Sanfilippo & Son 3Q income down, but sales up

Business Wire

ELGIN - John B. Sanfilippo & Son reported net income for the third quarter of fiscal 2016 was $3.1 million, or 27 cents per share diluted, compared to net income of $6.5 million, or 58 cents per share diluted, for the third quarter of fiscal 2015.

Net income for the first three quarters of fiscal 2016 was $23.1 million, or $2.04 per share diluted, compared to net income of $20.8 million, or $1.86 per share diluted, for the first three quarters of fiscal 2015.

Net sales increased to $215.7 million for the third quarter of fiscal 2016 from $209.4 million for the third quarter of fiscal 2015. The increase in net sales was attributable to a 6 percent increase in sales volume, which is defined as pounds sold to customers. Sales volume increased for all major product types except almonds, snack and trail mixes and walnuts. Sales volume increased in all distribution channels except the export channel.

Net sales increased to $720.5 million for the first three quarters of fiscal 2016 from $665.8 million for the first three quarters of fiscal 2015. The increase in net sales was mainly attributable to a 5.3 percent increase in sales volume. Sales volume increased for all major product types except almonds and pecans. Sales volume increased in all distribution channels.

The sales volume increase in the consumer channel was driven entirely by increased sales for all of the company's branded products. Sales volume increased in the contract packaging and commercial ingredients channels primarily for the same reasons. The sales volume increase in the export channel was attributable to increased sales of bulk in-shell walnuts made earlier in fiscal 2016.