John B. Sanfilippo & Son, Inc. announced operating results for its fiscal 2015 second quarter. Net income for the second quarter of fiscal 2015 was $8.4 million, or $0.75 per share diluted, compared to net income of $9.2 million, or $0.83 per share diluted, for the second quarter of fiscal 2014. Net income for the first two quarters of fiscal 2015 was $14.3 million, or $1.28 per share diluted, compared to net income of $16.0 million, or $1.44 per share diluted, for the first two quarters of fiscal 2014.
Quarterly Comparison Overview:
- Net sales increased by 11.7%
- Sales volume increased by 5.1%
- Gross profit increased by 0.8%
- Net income decreased by 8.9%
Net sales for the second quarter of fiscal 2015 were $251.4 million compared to net sales of $225.1 million for the second quarter of fiscal 2014. The increase in net sales was primarily attributable to a 5.1% increase in sales volume, which is measured as pounds sold to customers. Higher selling prices for pecans and almonds resulting from higher acquisition costs also contributed to the increase in net sales. Sales volume increased in all distribution channels except the export distribution channel and sales volume increased for all major product types except walnuts and pecans. The increase in sales volume in the consumer distribution channel was attributable to increased sales of private brand snack nuts at existing customers and increased sales of Fisher snack nuts. In the quarterly comparison, the primary drivers of the increase in Fisher snack nut sales volume was the distribution of inshell peanuts we regained at a major Fisher snack nut customer and increased merchandising activity. Sales volume for Fisher recipe nuts was relatively unchanged in the quarterly comparison. The sales volume increase in the commercial ingredients distribution channel resulted from increased sales of almond and peanut products to existing customers. The increase in sales volume in the contract packaging channel was generated by increased sales of peanut, trail mix and pecan products to existing customers. Sales volume declined in the export distribution channel mainly due to a lower supply of certain grades of inshell walnuts that are typically sold into the export market. Full report.
