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Jun 30, 2022
Sanfilippo Q4 2022 Earnings Report
Fourth quarter diluted EPS increased 40.2% to a record of $1.50 per share and net sales increased 24.7%.
Key Takeaways
John B. Sanfilippo & Son, Inc. reported a successful end to fiscal 2022 with record net income and diluted earnings per share for the fourth quarter, driven by strong sales volume growth in all distribution channels and brands.
Net sales increased 24.7% due to a 12.5% increase in the weighted average sales price per pound and a 10.9% increase in sales volume.
Sales volume increased in all three distribution channels: consumer, commercial ingredients, and contract packaging.
Gross profit margin decreased to 21.8% due to higher acquisition costs for raw materials, partially offset by increased sales volume and manufacturing efficiencies.
The Board of Directors raised the annual regular dividend by 7.1% to $0.75 per share and supplemented it with a special dividend of $1.50 per share.
Sanfilippo
Sanfilippo
Forward Guidance
The company anticipates facing challenges in fiscal 2023 due to uncertain economic and operating conditions and is starting to see volume contraction in response to higher retail selling prices.
Positive Outlook
- Company begins the new fiscal year with great momentum and optimism.
- Company will continue to focus on and execute their long-term strategic plan.
- Company is confident they can overcome challenges.
- Company is confident they can deliver another year of strong operating results.
- Board of Directors raised our annual regular dividend by 7.1% to $0.75 per share and supplemented our annual dividend with a special dividend of $1.50 per share
Challenges Ahead
- Company will face various challenges in light of uncertain economic and operating conditions.
- Company is starting to see volume contraction in response to higher retail selling prices.
- Volume contraction may impact results in fiscal 2023.
- Fisher recipe nut pound volume decreased 9% due to higher retail selling prices
- Orchard Valley Harvest brand pound volume decreased 11% at retail in the produce category due to decreased distribution at two mass retailers