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Mar 28, 2024
Sanfilippo Q3 2024 Earnings Report
Net sales increased driven by the Lakeville Acquisition and EPS decreased.
Key Takeaways
John B. Sanfilippo & Son, Inc. reported a 14.0% increase in net sales to $271.9 million for the third quarter of fiscal 2024, driven by the Lakeville Acquisition. However, diluted EPS decreased by 14.8% to $1.15 per share, and gross profit decreased slightly by 1.2% to $49.2 million.
Net sales increased by 14.0% to $271.9 million, including $46.9 million from the Lakeville Acquisition.
Sales volume increased by 22.6% to 92.0 million pounds, with the Lakeville Acquisition contributing 18.1 million pounds.
Gross profit decreased by 1.2% to $49.2 million, with the Lakeville Acquisition positively impacting gross profit by approximately $3.0 million.
Diluted EPS decreased by 14.8% to $1.15 per share.
Sanfilippo
Sanfilippo
Forward Guidance
The company is optimistic about the contribution of the Lakeville Acquisition to operating results and cautiously optimistic about consumer demand stabilizing in core nut and trail mix categories. Dilution estimate due to the Lakeville Acquisition has been updated to $0.25 to $0.50 per diluted share.
Positive Outlook
- Optimistic about the contribution of the Lakeville Acquisition to operating results.
- Expect Lakeville Acquisition to become accretive to operating income during the upcoming fourth quarter.
- Working on numerous sales opportunities utilizing new snack and nutrition bar capabilities.
- Cautiously optimistic that consumer demand will stabilize and slowly begin to recover in the core nut and trail mix categories.