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Armanino Foods of Distinction, Inc. Reports Highest Quarterly and Q3 YTD Sales and Profits in Company’s History

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Armanino Foods (OTCQX: AMNF) reported record-breaking Q3 2024 results, marking its 84th consecutive profitable quarter. Q3 net sales reached $17.67M, up 10% YoY, while net income surged 81% to $4.1M ($0.1280 per share). Year-to-date net sales grew 7% to $50.87M, with net income up 65% to $10.23M. The company's strong operating performance drove current assets up 11% to $39.42M, while working capital increased 6% to $24.95M. Management noted benefits from improved procurement and manufacturing efficiencies, though cautioned about potential industry slowdown.

Armanino Foods (OTCQX: AMNF) ha riportato risultati record per il terzo trimestre del 2024, segnando il suo 84° trimestre consecutivo di profitto. Le vendite nette del terzo trimestre hanno raggiunto 17,67 milioni di dollari, in aumento del 10% rispetto all'anno precedente, mentre l'utile netto è aumentato dell'81% a 4,1 milioni di dollari (0,1280 dollari per azione). Da inizio anno, le vendite nette sono cresciute del 7% a 50,87 milioni di dollari, con un utile netto in aumento del 65% a 10,23 milioni di dollari. Le forti prestazioni operative dell'azienda hanno fatto aumentare gli attivi correnti dell'11% a 39,42 milioni di dollari, mentre il capitale circolante è aumentato del 6% a 24,95 milioni di dollari. La direzione ha sottolineato i vantaggi derivanti da miglioramenti nell'approvvigionamento e nell'efficienza produttiva, pur avvertendo su un potenziale rallentamento del settore.

Armanino Foods (OTCQX: AMNF) reportó resultados récord en el tercer trimestre de 2024, marcando su 84º trimestre consecutivo con ganancias. Las ventas netas del tercer trimestre alcanzaron los 17,67 millones de dólares, un aumento del 10% respecto al año anterior, mientras que la utilidad neta se disparó un 81% a 4,1 millones de dólares (0,1280 dólares por acción). En lo que va del año, las ventas netas crecieron un 7% a 50,87 millones de dólares, con una utilidad neta en aumento del 65% a 10,23 millones de dólares. Las sólidas actuaciones operativas de la empresa impulsaron los activos corrientes un 11% a 39,42 millones de dólares, mientras que el capital de trabajo aumentó un 6% a 24,95 millones de dólares. La dirección destacó los beneficios de una mejora en la eficiencia de aprovisionamiento y fabricación, aunque advirtió sobre un posible desaceleración en la industria.

Armanino Foods (OTCQX: AMNF)는 2024년 3분기 기록적인 실적을 보고하며 84분기 연속 흑자를 기록했습니다. 3분기 순매출은 1,767만 달러로 전년 대비 10% 증가했으며, 순이익은 81% 급증하여 410만 달러(주당 0.1280 달러)에 달했습니다. 연초부터 현재까지의 순매출은 7% 증가하여 5,087만 달러에 이르렀고, 순이익은 65% 증가하여 1,023만 달러에 달합니다. 회사의 강력한 운영 성과는 유동 자산을 11% 증가시켜 3,942만 달러로 만들었고, 운영 자본은 6% 늘어나 2,495만 달러에 달했습니다. 경영진은 조달 및 제조 효율성이 향상된 덕을 강조했으나, 업계의 잠재적 둔화에 대한 우려도 표명했습니다.

Armanino Foods (OTCQX: AMNF) a annoncé des résultats records pour le 3ème trimestre 2024, marquant son 84ème trimestre consécutif rentable. Les ventes nettes du 3ème trimestre ont atteint 17,67 millions de dollars, en hausse de 10 % par rapport à l'année précédente, tandis que le revenu net a bondi de 81 % à 4,1 millions de dollars (0,1280 dollar par action). Depuis le début de l'année, les ventes nettes ont augmenté de 7 % pour atteindre 50,87 millions de dollars, avec un revenu net en hausse de 65 % à 10,23 millions de dollars. La solide performance opérationnelle de l'entreprise a fait augmenter les actifs courants de 11 % à 39,42 millions de dollars, tandis que le fonds de roulement a augmenté de 6 % à 24,95 millions de dollars. La direction a noté les avantages provenant d'une amélioration des achats et des performances de fabrication, tout en mettant en garde contre un ralentissement potentiel de l'industrie.

Armanino Foods (OTCQX: AMNF) meldete Rekordergebnisse im 3. Quartal 2024 und erreichte das 84. aufeinanderfolgende profitable Quartal. Die Nettoumsätze im 3. Quartal beliefen sich auf 17,67 Millionen US-Dollar, was einem Anstieg von 10 % im Vergleich zum Vorjahr entspricht, während der Nettogewinn um 81 % auf 4,1 Millionen US-Dollar (0,1280 US-Dollar pro Aktie) anstieg. Im bisherigen Jahresverlauf stiegen die Nettoumsätze um 7 % auf 50,87 Millionen US-Dollar, und der Nettogewinn erhöhte sich um 65 % auf 10,23 Millionen US-Dollar. Die starke operative Leistung des Unternehmens führte zu einem Anstieg der Umlaufvermögen um 11 % auf 39,42 Millionen US-Dollar, während das Umlaufvermögen um 6 % auf 24,95 Millionen US-Dollar stieg. Das Management wies auf die Vorteile einer verbesserten Beschaffung und Fertigungseffizienz hin, warnte jedoch vor möglichen Branchenverlangsamungen.

Positive
  • Record Q3 sales of $17.67M, up 10% YoY
  • Q3 net income increased 81% to $4.1M
  • YTD net income up 65% to $10.23M
  • Current assets increased 11% to $39.42M
  • 84th consecutive profitable quarter
  • Improved operational efficiencies and lower commodity costs
Negative
  • Management warns of potential industry slowdown
  • Current liabilities increased 19% to $14.47M

HAYWARD, Calif.--(BUSINESS WIRE)-- Armanino Foods of Distinction, Inc. (OTCQX: AMNF) reported its highest quarterly and Q3 YTD sales and profits ever for the third quarter ending September 30, 2024. This marks the 2nd quarter in a row of record breaking quarterly results. Armanino continued its profitability streak for the 84th quarter in a row.

Net sales for the third quarter of 2024 were $17,667,112 compared to $16,080,357 for the same period last year, an increase of 10%. Income before taxes for Q3 2024 was $5,514,502 compared to $3,050,210 for the same quarter in 2023, an increase of 81%. Net income for this period was $4,102,730 (or $.1280 per share), compared to $2,263,971 (or $.0706 per share) for the same quarter a year ago, an increase of 81%.

Net sales for the first nine months of 2024 were $50,868,879 compared to $47,468,553 for the same period last year, an increase of 7%. Income before taxes in this period for 2024 was $13,744,171, compared to the 2023 amount of $8,318,451, an increase of 65%. Net income for the first nine months of 2024 was $10,225,474 (or $0.3189 per share), compared to $6,188,927 (or $0.1930 per share) posted for the same period in 2023, an increase of 65%.

Net working capital for the period ending September 30, 2024 increased to $24,948,127, from $23,481,237 on December 31, 2023, an increase of 6%. Total current assets increased by $3,775,037 or 11%, to $39,420,830 at the end of Q3 2024, compared to the end of Q4 2023 driven by strong operating performance. As an offset, current liabilities increased by $2,308,147, or by 19%, to $14,472,703 at the end of Q3 2024 from $12,164,556 at the end of Q4 2023. The increase in current liabilities was largely driven by timing differences related to the payment of accounts payable and contract liabilities, as well as payroll related liabilities.

Tim Anderson, President and CEO, stated, “For a second quarter in a row, the Company broke another record for the highest quarterly sales and profits achieved. Profits through Q3 2024 have surpassed the prior year’s results by a substantial margin and have already eclipsed total prior year’s annual profit. Specifically, 2024 year to date income before taxes and net income have surpassed the prior year’s annual results by over 17%. The Company also continues to see benefits from various efforts to improve operating performance, including better procurement of raw materials driven by lower commodity prices, and improved manufacturing and process efficiencies associated with the Company’s ongoing capital improvement projects. These efforts have helped drive ongoing margin improvement that is reflected in its record profit levels.”

Anderson continued, “Although we are very pleased with our performance, we continue to be somewhat cautious in the near term as we believe that there is some indication of industry slowdown. Regardless, we remain confident in our efforts to outperform the industry by further diversification of our sales channels, as well as the introduction of innovative products to both existing and new customers. In addition, we will continue to seek further operational efficiencies in pursuit of improving our already low-cost structure to offset potential lower demand and suppliers competing on pricing.”

Anderson concluded, “The Company is confident in its financial position and remains committed to making appropriate investments in its efforts to grow sales profitably with a focus on new products, new markets, operational efficiencies, and potential acquisitions.”

Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, sauces and filled pastas to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, Alfredo sauce, Creamy Garlic, and Romesco. Armanino’s organic line includes classic Basil Pesto. Armanino Foods also offers cheese shakers, frozen pastas, meatballs, and prepared meals.

Armanino Foods of Distinction, Inc.

Results for Quarter Ended September 30, 2024 (Unaudited)

 

 

2024

2023

 

 

 

 

NET SALES

 

$

17,667,112

$

16,080,357

COST OF GOODS SOLD

 

 

9,759,866

 

10,458,145

GROSS PROFIT

 

 

7,907,246

 

5,622,212

OPERATING EXPENSES:

 

 

 

General, administrative and selling expense

 

 

932,701

 

1,256,111

Salaries & wages

 

 

1.496,825

 

1,226,522

Commissions

 

 

253,303

 

247,551

Total Operating Expenses

 

 

2,682,829

 

2,730,184

INCOME FROM OPERATIONS

 

 

5,224,417

 

2,892,028

OTHER INCOME (EXPENSE)

 

 

290,085

 

158,182

INCOME BEFORE INCOME TAXES

 

 

5,514,502

 

3,050,210

INCOME TAX EXPENSE, NET

 

 

1,411,772

 

786,239

NET INCOME

 

$

4,102,730

$

2,263,971

 

 

Basic/Diluted Income Per Common Share

 

$

0.1280

$

0.0706

Weighted Average Common Shares Outstanding

 

 

32,052,356

 

32,065,645

 

 

 

 

Armanino Foods of Distinction, Inc.

Results for the Nine Month Ended September 30, 2024 (Unaudited)

 

 

2024

2023

NET SALES

 

$

50,868,879

$

47,468,553

COST OF GOODS SOLD

 

 

29,658,703

 

31,859,825

GROSS PROFIT

 

 

21,210,176

 

15,608,728

OPERATING EXPENSES:

 

 

 

General, administrative and selling expense

 

 

3,531,544

 

3,123,067

Salaries & wages

 

 

4,010,882

 

3,725,933

Commissions

 

 

774,626

 

747,692

Total Operating Expenses

 

 

8,317,052

 

7,596,692

INCOME FROM OPERATIONS

 

 

12,893,124

 

8,012,036

OTHER INCOME (EXPENSE)

 

 

851,047

 

306,415

INCOME BEFORE INCOME TAXES

 

 

13,744,171

 

8,318,451

INCOME TAX EXPENSE, NET

 

 

3,518,697

 

2,129,524

NET INCOME

 

$

10,225,474

$

6,188,927

 

 

Basic/Diluted Income Per Common Share

 

$

0.3189

$

0.1930

Weighted Average Common Shares Outstanding

 

 

32,061,183

 

32,065,645

 

 

 

 

Armanino Foods of Distinction, Inc.

Working Capital (Unaudited)

 

 

September 30, 2024

December 31, 2023

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

 

$

24,302,647

$

22,177,386

Accounts receivable, net

 

 

9,423,887

 

8,067,266

Inventories, net

 

 

5,270,680

 

4,681,212

Prepaid expenses

 

 

423,616

 

719,929

Total Current Assets

 

 

39,420,830

 

35,645,793

 

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable, and contract liabilities

 

 

8,920,559

 

7,321,319

Accrued payroll and payroll taxes

 

 

3,558,484

 

2,906,660

Operating lease liability – current portion

 

 

649,738

 

649,738

Dividends payable

 

 

1,163,983

 

1,058,167

Income taxes payable

 

 

179,939

 

228,672

Total Current Liabilities

 

 

14,472,703

 

12,164,556

 

 

Net Working Capital

 

$

22,948,127

$

23,481,237

Cautionary Statements Regarding Forward-Looking Information:

The declaration of cash dividends in the future, pursuant to the Company’s dividend policy, is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company’s financial performance and its available cash resources. For this reason, as well as others, there can be no assurance that dividends in the future will be equal or similar to the amount described in this press release or that the Board of Directors will not decide to suspend or discontinue the payment of cash dividends in the future.

Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are “forward- looking statements” as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; the extent and duration of the negative impact of the COVID-19 pandemic and its consequences on the Company; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company’s relationships with customers and group purchasing organizations; the Company’s ability to increase or maintain the highest margin portions of the Company’s business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation, including actions taken by national, state and local governments to contain and/or respond to the COVID-19 pandemic and its consequences; product recalls and product liability claims; and our reputation in the industry. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.

For further information, please contact:

Edgar Estonina

CFO

(510) 441-9300

IR@armaninofoods.com

Source: Armanino Foods of Distinction, Inc.

FAQ

What was Armanino Foods (AMNF) Q3 2024 revenue growth?

Armanino Foods reported Q3 2024 net sales of $17.67 million, representing a 10% increase compared to the same period last year.

How much did Armanino Foods (AMNF) Q3 2024 net income grow?

Armanino Foods' Q3 2024 net income grew 81% to $4.1 million ($0.1280 per share) compared to $2.26 million in Q3 2023.

What is Armanino Foods' (AMNF) current working capital as of Q3 2024?

Armanino Foods reported working capital of $24.95 million as of September 30, 2024, a 6% increase from December 31, 2023.

ARMANINO FOODS DIST INC

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218.37M
10.04%
Packaged Foods
Consumer Defensive
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United States of America
Hayward