 7.6% due to a 14.0% rise in sales volume.
Diluted earnings per share increased 49.5% to a record $1.66.
Gross profit increased by 31.7% due to lower commodity acquisition costs and increased sales volume.
Sales volume in the consumer distribution channel increased by 13.0%, driven by private brand sales.
Forward Guidance
The company anticipates higher acquisition costs for raw materials, increased freight and labor costs, and is implementing pricing actions and cost savings initiatives to mitigate these increasing costs.
Positive Outlook
- Implementing pricing actions across the entire business to help mitigate increasing costs.
- Working hard to identify and implement cost savings initiatives to offset some these cost increases.
- Management team and dedicated employees will respond to these challenges and deliver exceptional performance for our customers and consumers.
- Continued to invest in our people, production capabilities and brands to lay the foundation for our future growth.
Challenges Ahead
- Anticipate higher acquisition costs for many of our raw nut and dried fruit input stock, especially in respect to cashews, almonds and walnuts.
- Experiencing cost increases in freight and labor, and we expect that trend to continue.
- Unprecedented inflationary environment and global supply chain constraints are presenting numerous challenges.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...