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J&J Snack Foods Reports Quarterly Record Revenue of $425.8M in 2023 Fiscal Third Quarter

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J&J Snack Foods Corp. reports record financial results for Q3 2023, with net sales of $425.8M, operating income of $48.3M, and net earnings of $35.0M. The company experienced growth across all three business segments, with Food Services sales up 11.9% and Frozen Beverages sales up 20.0%. Gross margin improved to 33.6% and distribution expenses decreased. The company is confident in its ability to continue delivering strong results.
Positive
  • Net sales increased by 12.0% to $425.8 million in Q3 2023 compared to the same period last year.
  • Operating income grew by 127.2% to $48.3 million in Q3 2023 compared to the same period last year.
  • Net earnings increased by 124.8% to $35.0 million in Q3 2023 compared to the same period last year.
  • Adjusted operating income increased by 104.8% to $51.1 million in Q3 2023 compared to the same period last year.
  • Adjusted EBITDA increased by 73.3% to $66.6 million in Q3 2023 compared to the same period last year.
  • Adjusted earnings per diluted share increased by 102.1% to $1.92 in Q3 2023 compared to the same period last year.
Negative
  • None.

Growth Across All Three Business Segments Drives Record Operating Income and Net Earnings

PENNSAUKEN, N.J., July 31, 2023 (GLOBE NEWSWIRE) -- J&J Snack Foods Corp. (NASDAQ: JJSF) (the “Company”) today reported financial results for the third quarter ended June 24, 2023.

  Third Quarter
Actuals$ LY% v. LY
Net Sales$425.8M$380.2M12.0%
Operating Income$48.3M$21.3M127.2%
Net Earnings$35.0M$15.6M124.8%
Earnings per Diluted Share $1.81$0.81123.5%
    
Adjusted Operating Income$51.1M$24.9M104.8%
Adjusted EBITDA$66.6M$38.4M73.3%
Adjusted Earnings per Diluted Share$1.92$0.95102.1%

This press release contains non-GAAP financial measures. Please refer to the Non-GAAP Financial Measures section below for reconciliations to the most comparable GAAP measures.

Dan Fachner, J&J Snack Foods President and CEO, commented, “I would like to thank our employees for delivering a record third quarter as our business continues to build sales and profit momentum across all three of our business segments. Our results showcase the positive impact of the various operational and strategic initiatives undertaken over the past two years combined with an improving inflationary environment. Net sales grew by double digits to $425.8 million driven by Food Services sales growth of 11.9% and Frozen Beverages sales growth of 20.0%. Our Frozen Beverages business delivered record sales and profits for the quarter led by a recovering theater industry and strong gross margin performance. Company operating income grew 127.2% in the quarter, led by an improvement in gross margins to 33.6% and lower distribution expenses.”

“Our gross margin initiatives and strategies are starting to gain momentum helping us to drive improved profitability. Like most of our industry, we are beginning to see cost inflation stabilize for most ingredients, except for sugar/sweeteners and mixes. In addition, we are seeing margin mix improvement led by our investments and focus on growing core products, including churro’s, pretzels, frozen beverages, and frozen novelties. Pricing actions are now better aligned with cost, and we are achieving added efficiency across our manufacturing plants. The team is successfully executing on cross-selling opportunities, including Dippin’ Dots ICEE Cherry ‘n Blue Razz and gaining placement in new channels. In the fourth quarter, we will be launching SuperPretzel Bavarian sticks, SuperPretzel mini-dogs and Hola! Churro’s into retail and leveraging our cross-selling opportunities to grow Dippin’ Dots into theaters as we further leverage our portfolio of products and brands to grow across channels and create new snacking occasions. We believe these improving gross margin trends combined with a strong sales plan across our three business segments has us well positioned for continued growth.”  

“Operationally, our teams have been diligently working to improve performance across all facets of our business. As previously mentioned, we are transforming how we manage product through our warehouses and ship to customers. A key strategy in this transformation is the build-out of three geographically positioned regional distribution centers. The first of these RDCs recently opened in Terrell, Texas in June and the other two locations are scheduled to open later this calendar year and in early 2024. These initiatives will simplify our logistics network by moving from over thirty warehouse locations to less than 10, resulting in improved customer service and lower distribution cost. We have fully transitioned management of shipping and distribution logistics to a third party who specializes in distribution and logistics, helping us more efficiently and effectively operate our logistics network. In addition, we have fully rolled out six state-of-the-art production lines adding capacity to support growth in key core product categories such as pretzels, churros and frozen novelties.”  

“Looking forward, we are excited about the opportunities in front of us and confident in our ability to create added value for shareholders. We have a strong leadership team and benefit from the tremendous commitment and talent of our people. We have the right strategy to grow this business supported by aligned initiatives across sales, marketing, operations, and supply chain. We believe our initiatives are working and positioning us for continued growth. This momentum, along with the health of our business, balance sheet and liquidity position, gives us confidence that we are on the right path to continue to deliver strong results.”

Total Company Third Quarter Highlights

Net sales increased 12.0% to $425.8 million in Q3 of fiscal 2023, compared to Q3 of fiscal 2022.

Key highlights include:

  • Sales grew across all three business segments.
    • Food Service sales exceeded Q3 ’22 by 11.9%.
    • Retail segment sales exceeded Q3 ’22 by 0.2%.
    • Frozen Beverage segment sales exceeded Q3 ’22 sales by 20.0%.
  • Organic sales growth was mainly driven by our core brands and products, including soft pretzels, churros, frozen novelties and frozen beverages.
  • Sales included approximately $29.2 million in incremental revenue from Dippin’ Dots, which we report under Food Services segment as Frozen Novelties.

Gross profit as a percentage of sales was 33.6% in Q3 ’23, comparing favorably to 28.7% in Q3’22, reflecting our pricing actions and a better product mix as well as the stabilization of inflationary pressures on the back of historic highs last year. Overall, we experienced low single digit inflation for the quarter. The cost of key ingredients including flour, oils, dairy and meats have declined, though we are still experiencing double-digit inflation in sugar/sweeteners and mixes, which continues to impact products such as frozen novelties and churros.

Total operating expenses of $94.6 million represented 22.2% of sales for the quarter, compared to 23.1% in Q3 ’22. Distribution costs were 10.4% of sales in the quarter, down sequentially from 11.3%, and much improved from 12.7% in the prior year period. Our supply chain transformation initiatives, along with declining diesel prices and carrier costs, are starting to drive improvements in shipping efficiency, cost per truck, and cost per pound.

Marketing and selling expenses represented 7.4% of sales, versus 6.3% in the prior year period, and 7.1% in Q2’ 23 and were driven primarily by the timing of spend for tradeshows and sponsorships. Administrative expenses were 4.4% of sales in Q3 ’23, compared to 4.1% in Q3 ’22 and 5.3% in Q2’ 23, driven mostly by the expected seasonal impact of Dippin’ Dots.        

Adjusted operating income was $51.1 million in the third quarter of fiscal 2023, compared to $24.9 million in the prior year period, reflecting revenue growth and improved operating margins across all three of our business segments. This led to net earnings in Q3 ’23 of $35.0 million, compared to $15.6 million in Q3 ’22. Our effective tax rate was 26.5% in Q3 ’23.

Food Services Segment Third Quarter Highlights

  • Q3 ’23 food service sales exceeded Q3’22 by $27.1 million, or an increase of 11.9%, including approximately $29.2 million in incremental sales from Dippin’ Dots.
  • Core brands and products continued to experience revenue growth, including 176.4% growth in frozen novelties, reflecting the acquisition of Dippin’ Dots, a 19.0% increase in churros and a 13.6% increase in soft pretzels. Handheld sales were down 33.9%, while bakery sales were down 8.3%, compared to Q3 ‘22.
  • Sales of new products and expanded customer placement were approximately $0.4 million, driven primarily by bakery products at a major convenience store customer.
  • Q3 ’23 operating income increased 687.3% to $20.8 million, largely driven by stronger sales, improved gross margin performance and distribution expenses.   

Retail Segment Third Quarter Highlights

  • Q3 ’23 retail sales increased 0.2% to $61.2 million, compared to Q3 ’22.
  • Handhelds sales grew by 180.2%, compared to Q3 ’22, while frozen novelty, soft pretzel and biscuit sales declined by 0.4%, 12.2% and 15.3%, respectively, versus the prior year period.
  • New product innovation and expanded placement contributed approximately $3.5 million in the quarter led by handheld sales to a major mass merchandiser and a frozen novelty item with grocery customer.
  • Operating income improved by 78.0% to $4.2 million, versus the prior year period, driven by improved distribution expenses.

Frozen Beverages Segment Third Quarter Highlights      

  • Frozen beverage segment sales were $109.6 million, a 20.0% increase, compared to Q3 ’22.
  • Beverage sales grew 26.1%, or $15.1 million, compared to Q3 ’22, led by 9% growth in gallons reflecting strong theater performance and continued strong consumption trends across mass merchants and amusement venues.
  • Machine repair and maintenance service revenues increased 5.5%, versus the prior year period reflecting healthy ongoing maintenance business, while equipment sales increased 17.1% on the back of growing installations with new clients.
  • Q3 ’23 operating income improved to $23.3 million, compared to a Q3 ’22 operating income of $16.3 million, reflecting the sales increase and leverage across the business.

Conference Call
J&J Snack Foods Corp. will host a conference call to discuss results and business outlook on August 1, 2023, at 10:00 a.m. Eastern Time. Conference call participants should register by clicking on this Registration Link to receive the dial-in number and a personal PIN, which are required to access the conference call. A transcript of the conference call will also be available on the Investors homepage at www.jjsnack.com.

About J & J Snack Foods Corp.
J & J Snack Foods Corp. (NASDAQ: JJSF) is a leader and innovator in the snack food industry, providing innovative, niche, and affordable branded snack foods and beverages to foodservice and retail supermarket outlets. Manufactured and distributed nationwide, our principal products include SUPERPRETZEL, the #1 soft pretzel brand in the world, as well as internationally known ICEE and SLUSH PUPPIE frozen beverages, DIPPIN’ DOTS ice cream, LUIGI’S Real Italian Ice, MINUTE MAID* frozen ices, WHOLE FRUIT sorbet and frozen fruit bars, SOUR PATCH KIDS** Flavored Ice Pops, HOLA! CHURROS, and THE FUNNEL CAKE FACTORY funnel cakes and several bakery brands within DADDY RAY’S, COUNTRY HOME BAKERS and HILL & VALLEY. For more information, please visit http://www.jjsnack.com.
*MINUTE MAID is a registered trademark of The Coca-Cola Company.
**SOUR PATCH KIDS is a registered trademark of Mondelēz International group, used under license.

Cautionary Statement Regarding Forward-Looking Information
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company’s expected future financial position, results of operations, revenue growth and profit levels, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as “anticipate,” “if,” “believe,” “plan,” “goals,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements. This includes, without limitation, our statements, and expectations regarding any current or future recovery in our industry and our profitability-related continuous improvement initiatives in our operations. Such forward-looking statements are inherently uncertain, and readers must recognize that actual results may differ materially from the expectations of management. We do not undertake a duty to update such forward-looking statements. Factors that may cause actual results to differ materially from those in the forward-looking statements include consumer spending, price competition, acceptance of new products, the pricing and availability of raw materials, transportation costs, changes in the competitive marketplace, macro-economic factors, the uncertainty and ultimate economic impact of the COVID-19 pandemic, and other risks identified in our annual report on Form 10-K, and our other filings with the Securities and Exchange Commission. Many of these factors are outside of the Company’s control.

Non-GAAP Financial Measures
Adjusted EBITDA consists of net earnings adjusted to exclude: income taxes (benefit); investment income; interest expense; depreciation and amortization; share-based compensation expense; COVID-19 related expenses (recoveries); net (gain) loss on sale or disposal of assets; impairment charges, restructuring costs, merger and acquisition costs, acquisition related inventory adjustments, integration costs, and strategic business transformation costs.

Adjusted Operating Income consists of operating income adjusted to exclude: COVID-19 related expenses (recoveries); impairment charges, restructuring costs, merger and acquisition costs, acquisition related amortization expenses and inventory adjustments, integration costs, and strategic business transformation costs.

Adjusted Earnings per Diluted Share consists of net earnings adjusted to exclude: COVID-19 related expenses (recoveries); impairment charges, restructuring costs, merger and acquisition costs, acquisition related amortization expenses and inventory adjustment, integration costs, and strategic business transformation costs. For purposes of comparability, the income tax effect of pre-tax adjustments is determined using statutory tax rates.

This press release contains certain non-GAAP financial measures; Adjusted EBITDA, Adjusted Operating Income, and Adjusted Earnings per Diluted Share. A "non-GAAP financial measure" is a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP") in the statements of income, balance sheets, or statements of cash flow of the company. Pursuant to applicable reporting requirements, the company has provided reconciliations below of non-GAAP financial measures to the most directly comparable GAAP measure.

The non-GAAP financial measures presented within the Company's earnings release are not indicators of our financial performance under GAAP and should not be considered as an alternative to the applicable GAAP measure. These non-GAAP measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. In addition, in evaluating these non-GAAP measures, you should be aware that in the future we may incur income, expenses, gains and losses, similar to the adjustments in this press release. Our presentation of these non-GAAP measures should not be construed as an inference that our future results will be unaffected by unusual or infrequent items. We compensate for these limitations by providing equal prominence to our GAAP results and using non-GAAP measures only as supplemental presentations.

The non-GAAP measures presented are utilized by management to evaluate the Company's business performance and profitability by excluding certain items that may not be indicative of our recurring core business operating results. The Company believes that these measures provide additional clarity for investors by excluding specific income, expenses, gains, and losses, in an effort to show comparable business operating results for the periods presented. Similarly, Management believes these adjusted measures are useful performance measures because certain items included in the calculations may either mask or exaggerate trends in the Company’s ongoing operating performance. See the reconciliation of Non-GAAP Financial Measures below.

Investor Contact:
Joseph Jaffoni or Norberto Aja
JCIR
(212) 835-8500
jjsf@jcir.com


J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(in thousands, except per share amounts)
        
 Three months ended Nine months ended
 June 24, June 25, June 24, June 25,
  2023   2022   2023   2022 
        
Net sales$425,769  $380,227  $1,114,966  $980,230 
        
Cost of goods sold 282,887   271,151   790,845   726,431 
  Gross profit 142,882   109,076   324,121   253,799 
        
Operating expenses       
Marketing 31,308   24,002   79,024   65,945 
  Distribution 44,485   48,157   124,722   109,821 
  Administrative 18,740   15,724   53,050   37,812 
  Other general expense 55   (67)  (490)  28 
     Total operating expenses 94,588   87,816   256,306   213,606 
        
Operating income 48,294   21,260   67,815   40,193 
        
Other income (expense)       
  Investment income 633   106   1,719   537 
  Interest expense (1,314)  (156)  (3,697)  (231)
        
Earnings before income taxes 47,613   21,210   65,837   40,499 
        
Income tax expense 12,632   5,647   17,352   10,574 
        
  NET EARNINGS$34,981  $15,563  $48,485  $29,925 
        
Earnings per diluted share$1.81  $0.81  $2.51  $1.56 
        
Weighted average number of diluted shares 19,327   19,234   19,299   19,198 
        
Earnings per basic share$1.82  $0.81  $2.52  $1.56 
        
Weighted average number of basic shares 19,257   19,174   19,239   19,131 
        


J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
    
 June 24,  
  2023  September 24,
 (unaudited)  2022 
Assets   
Current assets   
  Cash and cash equivalents$65,643  $35,181 
  Marketable securities held to maturity -   4,011 
  Accounts receivable, net 217,520   208,178 
  Inventories 177,620   180,473 
  Prepaid expenses and other 8,420   16,794 
     Total current assets 469,203   444,637 
    
Property, plant and equipment, at cost   
  Land 3,714   3,714 
  Buildings 34,232   34,232 
  Plant machinery and equipment 438,579   374,566 
  Marketing equipment 291,424   274,904 
  Transportation equipment 14,551   11,685 
  Office equipment 46,934   45,865 
  Improvements 50,976   49,331 
  Construction in progress 53,916   65,753 
     Total Property, plant and equipment, at cost 934,326   860,050 
  Less accumulated depreciation and amortization 562,985   524,683 
     Property, plant and equipment, net 371,341   335,367 
    
Other assets   
  Goodwill 185,070   184,420 
  Other intangible assets, net 186,667   191,732 
  Marketable securities available for sale 4,513   5,708 
  Operating lease right-of-use assets 83,089   51,137 
  Other 4,214   3,965 
     Total other assets 463,553   436,962 
Total Assets$1,304,097  $1,216,966 
    
Liabilities and Stockholders' Equity   
Current Liabilities   
  Current finance lease liabilities$188  $124 
  Accounts payable 100,025   108,146 
  Accrued insurance liability 17,312   15,678 
  Accrued liabilities 22,408   9,214 
  Current operating lease liabilities 14,675   13,524 
  Accrued compensation expense 19,479   21,700 
  Dividends payable 13,489   13,453 
     Total current liabilities 187,576   181,839 
    
Long-term debt 83,000   55,000 
Noncurrent finance lease liabilities 650   254 
Noncurrent operating lease liabilities 73,361   42,660 
Deferred income taxes 69,432   70,407 
Other long-term liabilities 3,911   3,637 
    
Stockholders' Equity   
Preferred stock, $1 par value; authorized 10,000,000 shares; none issued -   - 
Common stock, no par value; authorized, 50,000,000 shares; issued and outstanding 19,270,000 and 19,219,000 respectively   
 104,250   94,026 
Accumulated other comprehensive loss (8,999)  (13,713)
Retained Earnings 790,916   782,856 
     Total stockholders' equity 886,167   863,169 
Total Liabilities and Stockholders' Equity$1,304,097  $1,216,966 
    


J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (in thousands)
    
 Nine months ended
 June 24, June 25,
  2023   2022 
Operating activities:   
  Net earnings$48,485  $29,925 
  Adjustments to reconcile net earnings to net cash provided by operating activities   
    Depreciation of fixed assets 41,319   36,292 
    Amortization of intangibles and deferred costs 5,065   1,775 
    (Gain) loss from disposals of property & equipment (255)  50 
    Share-based compensation 3,935   3,484 
    Deferred income taxes (937)  (227)
    (Gain) loss on marketable securities (105)  412 
    Other (237)  (212)
    Changes in assets and liabilities, net of effects from purchase of companies   
       Increase in accounts receivable (7,680)  (78,058)
       Decrease (increase) in inventories 4,875   (42,784)
       Decrease (increase) in prepaid expenses 8,487   (102)
       Increase in accounts payable and accrued liabilities 2,992   19,798 
    Net cash provided by (used in) operating activities 105,944   (29,647)
    
Investing activities:   
  Payments for purchases of companies, net of cash acquired -   (221,301)
  Purchases of property, plant and equipment (76,472)  (64,231)
  Proceeds from redemption and sales of marketable securities 5,300   11,526 
  Proceeds from disposal of property and equipment 774   1,147 
    Net cash (used in) investing activities (70,398)  (272,859)
    
Financing activities:   
  Proceeds from issuance of stock 6,289   12,168 
  Borrowings under credit facility 102,000   125,000 
  Repayment of borrowings under credit facility (74,000)  - 
  Payments for debt issuance costs -   (225)
  Payments on finance lease obligations (150)  (150)
  Payment of cash dividend (40,389)  (36,299)
    Net cash (used in) provided by financing activities (6,250)  100,494 
    
Effect of exchange rates on cash and cash equivalents 1,166   103 
    
Net increase (decrease) in cash and cash equivalents 30,462   (201,909)
Cash and cash equivalents at beginning of period 35,181   283,192 
Cash and cash equivalents at end of period$65,643  $81,283 
    


J & J SNACK FOODS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited) (in thousands)
        
 Three months ended Nine months ended
 June 24, June 25, June 24, June 25,
  2023   2022   2023   2022 
Sales to external customers:       
  Food Service       
    Soft pretzels$63,527  $55,946  $171,242  $149,628 
    Frozen novelties 47,410   17,155   95,782   32,917 
    Churros 30,470   25,614   81,147   62,550 
    Handhelds 17,003   25,740   60,884   64,741 
    Bakery 87,582   95,495   281,830   287,293 
    Other 8,988   7,892   20,673   18,785 
  Total Food Service$254,980  $227,842  $711,558  $615,914 
        
  Retail Supermarket       
    Soft pretzels$10,269  $11,696  $40,767  $43,642 
    Frozen novelties 41,684   41,865   80,423   78,586 
    Biscuits 5,135   6,066   18,906   20,024 
    Handhelds 4,452   1,589   11,443   3,934 
    Coupon redemption (385)  (605)  (936)  (2,227)
    Other (5)  397   (20)  501 
  Total Retail Supermarket$61,150  $61,008  $150,583  $144,460 
        
  Frozen Beverages       
    Beverages$72,878  $57,791  $153,336  $126,919 
    Repair and maintenance service 24,144   22,892   70,556   65,903 
    Machines revenue 11,554   9,868   26,817   25,257 
    Other 1,063   826   2,116   1,777 
  Total Frozen Beverages$109,639  $91,377  $252,825  $219,856 
        
Consolidated sales$425,769  $380,227  $1,114,966  $980,230 
        
Depreciation and amortization:       
  Food Service$9,797  $7,097  $28,852  $20,436 
  Retail Supermarket 540   405   1,423   1,157 
  Frozen Beverages 5,426   5,514   16,109   16,474 
Total depreciation and amortization$15,763  $13,016  $46,384  $38,067 
        
Operating Income:       
  Food Service$20,786  $2,640  $32,306  $12,177 
  Retail Supermarket 4,168   2,341   5,766   8,416 
  Frozen Beverages 23,340   16,279   29,743   19,600 
Total operating income$48,294  $21,260  $67,815  $40,193 
        
Capital expenditures:       
  Food Service$20,015  $21,673  $58,621  $45,757 
  Retail Supermarket 345   2,815   1,824   6,438 
  Frozen Beverages 6,988   4,437   16,027   12,036 
Total capital expenditures$27,348  $28,925  $76,472  $64,231 
        
Assets:       
  Food Service$959,657  $957,719  $959,657  $957,719 
  Retail Supermarket 12,327   29,147   12,327   29,147 
  Frozen Beverages 332,113   304,376   332,113   304,376 
Total assets$1,304,097  $1,291,242  $1,304,097  $1,291,242 
        


                          J & J SNACK FOODS CORP. AND SUBSIDIARIES
                             NON-GAAP FINANCIAL MEASURES
                        (Unaudited) (in thousands)
         
  Three months ended Nine months ended
  June 24, June 25, June 24, June 25,
   2023   2022   2023   2022 
         
         
Reconciliation of GAAP Net Earnings to Adjusted EBITDA         
         
Net Earnings $34,981  $15,563  $48,485  $29,925 
    Income Taxes  12,632   5,647   17,352   10,574 
    Investment Income  (633)  (106)  (1,719)  (537)
    Interest Expense  1,314   156   3,697   231 
    Depreciation and Amortization  15,763   13,016   46,384   38,067 
    Share-Based Compensation  1,383   1,134   3,935   3,484 
    Merger and Acquisition Costs  -   3,088   -   3,088 
    COVID-19 Expenses (Recoveries)  -   -   -   (874)
    Net (Gain) Loss on Sale or Disposal of Assets  99   (50)  (255)  50 
    Strategic Business Transformation Costs  951   -   951   - 
    Integration Costs  153   -   570   - 
Adjusted EBITDA $ 66,643  $ 38,448  $ 119,400  $ 84,008 
         
         
Reconciliation of GAAP Operating Income to Adjusted Operating Income        
        
         
Operating Income  48,294   21,260   67,815   40,193 
    COVID-19 Expenses (Recoveries)  -   -   -   (874)
    Merger and Acquisition Costs  -   3,088   -   3,088 
    Acquisition Related Amortization Expenses  1,679   592   5,037   1,776 
    Strategic Business Transformation Costs  951   -   951   - 
    Integration Costs  153   -   570   - 
Adjusted Operating Income $ 51,077  $ 24,940  $ 74,373  $ 44,183 
         
         
Reconciliation of GAAP Earnings per Diluted Share to Adjusted Earnings per Diluted Share        
        
         
Earnings per Diluted Share $1.81  $0.81  $2.51  $1.56 
    COVID-19 Expenses (Recoveries)  -   -   -   (0.05)
    Merger and Acquisition Costs  -   0.16   -   0.16 
    Acquisition Related Amortization Expenses  0.09   0.03   0.26   0.09 
    Strategic Business Transformation Costs  0.05   -   0.05   - 
    Integration Costs  0.01   -   0.03   - 
         
    Tax Effect of Non-GAAP Adjustments (1)  (0.04)  (0.05)  (0.09)  (0.05)
         
Adjusted Earnings per Diluted Share $ 1.92  $ 0.95  $ 2.76  $ 1.72 
         
(1) Income taxes associated with pre-tax adjustments determined using statutory tax rates       
         

 


FAQ

What were the net sales for J&J Snack Foods Corp. in Q3 2023?

The net sales for J&J Snack Foods Corp. in Q3 2023 were $425.8 million.

What was the operating income for J&J Snack Foods Corp. in Q3 2023?

The operating income for J&J Snack Foods Corp. in Q3 2023 was $48.3 million.

What were the net earnings for J&J Snack Foods Corp. in Q3 2023?

The net earnings for J&J Snack Foods Corp. in Q3 2023 were $35.0 million.

How much did the operating income increase in Q3 2023 compared to the same period last year?

The operating income increased by 127.2% in Q3 2023 compared to the same period last year.

What was the adjusted operating income for J&J Snack Foods Corp. in Q3 2023?

The adjusted operating income for J&J Snack Foods Corp. in Q3 2023 was $51.1 million.

How much did the adjusted EBITDA increase in Q3 2023 compared to the same period last year?

The adjusted EBITDA increased by 73.3% in Q3 2023 compared to the same period last year.

What was the adjusted earnings per diluted share for J&J Snack Foods Corp. in Q3 2023?

The adjusted earnings per diluted share for J&J Snack Foods Corp. in Q3 2023 were $1.92.

J&J Snack Foods Corp

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3.43B
19.42M
21.56%
79.23%
3.54%
Packaged Foods
Cookies & Crackers
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United States of America
MOUNT LAUREL