John B. Sanfilippo & Son reports Q3 EPS $1.35 vs. $1.02 last year

Reports Q3 revenue $238.5M vs. $218.6M last year. "I am proud to report record diluted earnings per share for our third quarter and our second consecutive quarter of double-digit diluted earnings per share growth. This strong performance was mainly driven by volume growth in all three of our distribution channels as our net sales increased by $20 million or 9.1%, compared to last year’s third quarter. I am very proud of this accomplishment given the ongoing challenging operating and inflationary environment," stated Jeffrey T. Sanfilippo, Chief Executive Officer. "As I discussed last quarter, we began to ship our new product line of private brand nutrition bars to a mass merchandising retailer during the third quarter and anticipate shipping private brand nutrition bars to additional customers during the fourth quarter. We have received favorable feedback from our retail partners and expect to gain additional nutrition bar customers in subsequent quarters. As we look ahead to the fourth quarter and to fiscal 2024, we are focused on executing our Long-Range Plan to accelerate volume growth and deliver sustainable earnings growth. We will continue to optimize our cost structure, focus on portfolio optimization, diversify our product offerings and increase flexibility as we continue to respond to the ongoing macroeconomic volatility. Our strong operating results would not be possible without the dedication of our talented employees, who continue to exceed expectations and create value for our customers and shareholders."