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Dec 28, 2023
Sanfilippo Q2 2024 Earnings Report
Achieved sales growth and earnings per share increase, driven by the Lakeville Acquisition.
Key Takeaways
John B. Sanfilippo & Son, Inc. reported a 6.2% increase in net sales to $291.2 million and a 13.1% increase in diluted EPS to $1.64 per share for the second quarter of fiscal year 2024. The Lakeville Acquisition significantly contributed to sales volume and net sales growth.
Net sales increased by 6.2% to $291.2 million, including $28.7 million from the Lakeville Acquisition.
Sales volume increased by 11.8% to 89.9 million pounds, with the Lakeville Acquisition contributing 11.6 million pounds.
Diluted EPS increased by 13.1% to $1.64 per share, inclusive of the dilutive impact of the Lakeville Acquisition.
Gross profit increased by 2.5% to $57.9 million, although gross profit margin decreased due to the Lakeville Acquisition.
Forward Guidance
The company will focus on operational improvements at the Lakeville facility, pursue additional sales opportunities, and utilize its competencies to mitigate the impact of reduced consumer demand to deliver long-term shareholder value.
Positive Outlook
- Continue to identify and implement operational improvements at our Lakeville facility.
- Pursue additional sales opportunities given our new capabilities.
- Utilize all our best-in-class competencies, including innovation, category management and customer service.
- Mitigate the impact of reduced consumer demand.
- Believe we have the right team and strategies to overcome these short-term challenges and deliver long-term shareholder value.
Challenges Ahead
- Impact of reduced consumer demand.
- Challenging operating environment characterized by elevated retail selling prices.
- Cautious consumers.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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