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Jun 24, 2021
Sanfilippo Q4 2021 Earnings Report
John B. Sanfilippo & Son, Inc. reported record EPS and net income for Q4 2021, driven by rebounds in the foodservice and contract packaging channels, and sales volume growth in the consumer distribution channel.
Key Takeaways
John B. Sanfilippo & Son, Inc. announced increased net sales and net income for the fourth quarter of fiscal 2021. Net sales increased by 1.2% to $206.7 million, and net income increased by 20.3% to $12.3 million, or $1.07 per share diluted. The increases were driven by higher sales volume and gross profit margins.
Net sales increased 1.2% due to a 9.6% rise in sales volume, offset by a 7.6% decrease in the weighted average selling price.
Net income increased 20.3% to $12.3 million, with diluted EPS reaching a record $1.07.
Gross profit increased 14.9% due to lower commodity acquisition costs and increased sales volume.
Sales volume in the consumer distribution channel increased 2.5%, driven by private brand trail and snack mixes.
Forward Guidance
The company plans to make additional investments in consumer insights, consumer research and product innovation and development in fiscal 2022.
Positive Outlook
- Increased investment in consumer insights, consumer research and product innovation and development in fiscal 2022
- Raised annual regular dividend 7.7% to $0.70 per share
- Supplemented dividend with a special dividend of $2.30 per share
- Rebounds in food service business
- Increased foot traffic in convenience stores
Challenges Ahead
- Decline in sales to one or more key customers
- Changes in the availability and costs of raw materials and ingredients
- Inability to pass on price increases to customers if commodity costs rise
- Potential for a negative impact on demand for, and sales of, our products from price increases
Historical Earnings Impact
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Avg. Return Before/After Earnings
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