The following is a summary of the John B. Sanfilippo & Son, Inc. (JBSS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• John B. Sanfilippo & Son reported Q2 net sales of $291 million, surpassing its previous Q2 record.

• The company saw a 13.1% increase in diluted earnings per share, influenced by the Lakeville acquisition.

• The Lakeville acquisition contributed $28.7 million or 10.5% to the company's quarterly net sales.

• Gross profit margin decreased to 19.9% from 20.6%, significantly affected by the Lakeville acquisition. Without this acquisition, the gross profit margin increased approximately by 260 basis points.

• Net income for Q2 2024 was $19.2 million or $1.64 per diluted share, up from $1.45 per diluted share in the same period last year.

• Total inventory increased by 14%, primarily due to the Lakeville acquisition; excluding it, the total inventory value decreased by 6.9%.

Business Progress:

• The company has successfully integrated Lakeville, attracting major customers to visit the Lakeville manufacturing facility in the coming months.

• JBSS continues to expand its presence in the $8 billion snack bar category aiming to be the premier partner for private brands in the nutrition and snack bars category.

• The company is also widening its foothold in the foodservice sector through strategic partnerships and non-commercial channels.

• The company aims to become a $2 billion business and is investing in its workforce and environmental stewardship.

• Sales volume increased in the consumer distribution and commercial ingredients channel, primarily due to the Lakeville acquisition. However, a decrease was noted in the contract packaging distribution channel due to fewer seasonal items and reduced promotional activity.

More details: John B. Sanfilippo & Son IR

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