Sanfilippo & Son reports record earnings

John B. Sanfilippo & Son Inc., distributor of nut and dried fruit products, said its net income for the third quarter was $8.6 million, compared to $6.3 million for the third quarter last year.

Net income for the first three quarters of fiscal 2018 was $26.8 million, or $2.34 per share, compared to net income of $29.4 million, or $2.58 per share, for the first three quarters of fiscal 2017.

Net sales increased to $203.2 million for the third quarter of fiscal 2018 from $173.4 million for the third quarter of fiscal 2017. The increase in net sales was attributable to a 12.5 percent increase in sales volume, which is defined as pounds sold to customers, and a 4.2 increase in the weighted average sales price per pound. The majority of the sales volume increase came from increased sales of peanuts, almonds and snack and trail mixes in the consumer distribution channel.

“We reported record earnings per share for a third quarter, which were mainly driven by a 25 percent increase in sales volume in our consumer distribution channel,” said CEO Jeffrey T. Sanfilippo.

“Continued growth in private brand products, primarily with existing customers, accounted for 65.2 percent of the sales volume growth in the consumer distribution channel. Increased sales for our Orchard Valley Harvest and Fisher snack nut brands also contributed significantly to the volume growth in the consumer distribution channel,” Sanfilippo added.