Elgin nut company reports net income up
John B. Sanfilippo & Son Inc. nut company said its net income increased 2.5 percent over last year at this time.
The Elgin-based company said income was $10.4 million, or $0.91 per share diluted, compared to $10.2 million, or $0.89 per share diluted, for the same quarter last year.
Net sales decreased by 3.4 percent to $214.8 million for the quarter from net sales of $222.3 million. Sales volume, which is defined as pounds sold to customers, was unchanged in the quarterly comparison. The decrease in net sales primarily resulted from a shift in sales volume mix from higher priced almonds, pecans and walnuts to lower priced peanuts and trail mixes, which led to a reduction in the weighted average selling price per pound in the quarterly comparison. Sales volume increased by 14.7 percent in the contract packaging distribution channel mainly from increased sales of trail mixes and snack bite cluster products to existing customers. Sales volume in the commercial ingredients distribution channel declined by 17.1 percent primarily due to the loss of the bulk almond butter customer that occurred earlier this year.