The following is a summary of the John B. Sanfilippo & Son, Inc. (JBSS) Q3 2024 Earnings Call Transcript:
Financial Performance:
John B. Sanfilippo & Son, Inc. reported Q3 2024 net sales of $271.9 million, a 14% increase from Q3 2023. The Lakeville acquisition contributed significantly to this growth, however, it led to increased operating expenses and a decrease in gross profit margin. Q3 2024 Net income was $13.5 million or $1.15 per diluted share, slightly lower than Q3 2023's $15.7 million.
Business Progress:
The company made strides in its product portfolio, with $3.2 million in internally developed nutrition bars and a reversal of two consecutive quarters of decreasing sales in its private brand. Prolific e-commerce customer growth for its branded products and new private brand business at various retailers show promising signs. The Board approved a $1 per share special cash dividend, and the Lakeville acquisition is anticipated to contribute positively to operating income by Q4 2024.
More details: John B. Sanfilippo & Son IR
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