The following is a summary of the John B. Sanfilippo & Son, Inc. (JBSS) Q2 2024 Earnings Call Transcript:
Financial Performance:
John B. Sanfilippo & Son reported Q2 net sales of $291 million, surpassing its previous Q2 record.
The company saw a 13.1% increase in diluted earnings per share, influenced by the Lakeville acquisition.
The Lakeville acquisition contributed $28.7 million or 10.5% to the company's quarterly net sales.
Gross profit margin decreased to 19.9% from 20.6%, significantly affected by the Lakeville acquisition. Without this acquisition, the gross profit margin increased approximately by 260 basis points.
Net income for Q2 2024 was $19.2 million or $1.64 per diluted share, up from $1.45 per diluted share in the same period last year.
Total inventory increased by 14%, primarily due to the Lakeville acquisition; excluding it, the total inventory value decreased by 6.9%.
Business Progress:
The company has successfully integrated Lakeville, attracting major customers to visit the Lakeville manufacturing facility in the coming months.
JBSS continues to expand its presence in the $8 billion snack bar category aiming to be the premier partner for private brands in the nutrition and snack bars category.
The company is also widening its foothold in the foodservice sector through strategic partnerships and non-commercial channels.
The company aims to become a $2 billion business and is investing in its workforce and environmental stewardship.
Sales volume increased in the consumer distribution and commercial ingredients channel, primarily due to the Lakeville acquisition. However, a decrease was noted in the contract packaging distribution channel due to fewer seasonal items and reduced promotional activity.
More details: John B. Sanfilippo & Son IR
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